A lacklustre trend was witnessed as key benchmark indices hovered in negative zone in early afternoon trade. At 12:15 IST, the barometer index, the S&P BSE Sensex, was down 43.70 points or 0.17% at 25,241.67. The 50-unit Nifty 50 index was currently down 12.65 points or 0.16% at 7,691.60. The market breadth indicating the overall health of the market was positive. On BSE, 1,263 shares rose and 966 shares fell. A total of 162 shares were unchanged. The BSE Mid-Cap index was currently up 0.77%. The BSE Small-Cap index was currently up 0.45%. Both these indices outperformed the Sensex.
In overseas stock markets, Asian stocks witnessed a mixed trend. Shares of exporters led a rally in Japanese stocks on a weaker yen against the US dollar. The Nikkei 225 Average closed 1.94% higher. US stocks closed slightly higher yesterday, 21 March 2016, steadying after five straight weeks of gains, led by telecommunications and health care stocks.
Shares of index heavyweight and cigarette major ITC declined on profit booking. The stock fell 1.5% to Rs 325.45. The stock hit a high of Rs 330.90 and low of Rs 325.25 so far during the day. The stock had gained 4.27% in the preceding four trading sessions to settle at Rs 330.40 yesterday, 21 March 2016, from its close of Rs 316.85 on 15 March 2016.
FMCG stocks were mixed. Britannia Industries (up 1.06%), GlaxoSmithkline Consumer Healthcare (up 0.07%), Colgate-Palmolive (India) (up 0.25%), Dabur India (up 0.04%), Marico (up 0.53%), Tata Global Beverages (up 1.42%) and Jyothy Laboratories (up 0.3%) rose. Godrej Consumer Products (down 2.89%), Hindustan Unilever (down 1.6%), Nestle India (down 1.3%), Procter & Gamble Hygiene and Health Care (down 1.39%) and Bajaj Corp (down 1.2%) fell.
Power generation stocks gained. Reliance Infrastructure (up 4.68%), Tata Power Company (up 3.38%), CESC (up 1.1%), Reliance Power (up 2.45%), Jaiprakash Power Ventures (up 3.48%), Adani Power (up 0.47%), JSW Energy (up 1.74%) edged higher. NHPC fell 0.9%.
NTPC rose 0.12% after the company announced that unit-I of 250 megawatts (MW) of Nabinagar Thermal Power Station of Bhartiya Rail Bijlee Company, a subsidiary of the company, was commissioned on 20 March 2016. With this, the total installed capacity of Nabinagar Thermal Power Station has become 250 MW and the total installed capacity of NTPC group has become 45,798 MW. The announcement was made after market hours yesterday, 21 March 2016.
State-run coal-mining giant Coal India was off 0.15% at Rs 296.10. The stock hit a high of Rs 299.70 and a low of Rs 296 so far during the day.
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Excel Industries jumped 13.83% to Rs 194.20 after the company said it will consider a proposal for buyback of equity shares of the company at its board meeting to be held on 28 March 2016. The announcement was made after market hours yesterday, 21 March 2016.
On the macro front, data released by the Reserve Bank of India (RBI) after market hours yesterday, 21 March 2016, showed that India's current account deficit (CAD) narrowed to $7.1 billion or 1.3% of GDP in Q3 December 2015 from $8.7 billion or 1.7% of GDP in Q2 September 2015 and $7.7 billion or 1.5% of GDP in Q3 December 2014. The contraction in CAD was primarily on account of a lower trade deficit.
After moderating in Q2 September 2015, net foreign direct investment (FDI) again picked up and stood at $10.8 billion in Q3 December 2015. Net FDI inflows during April-December 2015 jumped 24.8% over the level during the corresponding period of the previous year.
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