A bout of volatility was seen in afternoon trade as the key benchmark indices trimmed gains soon after hitting fresh intraday high as European stocks rose in early trade there. At 13:25 IST, the barometer index, the S&P BSE Sensex was up 59.38 points or 0.21% at 28,283.08. The Nifty 50 index was up 25 points or 0.29% at 8,731.40. The market breadth indicating the overall health of the market was strong. On BSE, 1,580 shares rose and 879 shares fell. A total of 199 shares were unchanged. The BSE Mid-Cap index was currently up 0.7%. The BSE Small-Cap index was currently up 0.84%. Both these indices outperformed the Sensex.
In overseas stock markets, European stocks rose in early trade with investor sentiment buoyed by higher oil prices and a rally in the banking sector. Asian stocks dropped with European banking sector concerns and lower crude oil prices dulling investors' appetite for riskier assets. Japan's Nikkei Average settled 1.31% lower. US stocks rose yesterday, 27 September 2016 after the first presidential debate between Democratic candidate Hillary Clinton and Republican contender Donald Trump and a number of stronger-than-expected economic reports. Stocks are rising on the prospect of a Clinton presidency because the Democrat is viewed as a known quantity while some view Trump as being more unpredictable, a bad thing for stock investors. Additionally, US consumer confidence rose to 104.1 in September, the highest level since August 2007. The Case-Shiller home price index rose 5% for the year in July, while house prices rose 0.6%. The Markit flash services purchasing managers index for September rose to 51.9 in September from 51 in August.
Bank stocks rose. Among private bank stocks, Axis Bank (up 1.52%), IndusInd Bank (up 0.69%), ICICI Bank (up 0.31%) and Yes Bank (up 1.7%) rose. HDFC Bank (down 0.49%), Kotak Mahindra Bank (down 0.43%) fell.
RBL Bank rose 1.21% after the bank said it raised Rs 330 crore from the UK-based development finance institution, CDC Group Plc, through Basel III compliant Tier II capital. The announcement was made after market hours yesterday, 27 September 2016. RBL Bank said that the Tier II debt will strengthen the capital base of the bank, which in turn will support its businesses such as SME lending, agribusiness financing and financial inclusion. The infusion will also help the bank expand to new regions within India, the bank said.
Federal Bank rose 3.8% to Rs 75.20 after a large bulk deal of 69.18 lakh shares was executed on the scrip at Rs 73.25 per share in opening trade on BSE.
Among PSU bank stocks, Punjab National Bank (up 3.97%), Bank of Baroda (up 1.77%), Canara Bank (up 2.84%), Indian Bank (up 2.86%), Syndicate Bank (up 2.05%), IDBI Bank (up 2.05%), Bank of India (up 2.19%) and Union Bank of India (up 2.97%) gained.
State Bank of India (SBI) rose 2.47%. The bank said that on 27 September 2016 it issued and allotted 25,000 AT1 Basel III compliant non-convertible, perpetual, subordinated, unsecured debt instrument in the nature of debenture, of face value Rs 10 lakh each at par through private placement bearing coupon of 8.75% per annum payable annually with call option after 5 years or any coupon payment date thereafter aggregating to Rs 2500 crore in second tranche. The announcement was made after market hours yesterday, 27 September 2016.
IT stocks fell. Tech Mahindra (down 0.87%), Hexaware Technologies (down 0.48%), MphasiS (down 2.38%), TCS (down 0.14%), Wipro (down 0.42%), HCL Technologies (down 0.05%) declined. MindTree (up 0.16%) and Oracle Financial Services Software (up 0.43%) rose.
Infosys declined 0.22%. The company announced the launch of Skava Commerce, a modern, mobile-first and modular e-commerce platform that delivers engaging omni-channel experiences. Skava, a Silicon Valley based e-commerce startup acquired by Infosys, developed Skava Commerce to allow businesses to leverage flexible cloud-based microservices and white label applications to quickly launch new offerings, improve conversion rates of digital channels, create highly responsive digital properties, and more. The platform can and easily integrate into existing technologies, while also providing a future-ready architecture that will enable next generation shopping experiences leveraging artificial intelligence (AI) and machine learning, natural language processing and virtual reality (VR). The announcement was made during market hours today, 28 September 2016.
Marathon Nextgen Realty gained 8.25% after the company said that shares of the company will be listed and admitted to dealings on the National Stock Exchange of India with effect from tomorrow, 29 September 2016. The announcement was made during market hours today, 28 September 2016.
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