Key benchmark indices traded in a narrow band in the positive terrain with small gains after reversing losses in mid-morning trade. At 11:25 IST, the barometer index, the S&P BSE Sensex, was up 37.39 points or 0.14% at 27,275.45. The Nifty 50 index was up 4.20 points or 0.05% at 8,404.55. Key indices bucked weak trend in Asian stocks.
Side counters witnessed buying as the BSE Mid-Cap index was up 0.42% and the BSE Small-Cap index was up 0.53%, with both these indices outperforming the Sensex. The market breadth, indicating the overall health of the market, was strong. On the BSE, 1,456 shares rose and 861 shares declined. A total of 148 shares were unchanged.
Trading remained lackluster and within a narrow range near the flat line so far during the day. After hovering in the negative terrain from a flat opening, key indices reversed losses.
Metal & mining stocks gained across the board. JSW Steel (up 1.06%), Bhushan Steel (up 0.71%), Hindustan Copper (up 0.44%), Vedanta (up 0.73%), Hindalco Industries (up 0.87%), Hindustan Zinc (up 2.45%), Jindal Steel & Power (up 0.83%), Tata Steel (up 1.59%), Steel Authority of India (Sail) (up 2.08%), National Aluminum Company (up 0.42%) and NMDC (up 0.69%) gained.
The steel ministry has reportedly sought reduction in import duty on both coking coal and nickel -- vital components of steel making -- a move that may revive the sector, in the upcoming Budget 2017-18.
Cement stocks also gained on renewed buying. Shree Cement (up 0.42%), ACC (up 0.42%) and UltraTech Cement (up 0.38%) gained. Ambuja Cements declined 0.19%.
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Grasim Industries advanced 0.4%. Grasim has exposure to the cement sector through its holding in UltraTech Cement.
NTPC gained 0.29% after the company said that first unit of 250 megawatts (MW) of Nabinagar Thermal Power Project of 1000 MW capacity of Bhartiya Rail Bijlee Company, BRBCL-a subsidiary of NTPC was declared on commercial operation from 15 January 2017. With this, the commercial capacity of Nabinagar Thermal Power Project of BRBCL and NTPC group has become 250 MW and 46178 MW respectively. The announcement was made during market hours today, 16 January 2017.
Hind Rectifiers rose 0.93% after the company said that its board of directors approved raising upto Rs 12 crore by rights issue of shares. The announcement was made on Sunday, 15 January 2017.
Further, board also constituted a committee of directors (right issue committee) and authorized such committee to determine record date, timing of the issue, the required process and decide all the matters relating to the right issue in consultations to lead manager. Such details shall be informed and/or announced in the due course as and when decided or required, as per applicable statutory provisions, the company said in a statement.
Sical Logistics rose 3.63% after the company said that it has received a letter of award for a contract worth Rs 304.92 crore for excavation of overburden at Northern Coal Fields, Madhya Pradesh. The announcement was made after market hours on Friday, 13 January 2017.
Pokarna spurted 6.39% after the company said that its wholly owned subsidiary Pokarna Engineered Stone (PESL) plans to expand quartz surfaces production capacity by 130% with investment of Rs 325 crore in a greenfield facility. This investment is expected to be completed by June 2018.
PESL would finance this project through a combination of free cash flow/internal accruals Rs 75 crore and loan facilities Rs 250 crore. PESL is in receipt of financial sanction from its lead banker, for the term loan of Rs 250 crore, for funding the project.
Further, Pokarna's board has approved extending corporate guarantee for the loan facilities to be extended to PESL. The announcement was made after market hours on Friday, 13 January 2017.
On the macro front, data showed after market hours on Friday, 13 January 2017 that India's exports rose 5.72% to $23.88 billion and imports rose 0.46% to $34.25 billion in December 2016 over December 2015. The trade deficit declined 9.9% to $10.37 billion in December 2016 over December 2015.
Overseas, Asian stocks dropped after the British pound plunged more than 1% on fears of hard exit by UK from the European Union, which Britain voted to leave last June. In Hong Kong, the Hang Seng Index was down 1.09%, while China's Shanghai Composite Index plunged 1.39%. UK Prime Minister Theresa May will reportedly address a speech tomorrow, 17 January 2017, in which many investors believe she could spell out an end to her country's participation in European Union's single market. May is also expected to elaborate on the UK's negotiation priorities in a speech.
US stocks rose moderately on Friday, 13 January 2017, on the back of quarterly earnings from some of the country's biggest banks, as the Nasdaq Composite index closed at a record high. Markets have been in an updraft since November's presidential election, with the bulk of the gains coming from the financial sector, as investors have bet banks would benefit from deregulation under President-elect Donald Trump's coming administration and an environment that is expected to see rising interest rates. US financial markets will be closed today, 16 January 2017, for Martin Luther King Jr. Day.
In the latest economic data, US retail sales rose 0.6% in December, less than had been expected, while holiday sales were up a better-than-expected 4%.
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