Key benchmark indices continued to hover in narrow range in mid-afternoon trade. At 14:15 IST, the barometer index, the S&P BSE Sensex, was up 256.89 points or 0.9% at 28,764.31. The Nifty 50 index was currently up 87.20 points or 0.99% at 8,864.35. Gains in global markets aided the upmove on the domestic bourses.
In overseas stock markets, European and Asian stocks edged higher mirroring gains in the US market after the Federal Reserve left interest rates unchanged and projected a less aggressive path for hikes next year and in 2018. US stocks registered strong gains yesterday, 21 September 2016, after the Federal Reserve kept interest rates unchanged but hinted at the possibility of a rate hike later this year. Concluding a two-day meeting, the Federal Open Market Committee (FOMC) announced that the federal funds rate will remain at 0.25% to 0.5%. The Fed also said risks to the economy have diminished since its last meeting in July. The Fed last raised rates in December 2015, the first hike in almost a decade.
Closer home, the market breadth indicating the overall health of the market was strong. On BSE, 1,621 shares rose and 1,003 shares declined. A total of 219 shares were unchanged. The BSE Mid-Cap index was currently up 1.14%, outperforming the Sensex. The BSE Small-Cap index was currently up 0.82%, underperforming the Sensex.
Capital goods stocks rose. GE T&D India (up 1.56%), Bharat Heavy Electricals (up 1.39%), BEML (up 1.05%), ABB India (up 0.93%), Praj Industries (up 0.29%), Havells India (up 0.58%), Suzlon Energy (up 0.63%), Thermax (up 0.16%), Crompton Greaves (up 0.62%) and Bharat Electronics (up 0.09%) edged higher. Siemens (down 0.57%) edged lower.
Engineering and construction major L&T rose 1.59% at Rs 1,494.70 after the company said it has signed the principle contract with Vietnam Border Guard valued at $99.7 million for design and construction of high speed patrol vessels in India as well as for transfer of design and technology along with supply of equipment and material kits for construction of follow-on vessels at a Vietnam shipyard. The announcement was made during market hours today, 22 September 2016.
Power generation and distribution stocks gained. Torrent Power (up 3.81%), Reliance Infrastructure (up 3.02%), NTPC (up 2.01%), Power Grid Corporation of India (up 1.88%), GMR Infrastructure (up 2.12%), Reliance Power (up 1.17%), NHPC (up 0.76%), Adani Power (up 0.36%) and CESC (up 0.04%) edged higher. Tata Power Company (down 0.39%), JSW Energy (down 0.25%) and Jaiprakash Power Ventures (down 0.01%) edged lower.
Shares of state-run coal mining giant Coal India were down 0.74% at Rs 327.80.
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Index heavyweight HDFC Bank rose 0.94% to Rs 1,305 after the bank said it has allotted senior, unsecured, redeemable, long-term non-convertible bonds in the nature of debentures amounting to Rs 6700 crore on a private placement basis. The announcement was made during market hours today, 22 September 2016.
The Byke Hospitality rose 1.86% at Rs 164 after the company announced acquisition of two new properties on long term lease. The Byke Hospitality has acquired The Byke- Grassfield Riviera in Jaipur on long term lease. The hotel is located on Ajmer Road. Besides, the company also acquired Hotel Delotel in Borivali, Mumbai on long term lease. The announcement was made after market hours yesterday, 21 September 2016.
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