The broad market depicted strength and the barometer index, the S&P BSE Sensex, and the 50-unit CNX Nifty retained positive zone in morning trade. At 11:22 IST, the barometer index, the S&P BSE Sensex was up 106.92 points or 0.42% at 25,717.13. The 50-unit CNX Nifty was up 32.50 points or 0.42% at 7,821.80. On BSE, there were more than two gainers against every loser. 1,431 shares rose and 682 shares declined. A total of 89 shares were unchanged. The BSE Mid-Cap index was up 1.07%. The BSE Small-Cap index was up 0.79%. Both these indices outperformed the Sensex.
In overseas markets, stocks in China and Japan edged lower after Chinese data released over the weekend showed growth in China's factory output and fixed-asset investment were both weaker than expected in August 2015. US stocks edged higher during the previous trading session on Friday, 11 September 2015, on speculation the US Federal Reserve will not hike interest rates this month due to concerns about global growth and amid a recent turmoil in global equity markets. The Fed's policy-making committee holds a two-day meeting on 16 and 17 September 2015. The Fed has held its benchmark short-term interest rate near zero since December 2008.
Closer home, realty stocks gained on renewed buying. Prestige Estates Projects (up 3.57%), Unitech (up 1.51%), Housing Development and Infrastructure (up 2.1%), Oberoi Realty (up 2.68%), Indiabulls Real Estate (up 1.67%), Sobha (up 1.55%), DLF (up 1%), D B Realty (up 0.37%) and Godrej Properties (up 0.57%) edged higher.
Shares of power generation and power distribution firms rose. NTPC (up 2.93%), Reliance Power (up 2.61%), GVK Power & Infrastructure (up 1.74%), Tata Power (up 1.85%), Reliance Infrastructure (up 2.36%), Adani Power (up 1.12%), JSW Energy (up 0.79%), Power Grid Corporation of India (up 0.85%), NHPC (up 0.31%) and Torrent Power (up 0.52%) edged higher.
Jaiprakash Power Ventures was up 3.61%. The company on Saturday, 12 September 2015, announced that its 400 megawatts (MW) Vishnuprayag hydro power plant, which was temporarily shut down with effect from 25 June 2015, has resumed power generation with effect from 11 September 2015. The company had to suspend operations at the power plant in June 2015 due unprecedented flood in river Alakhnanda.
Just Dial (up 12.37%), Bharti Infratel (up 5.01%), Monsanto India (up 4.78%), National Aluminium Company (up 4.67%) and Jaiprakash Associates (up 4.65%) were among the top gainers from BSE's A group of shares.
Also Read
Shares of Amtek Auto surged 17.13% at Rs 54.70 after the company after market hours on Friday, 11 September 2015, announced that it is considering various means to deleverage its balance sheet, including selling of non-core business, minority stake in overseas companies and some industrial real estate assets within the business. The company further said that the promoter may infuse more money into the company in future if required. The company issued these clarifications after the stock jumped a whopping 53.62% to settle at Rs 46.70 in a single trading session on Friday, 11 September 2015, after the company's managing director John Flintham said in interview to news channel that the company may look to sell significant minority stake in overseas businesses to pare debt.
Ashoka Buildcon gained after the company said it received letters of award for two projects worth Rs 440 crore from Karnataka Road Development Corporation. The stock rose 0.74% at Rs 163. The announcement was made during trading hours today, 14 September 2015.
Manali Petrochemicals edged higher after the company entered into a Memorandum of Understanding with the state government of Tamil Nadu to invest upto Rs 500 crore over the next three to five years in projects for expansion of the polyol capacity and for setting up a power project in the state. The stock rose 1.33% at Rs 22.85. The announcement was made after market hours on Friday, 11 September 2015.
Among macro data, data released after market hours on Friday, 11 September 2015 showed that India's index of industrial production (IIP) increased 4.2% in July 2015 over a year ago compared with the revised growth of 4.4% in June 2015. The IIP growth for June 2015 has been scaled up 4.4% in the first revision compared with 3.8% reported provisionally.
Another data released after market hours on Friday, 11 September 2015, showed that India's current account deficit (CAD) narrowed to $6.2 billion (1.2% of GDP) in Q1 June 2015 from $7.8 billion (1.6% of GDP) a year ago. This improvement was mainly on account of the merchandise trade deficit ($34.2 billion during Q1 June 2015) which contracted on a year-on-year (y-o-y) basis due to a larger absolute decline in merchandise imports relative to merchandise exports. The reduction in the CAD was also enabled by higher net earnings through services and lower outflow on account of primary income (profit, dividend and interest).
Meanwhile, the government will release the data on inflation based on the wholesale price index (WPI) for August 2015 at 12:00 IST today, 14 September 2015. The WPI inflation continued to be in negative zone for the ninth straight month in July 2015. It stood at negative 4.05% in July 2015.
The government is scheduled to unveil the consumer price index (CPI) data for the month of August 2015 after market hours today, 14 September 2015. The all-India general CPI inflation dipped to 3.78% in July 2015 from 5.4% in June 2015.
Powered by Capital Market - Live News