Gains in bank stocks and index heavyweight ITC aided intraday recovery for key benchmark indices. At 12:20 IST, the barometer index, the S&P BSE Sensex, was off 43.66 points or 0.16% at 26,860.45. The 50-unit CNX Nifty was off 13.55 points or 0.17% at 8,130.05. The market breadth indicating the overall health of the market was positive. On BSE, 1,372 shares rose and 1,035 shares declined. A total of 99 shares were unchanged. The BSE Mid-Cap index was up 0.05%. The BSE Small-Cap index was up 0.4%. Both these indices outperformed the Sensex.
Bank stocks edged higher. Among PSU banks, Syndicate Bank (up 2.32%), Canara Bank (up 0.73%), Vijaya Bank (up 0.42%), State Bank of India (up 0.35%), Bank of India (up 0.31%), Union Bank of India (up 0.3%), Indian Overseas Bank (up 0.27%) and Punjab National Bank (up 0.25%) edged higher. Bank of Baroda (down 0.4%), Oriental Bank of Commerce (down 0.14%), Andhra Bank (down 0.43%) and Corporation Bank (down 0.44%) edged lower.
IDBI Bank rose 0.32% at Rs 77.50. With respect to news titled "Vijay Mallya faces CBI heat over loan fraud", IDBI Bank clarified after market hours yesterday, 12 October 2015, that the bank does not have any official communication from the Central Bureau of Investigation (CBI) in the matter. There is no price sensitive angle to the matter as the matter is not new and has been probed by the CBI earlier also and relates to the normal business activities of the bank and other consortium lender banks, it said. IDBI has been and will be continuing to extend full assistance to CBI in any enquiry in the matter, the bank added. IDBI Bank is one of the 17 consortium lenders to Kingfisher Airlines (KAL). KAL had defaulted in its payment obligations to the banks and banks have jointly taken several recovery actions against the promoter and the company.
Among private sector banks, Axis Bank (up 0.7%), IndusInd Bank (up 0.18%) and ICICI Bank (up 0.28%) edged higher. HDFC Bank (down 0.64%) and Kotak Mahindra Bank (down 0.81%) edged lower.
Yes Bank rose 1.08% to Rs 732.05 after the bank announced during market hours today, 13 October 2015, that it has become the first Indian bank to be selected as an index component of the Dow Jones sustainability indices in the Emerging Markets Index.
Cement stocks gained. UltraTech Cement (up 1.48%), ACC (up 0.22%) and Ambuja Cements (up 0.12%) edged higher. Shree Cement (down 1.16%) edged lower.
Grasim Industries was up 0.25% at Rs 3,638.40. Grasim has exposure to cement sector through its holding in UltraTech Cement.
On the macro front, the latest data showed acceleration in consumer price inflation in September 2015, mainly due to increase in vegetable prices. Another data showed that a surge in production of two items contributed to more than half of the 6.4% increase in industrial production in August 2015. Inflation based on the consumer price index (CPI) increased to 4.4% in September 2015 from with 3.7% in August 2015. The core CPI inflation rose to 4.1% in September 2015 from 3.9% in August 2015.
Growth in industrial production (IIP) hit its highest level in almost three years on the back a surge in the output of the manufacturing sector. Gems and jewellery and rubber insulated cables contributed to more than half of the 6.4% increase in industrial production in August 2015.
In overseas stock markets, stocks in Indonesia and Japan led losses for Asian markets after weak Chinese trade data for September 2015. China's imports and exports fell in September, in a sign of continued headwinds for the world's second-largest economy. US stocks eked out small gains yesterday, 12 October 2015, amid caution ahead of the earnings season.
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