Gains in metal stocks and index heavyweights ITC and Infosys aided a recovery for key benchmark indices which had erased a lion's portion of intraday gains in afternoon trade from an initial surge. At 14:18 IST, the barometer index, the S&P BSE Sensex, was up 168.18 points or 0.63% at 27,013.99. The gains for the Sensex were higher in percentage terms than those for the 50-unit CNX Nifty index. The Nifty was currently up 41.30 points or 0.51% at 8,170.65. The Sensex regained the psychological 27,000 mark. The barometer index has alternately moved above and below that mark so far during the trading session.
The market breadth indicating the overall health of the market was positive. On BSE, 1,418 shares rose and 1,242 shares declined. A total of 127 shares were unchanged. The BSE Mid-Cap index was up 0.07%. The BSE Small-Cap index was up 0.19%. Both these indices underperformed the Sensex.
In overseas stock markets, European and Asian shares edged higher after the minutes of the Federal Reserve's latest meeting damped down expectations of an imminent Fed rate hike. US stocks edged higher yesterday, 8 October 2015, after the Fed minutes showed that Fed officials were largely hesitant to hike rates for the first time in nearly a decade due to worries about global risk. Riskier asset markets, which had risen when the Fed held off raising rates in September, got a further boost on confirmation policy makers won't rush to tighten rates at a time of slackening global growth.
IndusInd Bank gained 0.69% after reporting good Q2 results. The bank's net profit rose 30.18% to Rs 560.04 crore on 20.47% rise in total income to Rs 3581.31 crore in Q2 September 2015 over Q2 September 2014. The bank announced result during market hours today, 9 October 2015.
On absolute basis, IndusInd Bank's gross non-performing assets (NPAs) stood at Rs 602.10 crore as on 30 September 2015, compared with Rs 570.12 crore as on 30 June 2015 and Rs 654.54 crore as on 30 September 2014. The ratio of gross NPAs to gross advances stood at 0.77% as on 30 September 2015 as against 0.79% as on 30 June 2015 and 1.08% as on 30 September 2014. The ratio of net NPAs to net advances stood at 0.31% as on 30 September 2015. The ratio was unchanged from the level as 30 June 2015 and was a tad lower than 0.33% as on 30 September 2014.
Telecom stocks declined. Tata Teleservices (Maharashtra) (down 1.61%), Reliance Communications (down 1.64%) and Idea Cellular (down 0.16%) declined. Bharti Airtel rose 0.74%.
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Cement stocks were mixed. Shree Cement (up 0.79%) and UltraTech Cement (up 0.78%) gained. ACC (down 0.49%) and Ambuja Cements (down 0.17%) declined.
Grasim Industries advanced 0.14%. Grasim has exposure to the cement sector through its holding in UltraTech Cement.
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