With index heavyweight and IT major Infosys extending post results gains, the two key benchmark indices reversed direction and moved into positive zone in afternoon trade. At 13:17 IST, the barometer index, the S&P BSE Sensex, was up 64.04 points or 0.26% at 24,918.15. The 50-unit Nifty 50 index was currently up 18 points or 0.24% at 7,580.40. In overseas stock markets, Asian stocks traded off intraday low, with Chinese stocks moving into positive zone from negative zone. US stock index futures pointed to a recovery in US stocks later in the global day.
The Sensex rose 94.40 points or 0.37% at the day's high of 24,948.51 in afternoon trade. The barometer index fell 380.89 points or 1.53% at the day's low of 24,473.22 in early trade. The Nifty rose 21.30 points or 0.28% at the day's high of 7,583.70 in afternoon trade. The index fell 118.60 points or 1.56% at the day's low of 7,443.80 in early trade.
In overseas stock markets, key Asian markets traded off intraday lows, with the Shanghai Composite index moving to positive zone from negative zone in mainland China. The Shanghai Composite index ended with gains of 1.97% after falling as much as 2.8% earlier during the trading session. Barring mainland China, other Asian stocks hovered in negative zone, with investor sentiment hit adversely due to a selloff in US stocks overnight. Nonetheless, trading in US stock index futures pointed to a recovery in US stocks later in the global day. Trading in US index futures indicated that the Dow Jones Industrial Average could gain 116 points at the opening bell today, 14 January 2016. US stocks slumped yesterday, 13 January 2016, as a rout in oil prices heightened worries about the global economy.
Closer home, the market breadth indicating the overall health of the market was weak. On BSE, 1,581 shares fell and 926 shares rose. A total of 153 shares were unchanged. The BSE Mid-Cap index was currently down 0.4%. The BSE Small-Cap index was currently down 0.37%. Both these indices underperformed the Sensex.
Auto stocks declined. Mahindra & Mahindra (down 1.33%), Ashok Leyland (down 0.72%), Eicher Motors (down 0.47%), TVS Motor Company (down 1.86%), Hero MotoCorp (down 1.33%) and Bajaj Auto (down 0.49%) edged lower.
Tata Motors was down 2.24% at Rs 356.30. The company announced after market hours yesterday, 13 January 2016, that a meeting of the board of directors of the company will be held on 18 January 2016 to consider and approve buyback of unsecured non-convertible debentures aggregating Rs 200 crore due to mature on 30 November 2018. The board will also consider buyback of unsecured non-convertible debentures aggregating Rs 250 crore due to mature on 28 May 2019. The buyback is part of the company's debt restructuring programme to ensure balanced maturity profile and/or better terms that would include lower cost of debt.
Maruti Suzuki India (MSIL) was down 0.78%. The company announced during market hours today, 14 January 2016, that it has added driver airbag as an option in all variants of Alto 800 and Alto K10. Besides driver airbag, the left outside rear mirror is also available across all variants of Alto, MSIL said.
Cement stocks also dropped. UltraTech Cement (down 2.13%) and Shree Cement (down 0.92%) edged lower.
Grasim Industries was off 1.3%. Grasim has exposure to cement sector through its holding in UltraTech Cement.
Ambuja Cements was up 0.33%. ACC was down 0.83%. The government has deferred decision on approval sought by Ambuja Cements for the acquisition of 24% shares in its holding company, Holcim (India) from the latter's holding company Holderind Investments (NR) and subsequent reverse merger through a share swap.
Reliance Industrial Infrastructure edged lower after net profit dropped 25.6% to Rs 3.96 crore on 2.6% decline in net sales to Rs 22.13 crore in Q3 December 2015 over Q3 December 2014. The stock was currently off 1.84% at Rs 439. The result was announced after market hours yesterday, 13 January 2016.
MindTree rose after the company said it has scheduled a board meeting on 18 January 2016 to consider issue of bonus shares. The stock was currently up 2.61% at Rs 1,537.70. The announcement was made after market hours yesterday, 13 January 2016.
On the macro front, the latest data showed that inflation based on the wholesale price index (WPI) remained in negative zone last month. WPI inflation stood at minus 0.73% in December 2015, compared with a reading of negative 1.99% in November 2015. Meanwhile, the headline WPI for October 2015 was revised to a reading of minus 3.7% from 3.81% reported earlier.
Powered by Capital Market - Live News
