Recovery in bank stocks and index heavyweights HDFC, L&T, Infosys and Reliance Industries (RIL) led recovery for key benchmark indices, with the barometer index, the S&P BSE Sensex, moving into the green from red. At 12:16 IST, Sensex was up 6.84 points or 0.03% at 25,658.68. The 50-unit CNX Nifty was off 9.05 points or 0.12% at 7,802.95. The two benchmark indices bounced back from their lowest level in almost two weeks. The recovery on the domestic bourses materialized as US index futures trimmed losses. Earlier, the Sensex and the Nifty fell more than 1% each in early trade on weakness in Asian stocks triggered by disappointing Chinese manufacturing data.
Trading in US index futures indicated that the Dow Jones Industrial Average could slide 94.50 points at the opening bell today, 23 September 2015. Earlier, the Dow futures were off about 150 points. US stocks closed sharply lower yesterday, 22 September 2015, as a slump in commodity prices fueled concerns over slowing global growth.
The market breadth indicating the overall health of the market turned positive from negative in early afternoon trade. On BSE, 1,133 shares rose and 1,130 shares fell. A total of 116 shares were unchanged. The BSE Mid-Cap index was down 0.16%, underperforming the Sensex. The BSE Small-Cap index was up 0.17%, outperforming the Sensex.
Bank stocks staged a recovery from initial slide. Among PSU banks, IDBI Bank (up 6.50%), UCO Bank (up 4.91%), Syndicate Bank (up 3.41%), Andhra Bank (up 2.50%), Union Bank of India (up 2.48%), Canara Bank (up 2.21%), Allahabad Bank (up 2.11%), Indian Bank (up 1.29%), Punjab National Bank (up 0.71%), United Bank of India (up 0.46%), Corporation Bank (up 0.45%), Bank of Baroda (up 0.40%), Dena Bank (up 0.38%), State Bank of India (up 0.19%), Vijaya Bank (up 0.15%) and Bank of India (up 0.04%), edged higher. Central Bank of India (down 0.31%), Punjab and Sind Bank (down 0.55%) and Bank of Maharashtra (down 1.02%), edged lower.
Among private sector banks, IndusInd Bank (up 1.35%), Kotak Mahindra Bank (up 0.98%), Federal Bank (up 0.94%), HDFC Bank (up 0.93%), ICICI Bank (up 0.28%) and City Union Bank (up 0.27%), edged higher. Axis Bank (down 0.67%) and Yes Bank (down 1.45%), edged lower.
Pratibha Industries rose 4.55% after the company secured a contract worth Rs 376.07 crore for a drinking water supply project in Telangana. The project is to be completed within 18 months from the date of commencement. The announcement was made before market hours today, 23 September 2015.
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Sterlite Technologies rose 1.67% after the company announced that it has entered into a definitive agreement for the acquisition of Elitecore Technologies, a global telecom software product company. The company made announcement before market hours today, 23 September 2015. Elitecore is a profitable niche player with FY 2015 revenue of Rs 147 crore and EBITDA (earnings before interest, taxes, depreciation and amortization) of Rs 16 crore and is cash positive on a net debt basis. This acquisition will be for an overall enterprise value of approximately Rs 180 crore in an all-cash deal. This acquisition widens Sterlite's telecom portfolio of offerings to its global customers.
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