A divergent trend was witnessed on the domestic bourses in afternoon trade with the barometer index, the S&P BSE Sensex regaining positive terrain after slipping into the red for a brief period while the Nifty 50 index remained in the negative terrain. At 13:18 IST, the barometer index, the S&P BSE Sensex, was up 7.24 points or 0.03% at 27,782.12. The Nifty was currently down 13.20 points or 0.15% at 8,562.10.
The Sensex rose 127.51 points or 0.46% at the day's high of 27,902.39 in early afternoon trade. The barometer index lost 77.55 points or 0.28% at the day's low of 27,697.33 in early trade, its lowest level since 4 August 2016. The Nifty rose 25.85 points or 0.3% at the day's high of 8,601.15 in early afternoon trade. The index fell 27.85 points or 0.32% at the day's low of 8,547.45 in early trade, its lowest level since 4 August 2016.
In overseas stock markets, most European stocks edged lower in early trade as investors paused for breath amid a fall in oil prices. Most Asian stocks rose. US stocks closed slightly lower yesterday, 10 August 2016, with the S&P 500 index and Nasdaq Composite index retreating from record levels as crude-oil futures slumped following data on supply and production. The US Energy Information Administration reported an increase crude supplies last week, while Saudi Arabia revealed record crude production in July. Saudi Arabia is Organization of the Petroleum Exporting Countries (OPEC)'s largest oil producer.
Closer home, the market breadth indicating the overall health of the market was positive. On BSE, 1,424 shares rose and 1,047 shares fell. A total of 148 shares were unchanged. The BSE Mid-Cap index was currently down 0.61%. The BSE Small-Cap index was currently down 0.19%. Both these indices underperformed the Sensex.
Auto stocks were mixed. Mahindra & Mahindra (M&M) (down 2.23% to Rs 1,415.5), Ashok Leyland (down 0.63% to Rs 87.15), and Bajaj Auto (down 0.28% to Rs 2,841.1) declined. Maruti Suzuki India (up 0.25% to Rs 4,879.05), Eicher Motors (up 1.79% to Rs 22,113), Hero MotoCorp (up 0.28% to Rs 3,329.75), and TVS Motor Company (up 0.42% to Rs 296.9) gained.
The BSE Auto index had outperformed the market over the past one month till 10 August 2016, rising 7.94% compared with 2.39% rise in the Sensex. The index had also outperformed the market in past one quarter, advancing 15.59% as against Sensex's 7.77% rise.
Capital goods stocks were also mixed. BEML (down 0.51% to Rs 1,005.1), Havells India (down 0.49% to Rs 402.15), Bharat Electronics (down 1.26% to Rs 1,216.6), L&T (down 0.85% to Rs 1,469.95), Thermax (down 2.13% to Rs 878), and Siemens (down 0.42% to Rs 1,292.05) declined. Bharat Heavy Electricals (Bhel) (up 0.62% to Rs 137.1) and ABB India (up 0.06% to Rs 1184.95) gained.
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Punj Lloyd rose 2.53% to Rs 20.25 after the company's net loss narrowed in Q1 June 2016 over Q1 June 2015. Punj Lloyd reported net loss of Rs 211.39 crore in Q1 June 2016, lower than net loss of Rs 581.84 crore in Q1 June 2015. Total income rose 45.5% to Rs 1010.17 crore in Q1 June 2016 over Q1 June 2015. The result was announced after market hours yesterday, 10 August 2016.
The company's chairman and managing director, Atul Punj, said that the company improved its performance as a result of the turnaround efforts put in across various fronts. The order backlog remains strong at Rs 21618 crore and execution of all projects across geographies is progressing in line with defined timelines. The firm is seeing a gradually improving environment both in India and overseas and are optimistic of opportunities unfolding. The company's thrust is on improving the quality of its balance sheet, execution of projects, recovery of claims, cash flows and settling all legacy issues.
The BSE Capital Goods index had underperformed the market over the past one month till 10 August 2016, declining 1.45% compared with 2.39% rise in the Sensex. The index had, however, outperformed the market in past one quarter, advancing 9.89% as against Sensex's 7.77% rise.
Yes Bank lost 1.72% to Rs 1,243.20 after reports suggested that the bank contemplating a $1 billion share sale to institutional investors through qualified institutional placement (QIP) to support its expansion plans. The issue is expected to be launched within 30 days, reports suggested. As per the clarification issued by the bank during market hours today, 11 August 2016, the bank said that as per the approved resolution by the shareholders at the AGM held on 7 June 2016, the shareholders had approved raising of equity capital aggregating upto $1 billion through the issue of new shares by way of QIP and or American depository receipts (ADR)/global depository receipts (GDR). The rights issue was not contemplated at the AGM. The shareholders approval is valid till 2017. The bank added that the capital raising plan remains unchanged, however, no merchant bankers have been appointed by the bank so far, for this future capital raising event.
Suven Life Sciences rose 3.36% to Rs 227.45 after net profit rose 58.2% to Rs 32.58 crore on 31.7% rise in net sales to Rs 133.23 crore in Q1 June 2016 over Q1 June 2015. The result was announced after market hours yesterday, 10 August 2016. The company's earnings before interest, taxes, depreciation and amortization (EBITDA) rose 56.34% to Rs 47.90 crore in Q1 June 2016 over Q1 June 2015. EBITDA margin rose to 34.8% in Q1 June 2016, compared to 28.84% in Q1 June 2015. The company said that its thrust on innovative research and development (R&D) in drug discovery continues with a spending of Rs 14.70 crore (10.67% on revenue) in Q1 June 2016.
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