A bout of volatility was witnessed as key benchmark indices trimmed gains in mid-afternoon trade. At 14:20 IST, the barometer index, the S&P Sensex, was up 210.56 points or 0.82% at 25,916.49. The 50-unit CNX Nifty was up 54.15 points or 0.69% at 7,883.25. The Sensex was currently trading below the psychological 26,000 level. Earlier, the Sensex fell below the psychological 26,000 level soon after piercing that mark in afternoon trade. The Sensex hit its highest level in more than two weeks when it jumped 300.82 points at the day's high of 26,006.75 in intraday trade. The Nifty also hit its highest level in more than two weeks when it rose 84.80 points at the day's high of 7,913.90 in intraday trade.
In overseas markets, Chinese stocks led gains in Asian markets. In mainland China, the Shanghai Composite jumped 4.89% as fears of forced liquidation of illegal margin loan accounts receded after a widely read news portal in China reported that a notice sent by brokerage GF Securities to a trust firm called Zhongrong International Trust Co. said Zhongrong would still be able to trade on its platform. European stocks edged higher taking cues from a rally in Chinese stocks and tracking broad based gains in US stocks overnight. US stocks witnessed broad-based gains yesterday, 15 September 2015, on speculation that the Federal Reserve will hold off on raising interest rates at its two-day policy meeting which concludes on Thursday, 17 September 2015. Amid a recovery in the US economy, the Federal Reserve policy makers are debating the timing of first interest rate increase in the US in nearly a decade.
Closer home, the market breadth indicating the overall health of the market was positive. On BSE, 1,275 shares rose and 1,214 shares declined. A total of 127 shares were unchanged. The BSE Mid-Cap index was down 0.12%. The BSE Small-Cap index was off 0.22%. Both these indices underperformed the Sensex.
Metal and mining stocks gained. Steel Authority of India (up 2.78%), Jindal Steel & Power (up 2.4%), Hindalco Industries (up 2.1%), JSW Steel (up 1.07%) and Tata Steel (up 1.11%) edged higher. National Aluminium Company (down 1.88%), Hindustan Zinc (down 2.1%) and NMDC (down 0.83%) edged lower.
Vedanta was up 2.37% at Rs 99.20. Cairn India was down 0.79% at Rs 143.85. Vedanta and Cairn India have received no objection from the BSE and the NSE for the proposed merger of Cairn India with Vedanta.
Shares of coal mining giant Coal India were up 0.47% at Rs 339.
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FMCG stocks were mostly higher. Colgate-Palmolive (India) (up 1.67%), Jyothy Laboratories (up 1.19%), Marico (up 0.63%), Bajaj Corp (up 0.36%), Procter & Gamble Hygiene and Health Care (up 0.13%), Nestle India (up 0.28%) and Hindustan Unilever (up 0.53%) gained. Dabur India (down 2.39%), Godrej Consumer Products (down 1.85%), Tata Global Beverages (down 1.84%), GlaxoSmithkline Consumer Healthcare (down 0.15%) and Britannia Industries (down 1.21%) edged lower.
Pennar Engineered Building Systems (PEBS) rose 0.3% at Rs 166.50 after the company said it has received orders worth Rs 165 crore from marquee clients like Tata Projects, Reliance Jio Infocomm, Larsen & Toubro, International Cargo Terminal, Siemens, Biological E, UK Textiles, Kapil Power, Automotive India, among others. The announcement was made during trading hours today, 16 September 2015.
Shares of Pennar Industries were up 0.74% at Rs 47.60. PEBS is a subsidiary of Pennar Industries.
CMI surged 4.49% at Rs 193 after the company said it is setting up a new manufacturing facility at Bawal, Haryana to cater of growing demand for the products of the company.
On the macro front, India's merchandise exports fell 20.66% to $21.26 billion in August 2015 over August 2014. Non-oil imports rose 7.01% to $26.38 billion whereas oil imports plunged 42.59% at $7.35 billion in August 2015 over August 2014. The trade deficit rose sharply to $12.47 billion in August 2015 from $10.66 billion in August 2014.
India's stock market remains closed tomorrow, 17 September 2015, on account of Ganesh Chaturthi.
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