After languishing in negative zone in afternoon trade, key benchmark indices reversed direction in mid-afternoon trade. At 14:16 IST, the barometer index, the S&P BSE Sensex, was up 32.38 points, or 0.11% at 28,404.61. The Nifty 50 index was currently up 9.35 points, or 0.11% at 8,735.95.
In overseas stock markets, European stocks were mixed ahead of monetary policy decision from the Bank of England. No interest rate changes are expected from UK's central bank. Policy makers have to assess whether the outlook for Britain after its vote to leave the European Union warrants a change in strategy. Most Asian stocks fell as investors grappled with the seemingly diminishing ability of major central banks to stimulate growth, while a tumble in crude oil inflamed already heightened risk aversion. In US, the Dow industrials and the S&P 500 closed in negative territory yesterday, 14 September 2016, in the wake of slumping crude-oil prices, erasing earlier gains for the major benchmarks, while the tech-heavy Nasdaq bucked the losing trend.
Back home, the market breadth indicating the overall health of the market was positive. On BSE, 1,436 shares rose and 1,179 shares fell. A total of 189 shares were unchanged. The BSE Mid-Cap index was currently down 0.09%, underperforming the Sensex. The BSE Small-Cap index was currently up 0.43%, outperforming the Sensex.
Capital goods shares were mixed. Lakshmi Machine Works (up 3%), Praj Industries (up 2.86%), Bharat Electronics (up 1.69%), Bharat Heavy Electricals (up 1.37%), Thermax (up 0.88%), Crompton Greaves (up 0.82%), Havells India (up 0.82%), Jindal Saw (up 0.58%), SKF India (up 0.44%), Reliance Defence and Engineering (up 0.35%) and GE Power India (up 0.12%), edged higher. Siemens (down 0.1%), GE T&D India (down 0.14%), Suzlon Energy (down 0.31%), AIA Engineering (down 0.83%), ABB India (down 1.08%) and Punj Lloyd (down 1.65%), edged lower.
BEML fell 10.05% to Rs 922.80 after the company reported net loss of Rs 107.10 crore in Q1 June 2016, higher than net loss of Rs 68.10 crore in Q1 June 2015. Total income fell 49.7% to Rs 300.52 crore in Q1 June 2016 over Q1 June 2015. The result was announced after market hours yesterday, 14 September 2016.
Engineering & construction major L&T was down 0.93% to Rs 1,461.40. The stock hit a high of Rs 1,477.25 and a low of Rs 1,458 so far during the day.
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Most bank shares declined. Among private sector banks, Axis Bank (down 2.29%), Federal Bank (down 1.86%), City Union Bank (down 1.16%), IndusInd Bank (down 0.79%), RBL Bank (down 0.77%) and ICICI Bank (down 0.61%), edged lower. Kotak Mahindra Bank (up 0.08%) and HDFC Bank (up 0.42%), edged higher.
Yes Bank edged lower on reports that Securities & Exchange Board of India (Sebi) is looking into discrepancies in the bank's planned qualified institutional placement (QIP) of shares. The stock fell 2.62% to Rs 1,220.60. According to reports, the stock market regulator Sebi is looking into Yes Bank's notices to stock exchanges about the planned QIP of shares, the surge in the stock in the run-up to the issue date and its intra-day fall before the announcement to call off the issue. Sebi is reportedly looking into why investment bankers failed to take note of the fact that there was no pre-intimation by Yes Bank to stock exchanges that there would be a board meeting.
It may be recalled that Yes Bank had announced on 8 September 2016 its decision to defer QIP of shares citing extreme volatility during trading day on 8 September 2016 because of misinterpretation of new QIP guidelines. The bank had on 7 September 2016 announced opening of QIP of equity shares of face value Rs 10 each to raise up to $1 billion. Yes Bank had fixed Rs 1,371.84 per share as the floor price at that time.
Among PSU banks, Punjab National Bank (down 2.61%), Bank of India (down 2.27%), Canara Bank (down 1.99%), IDBI Bank (down 1.86%), Bank of Baroda (down 1.69%), Punjab & Sind Bank (down 1.67%), Union Bank of India (down 1.52%), Allahabad Bank (down 1.5%), Corporation Bank (down 1.37%), Syndicate Bank (down 1.16%), State Bank of India (down 1.01%), Andhra Bank (down 0.99%), UCO Bank (down 0.73%), United Bank of India (down 0.68%), Indian Bank (down 0.57%) and Dena Bank (down 0.26%), edged lower. Vijaya Bank (up 0.25%), Bank of Maharashtra (up 0.32%) and Central Bank of India (up 0.57%), edged higher.
State Bank of India was down 1.01%. The bank announced after market hours yesterday, 14 September 2016 that it has concluded the issue of $300 million AT1 Basel III compliant non-convertible, perpetual non call 5 year subordinated, unsecured note/bonds at a coupon 5.5% payable semi-annually, under bank's $10 billion RegS MTN Programme. The notes will be issued through bank's Dubai International Financial Centre Branch on 22 September 2016 and will be listed on Singapore Stock Exchange.
MMTC rose 2.75% to Rs 46.65 after the company reported net loss of Rs 7.01 crore in Q1 June 2016 lower than net loss of Rs 30.55 crore in Q1 June 2015. Total income rose 35.87% to Rs 2806.72 crore in Q1 June 2016 over Q1 June 2015. The result was announced after market hours yesterday, 14 September 2016.
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