Key benchmark indices traded near the flat line in early trade. At 9:17 IST, the barometer index, the S&P BSE Sensex was down 3.99 points or 0.01% at 28,091.35. The Nifty 50 index was currently down 7.45 points or 0.09% at 8,628.20.
In overseas stock markets, Asian stocks witnessed a mixed trend. Japanese stocks edged lower as yen strengthened against the dollar. The Nikkei 225 Average was currently down 1.55%. Investors are hoping for a big stimulus announcement from the Bank of Japan (BOJ) at the conclusion of a two-day monetary policy review from the Japanese central bank on 28-29 July 2016. Strength in the yen against the dollar post last month's Brexit vote and data showing a slowdown in the Japanese economy have triggered expectations of further easing of monetary policy from the BOJ. A stronger yen hurts the competitiveness of Japanese exporters.
US stocks closed lower yesterday, 25 July 2016, with energy stocks lagging as oil prices declined.
The Federal Open Market Committee (FOMC) is widely expected to keep the benchmark fed funds rates unchanged after the conclusion of two-day monetary policy meeting on 26-27 July 2016. Market participant will scrutinize the Fed statement for clues on policy direction. The Fed has kept the benchmark fed funds rate unchanged after raising it for the first time in nearly a decade in December 2015.
Closer home, the market breadth indicating the overall health of the market was strong. On BSE, 791 shares rose and 361 shares declined. A total of 43 shares were unchanged. The BSE Mid-Cap index was currently up 0.25%. The BSE Small-Cap index was currently up 0.32%. Both these indices outperformed the Sensex.
Telecom stocks were mixed. Reliance Communications (up 0.19%) edged higher. Bharti Airtel (down 0.08%) edged lower. Idea Cellular was flat at Rs 107.05.
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Bharti Infratel was up 0.44%. The company is scheduled to announce Q1 June 2016 results today, 26 July 2016. Bharti Infratel is a telecom tower arm of Bharti Airtel.
Tata Motors was up 0.25% at Rs 510.15 after the company said it is planning to offer the fourth series of its rated, listed, unsecured, redeemable, non-convertible debentures (NCDs) aggregating to Rs 400 crore. In this regard, the company is holding a meeting of its duly constituted committee of the board on 28 July 2016. The proposal to issue NCDs is pursuant to the approval of the shareholders passed vide special resolution at the 70th annual general meeting of the company held on 13 August 2015 and the board of directors' resolution passed at its meeting held on 30 March 2016. The announcement was made after trading hours yesterday, 25 July 2016.
Maruti Suzuki India was down 0.13% at Rs 4,544.90. The company is scheduled to announce Q1 June 2016 results today, 26 July 2016.
Dr Reddy's Laboratories was off 0.14% at Rs 3,470. The company is scheduled to announce Q1 June 2016 results today, 26 July 2016.
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