A bout of volatility was witnessed in early afternoon trade as key benchmark indices pared entire gains and were trading flat. At 12:20 IST, the barometer index, the S&P BSE Sensex was almost unchanged at 28,293.13. The Nifty 50 index was almost unchanged at 8,744.95.
The market breadth indicating the overall health of the market was positive. On BSE, 1,215 shares rose and 1,207 shares fell. A total of 187 shares were unchanged. The BSE Mid-Cap index was currently down 0.22%, underperforming the Sensex. The BSE Small-Cap index was currently up 0.1%, outperforming the Sensex.
As per reports, cross-border firing between Indian and Pakistani troops continued today, 29 September 2016 in the Nowgam sector of the so-called Line of Control that runs through the disputed territory of Kashmir.
In overseas stock markets, Asian stocks rose tracking higher finish of US stocks yesterday, 28 September 2016 after the Organization of the Petroleum Exporting Countries (OPEC) took an important step toward a cap on crude-oil output, which helped in lifting oil prices. OPEC said yesterday, 28 September 2016 that it would reduce output to a range of 32.5-33.0 million barrels per day (bpd), a reduction of 0.7-2.2% from OPEC estimates of its current output at 33.24 million bpd. In economic data, US orders for durable or long-lasting goods flattened out in August after a sizable gain in the prior month, pointing to ongoing difficulties for American manufacturers.
Telecom stocks declined. Reliance Communications (RCom) (down 0.01%), Bharti Airtel (down 0.51%), Tata Teleservices (Maharashtra) (down 0.01%) and Idea Cellular (down 0.3%) declined.
Shares of Bharti Infratel rose 1.53%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.
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Cement stocks were mixed. ACC (down 0.11%) and Shree Cement (down 0.07%) declined. Ambuja Cements (up 0.02%) and UltraTech Cement (up 0.03%) gained.
Grasim Industries declined 0.15%. Grasim has exposure to the cement sector through its holding in UltraTech Cement.
Shares of ICICI Prudential Life Insurance Company were trading at Rs 310.80 on BSE, a discount of 6.95% over the initial public offer price of Rs 334. The stock debuted at Rs 329, a discount of 1.5% to the initial public offer (IPO) price. So far the stock hit a high of Rs 333.90 and low of Rs 310.45. On BSE, so far 68.79 lakh shares were traded on the counter. ICICI Prudential Life Insurance Company had priced the IPO at the top end of the Rs 300 to Rs 334 price band. The bidding for the IPO concluded on 21 September 2016. The issue received bids for 138.77 crore shares and it was subscribed 10.48 times. ICICI Prudential is the largest private sector life insurer in India by total premium and assets under management at 31 March 2016. ICICI Prudential is a joint venture between ICICI Bank and Prudential Corporation Holdings, a part of the Prudential Group, an international financial services group. The company is one of the first private sector life insurance companies in India. It commenced operations in October 2000 and offers a range of life insurance, health insurance and pension products and services.
CEAT rose 3.05% to Rs 1,293.05 after Amansa Holding Pte hiked its stake in the tyre maker to 5.19%. The company made the announcement after trading hours yesterday, 28 September 2016. Amansa Holding Pte bought 4.75 lakh shares or 1.17% stake in CEAT through secondary market purchase. After the latest stake buy, Amansa Holding Pte's stake in CEAT rose to 5.19%.
Wockhardt rose 2.33% after the company announced that inspection of the company's manufacturing unit at L-1, Chikalthana, Aurangabad, Maharashtra by UK Medicines and Healthcare products Regulatory Agency (MHRA) has since been completed without any critical observations and the approval status of the said unit continues. The announcement was made during trading hours today, 29 September 2016.
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