A range-bound trading was witnessed as key benchmark indices hovered in positive zone in early afternoon trade. At 12:15 IST, the barometer index, the S&P BSE Sensex was up 212.97 points or 0.81% at 26,517.60. The gains for the Nifty 50 index were lower than those for the Sensex in percentage terms. The Nifty was currently up 58.85 points or 0.73% at 8,167.30. Gains in global stocks aided the upmove on the domestic bourses.
The market breadth indicating the overall health of the market was positive. On BSE, 1,315 shares rose and 1,016 shares declined. A total of 135 shares were unchanged. The BSE Mid-Cap index was currently up 1.4%. The BSE Small-Cap index was currently up 1.11%. Both these indices outperformed the Sensex.
Meanwhile, Prime Minister (PM) Narendra Modi in a statement to media outside Parliament House today, 16 November 2016, at the start of winter session of parliament said that in order to carry forward the work on the Goods and Services Tax (GST), the government has held discussions with the state governments and the political parties. The consultation process has been going on ahead of this session as well, the PM said. The winter session of the parliament is slated between 16 November and 16 December 2016. There will be a total of 22 sittings.
In overseas stock markets, Asian stocks edged higher tracking overnight gains in US markets. US stocks registered modest gains yesterday, 15 November 2016, as energy shares climbed on the back of rising crude oil prices. Federal Reserve Vice Chair Stanley Fischer reportedly said yesterday, 15 November 2016, that he was surprised by the outcome of the US presidential election. Fischer cautioned it is too early to fully assess market fallout and said market swings following Britain's vote to leave the European Union provided a cautionary example. Fischer reportedly said that US banking rules may be limiting liquidity for some securities but their impact is not unduly hurting markets.
Auto stocks headed north. Eicher Motors (up 3.8%), Maruti Suzuki India (up 2.53%), Tata Motors (up 2.08%), Mahindra & Mahindra (up 2.06%), Hero MotoCorp (up 2.79%), TVS Motor Company (up 2.26%) and Bajaj Auto (up 1.06%) rose. Ashok Leyland (down 0.54%) edged lower.
IT stocks gained. TCS (up 3.57%), Infosys (up 2.81%), Tech Mahindra (up 2.61%), HCL Technologies (up 0.85%) and Oracle Financial Services Software (up 1.52%) edged higher.
Wipro rose 0.64% after the company announced that it partnered with ASG Technologies to offer enterprise data intelligence solution to enable financial services compliance. Wipro and ASG Technologies, a global provider of information access, management and control solutions, announced an expanded partnership that integrates the offerings of Wipro's Data Management Centre of Excellence (CoE) with ASG's Enterprise Data Intelligence solution to improve compliance for the global financial services companies. Wipro signed a global value added reseller agreement with ASG. With this agreement, Wipro will have a non-exclusive license to sell the ASG Enterprise Data Intelligence solution worldwide to its customers. The announcement was made after market hours yesterday, 15 November 2016.
Tata Global Beverages rose 5.13% after consolidated net profit surged 60.1% to Rs 139.62 crore on 2.69% fall in total income to Rs 1656.91 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 15 November 2016.
Tata Global Beverages said that while the underlying business saw volume growth, this was offset by price reductions and adverse impact of currency translation. Group consolidated net profit growth reflected both improved operating performance and better performance by joint ventures and associate companies, Tata Global Beverages said. The latest quarter saw a continued focus on the global health & wellness trend and innovative product launches, the company said.
Ajoy Misra, Managing Director and CEO of Tata Global Beverages, said that the company's product launches leverage the health and wellness trend across geographies. Consumers are seeking enhanced beverage experiences which are also healthy choices and the company is leveraging this insight across product categories. Joint venture companies Tata Starbucks and NourishCo continue to show steady growth and the company is committed to growing them further, Ajoy Misra said.
On the macro front, India's trade deficit in October 2016 widened to $10.16 billion compared with $8.34 billion in the previous month, government data released after market hours yesterday, 15 November 2016 showed. Merchandise exports grew 9.6% year-on-year to $23.5 billion in October, while imports expanded 8.11% year-on-year to $33.67 billion.
Meanwhile, data released by the government after market hours yesterday, 15 November 2016 showed that the all-India general CPI inflation dipped to 4.2% in October 2016 compared with 4.39% in September 2016. The core CPI inflation was nearly flat 4.81% in October 2016 from 4.77% in September 2016.
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