A range bound movement was witnessed as key benchmark indices traded near the flat line in mid-morning trade. At 11:20 IST, the barometer index, the S&P BSE Sensex, was down 20.04 points or 0.08% at 24,653.80. The Nifty 50 index was currently down 2.75 points or 0.04% at 7,552.45. The market breadth indicating the overall health of the market was positive. On BSE, 1,204 shares rose and 898 shares fell. A total of 98 shares were unchanged. The BSE Mid-Cap index was currently up 0.48%. The BSE Small-Cap index was currently up 0.5%. Both these indices outperformed the Sensex.
In overseas stock markets, Asian stocks witnessed a mixed trend. Chinese stocks edged higher after the release of inflation data for March 2016. In mainland China, the Shanghai Composite was currently up 1.89%. In Hong Kong, the Hang Seng index was currently up 0.35%. China's consumer price index rose 2.3% in March from a year earlier, the same as February's tally. The producer price index fell 4.3% in March from a year earlier, compared with a 4.9% year-over-year drop in February. The index has lingered in deflationary territory for more than four years.
US stocks registered small gains during the previous trading session on Friday, 8 April 2016, as yen eased from its highest level against the dollar in almost 18-months after Japan's finance minister Taro Aso said he may act against what he termed one-sided yen rise. The yen, typically viewed as a safe-harbor asset, edged higher in recent trading sessions as fears that global central banks won't be able to fix the sluggish global economy sapped investor sentiment and spurred a flight to perceived safety. Meanwhile, New York Fed President William Dudley on Friday, 8 April 2016, said that the US central bank must maintain a cautious and gradual approach to raising interest rates.
Capital goods stocks were mixed. Havells India (up 2.13%) and Thermax (up 0.72%) gained. Siemens (down 0.46%), BEML (down 1.05%) and Bharat Electronics (down 1.26%) dropped.
L&T gained after the company announced that its wholly owned subsidiary L&T Hydrocarbon Engineering (LTHE) has won two orders valued at approximately $370 million from Petroleum Development Oman LLC. The stock rose 0.56%. The announcement was made during market hours today, 11 April 2016.
Shares of state-run power equipment major Bharat Heavy Electricals (Bhel) rose 1.59% at Rs 124.40, with the stock extending recent gains triggered by the company announcing a surge in its order inflow for the year ended 31 March 2016 (FY 2016). The stock had risen 7.41% in the preceding two trading sessions to settle at Rs 122.45 on Friday, 8 April 2016, from its close of Rs 114 on 6 April 2016. On provisional basis, Bhel's order inflow jumped 41.9% at Rs 43727 crore in FY 2016 over FY 2015.
Realty stocks rose. DLF (up 2.62%), Sobha (up 1.49%), Indiabulls Real Estate (up 0.09%), Unitech (up 0.4%), Godrej Properties (up 0.65%), Housing Development & Infrastructure (HDIL) (up 0.4%), and Oberoi Realty (up 1.22%) edged higher. D B Realty (down 1.36%) and NBCC (down 0.16%) dropped.
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Infosys fell after Aberdeen Asset Management Asia pared its stake in the company. The stock dropped 0.89% to Rs 1,157. Aberdeen Asset Management Asia sold 56.26 lakh shares or 0.24% equity in the IT major in open market transaction on 7 April 2016. Aberdeen Asset Management Asia now holds 7.01 crore shares or 3.04% stake in Infosys. The disclosure was made after market hours on Friday, 8 April 2016.
Infosys will announce its Q4 March 2016 result on Friday, 15 April 2016, when the stock market is closed for a holiday.
Rupa & Company was locked at 20% upper circuit at Rs 329.40 after the company announced that its wholly-owned subsidiary, Oban Fashions has entered into a definitive license agreement with French Connection Limited to develop, manufacture, market and sell innerwear and related products with the brand name 'FCUK' in India. The announcement was made after market hours on Friday, 8 April 2016.
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