Key benchmark indices continued to trade in a small range in positive zone in afternoon trade. At 13:16 IST, the barometer index, the S&P BSE Sensex, was up 67.62 points or 0.24% at 28,128.76. The Nifty 50 index was up 23.10 points or 0.27% at 8,720.70. The market breadth indicating the overall health of the market was strong. On BSE, 1,678 shares rose and 1,014 shares fell. A total of 120 shares were unchanged. The BSE Mid-Cap index was currently up 0.02%, underperforming the Sensex. The BSE Small-Cap index was currently up 0.37%, outperforming the Sensex.
Index heavyweight and cigarette major ITC rose 0.77% to Rs 241 after corporate management committee of the company approved divestment of the company's entire shareholding (204 shares of common stock with no par value) in King Maker Marketing Inc, US, a wholly-owned subsidiary, along with assignment of certain trademarks owned by the company. The announcement was made on Sunday, 9 October 2016. The consideration to be received is estimated around $24 million in terms of the share purchase agreement and subject to regulatory approvals and customary closing conditions, ITC said. The buyer in the transaction is Premier Manufacturing, Inc., USA, it added.
Private bank stocks saw mixed trend. HDFC Bank (up 0.15%), Kotak Mahindra Bank (up 0.42%), and Yes Bank (up 0.54%) rose. ICICI Bank (down 0.22%), Axis Bank (down 0.09%), IndusInd Bank (up 0.16%) declined.
RBL Bank rose 0.24%. RBL Bank, NeoGrowth Credit and Overseas PrivateInvestment Corporation (OPIC), the US Government's development finance Institution have jointly committed to provide financing for small and medium enterprises (SMEs) in the Indian retail space. The announcement was made after market hours on Friday, 7 October 2016. RBL Bank will lend to NeoGrowth to enable it to provide loans to SMEs excluded from mainstream funding. This financing will be backed by a $5 million loan guarantee from OPIC. NeoGrowth, a non-banking finance institution, uses innovative technology to serve the funding requirements of SMEs, which do not get loans easily from commercial banks owing to their small size, inadequate credit history and lack of collateral. RBL Bank's loan will allow NeoGrowth to provide loans ranging from Rs 2 lakh to Rs 75 lakh to the retail SMEs.
PSU bank stocks declined. State Bank of India (SBI) (down 0.56%), Punjab National Bank (up 0.49%), Corporation Bank (down 1.17%), Bank of Baroda (down 0.79%), Canara Bank (down 1.04%), IDBI Bank (down 0.9%), Bank of India (down 0.55%) and Union Bank of India (down 1.64%) fell.
Bharat Heavy Electricals (Bhel) rose 0.15%. Jaiprakash Power Ventures fell 2.79%. Bhel during market hours today, 10 October 2016 said that the company has commissioned yet another 660 megawatts (MW) coal based supercritical thermal power plant in Uttar Pradesh. The commissioning of the unit will result in significant improvement of electricity availability in the state of Uttar Pradesh. The project is owned by Prayagraj Power Generation Company (PPGCL), a subsidiary company of Jaiprakash Power Ventures. This is the second unit of the project to be commissioned. The first unit was commissioned earlier by Bhel in December 2015 and the third unit of the project is in an advanced stage of construction. Bhel's scope in the project consisted of design, engineering, manufacture, supply, erection and commissioning of the boiler and turbine-generator (BTG) package.
Dr Reddy's Laboratories rose 0.81% after the company announced its entry into Columbia with its portfolio of high quality and affordable medicines for cancer patients. Ramana, Executive Vice President and Head, Branded Markets, Global Generics, Dr Reddy's Laboratories' (DRL) said that the company's initial focus would be to provide access to affordable cancer medicines to patients through its proven portfolio of oncology products. The announcement was made after market hours on Friday, 7 October 2016.
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Realty stocks saw mixed trend. Prestige Estates Projects (down 3.54%), Oberoi Realty (down 2.85%), Indiabulls Real Estate (down 0.52%), Housing Development and Infrastructure (down 0.24%), Unitech (down 0.17%) and Godrej Properties (down 0.03%) fell. DLF (up 0.3%), D B Realty (up 0.26%), Sobha (up 0.18%), Hubtown (up 1.24%) and Parsvnath Developers (up 1.97%) rose.
In overseas stock markets, European stocks were trading lower in early trade as shares of banks and energy companies declined. Most Asian stock markets were trading lower. Markets in Hong Kong, Japan and Taiwan were shut for public holidays. US stocks fell on Friday, 7 October 2016, to end the week lower following a report on US employment that came in below expectations but was viewed as strong enough for the US central bank to consider raising interest rates by the end of the year. The US economy added 156,000 jobs last month, while the unemployment rate ticked up to 5% as more workers entered the labor market.
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