Key benchmark indices alternately hovered between gains and losses in a narrow range near the flat line in early trade. At 9:25 IST, the barometer index, the S&P BSE Sensex was up 16.96 points or 0.06% at 28,184.44. The Nifty 50 index was currently up 4.25 points or 0.05% at 8,713.20. Bank stocks led gains on the bourses.
In overseas stock markets, Asian stocks were mixed following the release of data pointing to a South Korean slowdown. South Korea gross domestic product grew 2.7% year-on-year in the third quarter, down from a 3.3% gain in the prior three-month period, according to preliminary data from the Bank of Korea.
US stocks rose yesterday, 24 October 2016, on flurry of M&A deals, part of the single largest week for M&A since the dot-com era. More than five multi-billion dollar deals were announced over the past week. The Markit flash US manufacturing purchasing managers' index rose to 53.2 in October from 51.5 in September.
Closer home, the market breadth indicating the overall health of the market was strong. On BSE, 975 shares rose and 479 shares declined. A total of 72 shares were unchanged. The BSE Mid-Cap index was currently down 0.05%, underperforming the Sensex. The BSE Small-Cap index was currently up 0.25%, outperforming the Sensex.
Idea Cellular dropped 2.01% after the company reported weak Q2 results. On a consolidated basis, net profit of Idea Cellular declined 88% to Rs 91.46 crore on 7.23% rise in net sales to Rs 9298.89 crore in Q2 September 2016 over Q2 September 2015. Idea Cellular reported net loss of Rs 42.79 crore in Q2 September 2016 as against net profit of Rs 739.59 crore in Q2 September 2015. Net sales rose 6.78% to Rs 9223.78 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 24 October 2016.
Axis Bank rose 0.23% ahead of its Q2 results today, 25 October 2016. Adani Ports and Special Economic Zone gained 0.63% ahead of its Q2 results today, 25 October 2016. Asian Paints rose 0.66% ahead of its Q2 results today, 25 October 2016. Bharti Airtel declined 0.88% ahead of its Q2 results today, 25 October 2016. Dr Reddy's Laboratories shed 0.43% ahead of its Q2 results today, 25 October 2016. HDFC Bank dropped 0.77% ahead of its Q2 results today, 25 October 2016. Zee Entertainment Enterprises gained 0.42% ahead of its Q2 results today, 25 October 2016.
Power Grid Corporation of India rose 0.45% after the company said that POWERGRID NM Transmission, a wholly owned subsidiary of the company secured through Tariff Based Competitive Bidding (TBCB) successfully completed and declared commercial operation of the element Nagapattinam Pooling Station - Salem 765kV D/C Line on 23 October 2016. The announcement was made after market hours yesterday, 24 October 2016,
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Separately, the company said that its board of directors in a meeting held on 22 October 2016 accorded approval for amendment to Investment of 'North Eastern Region Strengthening Scheme - IV (NERSS - IV)' at an estimated cost of Rs 409.19 crore with commissioning schedule of 24 months from the date of investment approval.
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