Key benchmark indices hovered in a narrow range in positive zone in mid-morning trade. At 11:16 IST, the barometer index, the S&P BSE Sensex was up 226.83 points or 0.84% at 27,226.55. The Sensex was currently trading above the psychologically important 27,000 level after regaining that level in early trade. The gains for the Nifty 50 index were lower than those for the Sensex in percentage terms. The Nifty was currently up 61.40 points or 0.74% at 8,349.15. The Sensex hit its highest level in more than eight months. The Nifty hit its highest level in more than ten months. Gains in Asian stocks aided the upmove on the domestic bourses.
The Sensex rose 243.64 points or 0.9% at the day's high of 27,243.36 in mid-morning trade, its highest level since 27 October 2015. The barometer index rose 61.68 points or 0.22% at the day's low of 27,061.40 in early trade. The Nifty rose 69 points or 0.83% at the day's high of 8,356.75 in mid-morning trade, its highest level since 20 August 2015. The index rose 20.90 points or 0.25% at the day's low of 8,308.65 in early trade.
Meanwhile, the outcome of a monthly survey showed that manufacturing growth in India pointed to a further improvement last month supported by a stronger increase in new business inflows. The Nikkei India manufacturing Purchasing Managers' Index (PMI) rose to 51.7 in June, from May's reading of 50.7.
In overseas stock markets, Asian stocks edged higher tracking overnight gains on Wall Street. In mainland China, the Shanghai Composite was currently up 0.08%. Latest data showed that the manufacturing momentum in the world's second largest economy skidded to a four-month low in June. China's official manufacturing Purchasing Managers' Index (PMI) came in at 50 last month, against 50.1 logged in May and April. In Japan, the Nikkei 225 Average was currently up 0.48%. The manufacturing sector in Japan continued to contract in June, albeit at a slower pace, the latest survey from Nikkei showed. Manufacturing PMI came in at 48.1 in June, up from May's 47.7. US stocks gained for the third day in a row yesterday, 30 June 2016, recovering from the post-Brexit sell-off.
Closer home, the market breadth indicating the overall health of the market was strong. On BSE, 1,457 shares rose and 772 shares declined. A total of 101 shares were unchanged. The BSE Mid-Cap index was currently up 1%, outperforming the Sensex. The BSE Small-Cap index was currently up 0.71%, underperforming the Sensex.
Realty stocks witnessed a mixed trend. Indiabulls Real Estate (up 3.54%), Prestige Estates Projects (up 0.24%), Oberoi Realty (up 1.49%) and Sobha (up 0.61%) edged higher. Housing Development and Infrastructure (down 0.05%), Unitech (down 1.09%), DLF (down 0.07%) and D B Realty (down 1.46%) edged lower.
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Godrej Properties rose 0.15% after the company announced after market hours yesterday, 30 June 2016, that GRIP II has made its first investment under the platform, whereby it has acquired 80% of the equity share capital in Godrej Greenview Housing (GGHPL), towards investing into the project Vihang, Thane. Pursuant to the above, GGHPL has ceased to be the subsidiary of Godrej Properties. Godrej Properties had earlier anounced about creation of Godrej Fund Management and its managed fund Godrej Residential Investment Program II (GRIP-II).
Telecom stocks edged higher. Bharti Airtel (up 1.11%) and Idea Cellular (up 0.33%) rose. Reliance Communications (down 0.49%) edged lower.
Bharti Infratel was up 1.7%. Bharti Infratel is a telecom tower arm of Bharti Airtel.
Maruti Suzuki India (MSIL) lost 0.46% at Rs 4,166.05 after the company reported a 13.9% decline in total sales at 98,840 units in June 2016 over June 2015. Domestic sales dropped 10.2% to 92,133 units in June 2016 over June 2015. Exports fell 44.7% to 6,707 units in June 2016 over June 2015. The company announced the sales volume data during market hours today, 1 July 2016.
MSIL announced after market hours yesterday, 30 June 2016, that it signed a memorandum of understanding (MoU) with Government of Andhra Pradesh, to set up, manage and run Institute of Driving Training and Traffic Research at Venkatachalam village in Darsi, Prakasham district of the state.
The infrastructure spread across 20 acres of land will be provided by the Andhra Pradesh Government, while Maruti Suzuki will run and manage the institute. The facility to be built as per the MoRTH guidelines shall consist of an institute building, a hostel and training tracks will all required formation. The infrastructure is expected to be complete by 2018.
Set up under the public-private-partnership (PPP) model, this will be Maruti Suzuki's first IDTR in South India. Maruti Suzuki will undertake the training on lines of the other IDTRs including All Gujarat Institute of Driving, Technical Training and Research (AGIDTTR), Vadodara. The Company plans to collaborate with the various government departments like Tribal Development Department to promote road safety and driving as an employment opportunity among the tribal youth of Andhra Pradesh. The main focus is to make people employable hence additional training in personality, hygiene, courtesy and communication is imparted to the youth.
Yes Bank was up 0.76% at Rs 1,114.90. The bank during market hours today, 1 July 2016 said it has pledged GBP 1 million to the London School of Economics and Political Science (LSE) to support the IG Patel Chair - named in honour of the former Governor of the Reserve Bank of India and former Director of LSE.
Shares of Mahanagar Gas were trading at Rs 525.50 on BSE, at a premium of 24.82% over its initial public offer price of Rs 421 after the stock made its debut on the bourses today, 1 July 2016. The stock was listed on the bourses at Rs 540, at a premium of 28.26% over the issue price of Rs 421. The stock hit a high of Rs 549.15 and a low of Rs 521.50 so far during the day. On BSE, 23.41 lakh shares were so far traded on the counter. Promoted by GAIL (India) and BG Asia Pacific Holdings Pte, Mahanagar Gas is one of the largest city gas distributors (CGD) in India and is the sole authorized distributor of CNG (compressed natural gas) and PNG (piped natural gas) to market of Mumbai, its adjoining areas and the Raigad district of Maharashtra.
On the macro front, the output of eight core Industries comprising nearly 38% of the weight of items included in the Index of Industrial Production (IIP) rose 2.8% in May 2016 over May 2015, data released by the government after market hours yesterday, 30 June 2016 showed.
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