A range bound movement was witnessed as key benchmark indices hovered in positive zone in mid-morning trade. At 11:16 IST, the barometer index, the S&P BSE Sensex, was up 130.05 points or 0.5% at 25,974.23. The gains for the Nifty 50 index were lower than the Sensex's gains in percentage terms. The Nifty was currently up 24.20 points or 0.31% at 7,938.95. The Sensex was currently hovering below the psychologically important 26,000 mark. The index had surpassed the psychologically important mark in early trade on the back of higher Asian stocks.
The Sensex rose 80.94 points at the day's low of 25,925.12 in mid-morning trade. The barometer index hit its highest level in more than 15 weeks when it gained 235.89 points or 0.91% at the day's high of 26,080.07 in morning trade. The Nifty rose 15.25 points or 0.19% at the day's low of 7,930 in mid-morning trade. The index hit its highest level in more than 20 weeks when it rose 63.70 points or 0.8% at the day's high of 7,978.45 in morning trade.
The market breadth indicating the overall health of the market was positive. On BSE, 1,092 shares gained and 1,066 shares fell. A total of 96 shares were unchanged. The BSE Mid-Cap index was currently off 0.24%. The BSE Small-Cap index was currently up 0.02%. Both these indices underperformed the Sensex.
In overseas stocks markets, Japan and Hong Kong markets led gains in Asian stocks. Japanese stocks rose as the yen weakened against the dollar overnight. The Nikkei 225 index was currently up 2.51%. Chinese stocks were mixed after Chinese central bank announced net cash injection of 220 billion yuan into the financial system in its bid to ease worries about a short-term liquidity squeeze. In mainland China, the Shanghai Composite index was currently off 0.17%. In Hong Kong, the Hang Seng index was currently up 1.58%. US stocks clocked small gains yesterday, 20 April 2016, after upbeat housing data.
The European Central Bank is widely expected to hold interest rates steady at record low level after a monetary policy review later in the global day today, 21 April 2016.
FMCG stocks saw mixed trend. Britannia Industries (down 1.42%), GlaxoSmithkline Consumer Healthcare (down 0.45%), Colgate-Palmolive (India) (down 0.41%), Dabur India (down 1.25%), Nestle India (down 1.39%) and Tata Global Beverages (down 1.44%) declined. Godrej Consumer Products (up 0.78%), Hindustan Unilever (up 0.16%), Marico (up 0.51%), Procter & Gamble Hygiene and Health Care (up 0.12%) and Bajaj Corp (up 0.12%) rose.
Realty stocks declined. DLF (down 1.16%), Indiabulls Real Estate (down 2.52%), Housing Development and Infrastructure (down 1.03%), D B Realty (down 1.44%), Unitech (down 0.26%), Sobha (down 3%), Godrej Properties (down 1.05%), Oberoi Realty (down 2.94%) and Parsvnath Developers (down 1.57%) declined.
Chennai-based micro finance lender Equitas Holdings made a strong debut on the bourses. The stock was currently trading at Rs 142.05, a premium of 29.13% over the initial public offer price of Rs 110. The stock debuted at Rs 144, a premium of 30.90% to the initial public offer (IPO) price. So far the stock hit a high of Rs 147 and low of Rs 136.55. On BSE, 1.98 crore shares were traded on the counter so far.
Meanwhile, the Reserve Bank of India (RBI) notified yesterday, 20 April 2016, that the aggregate investment ceiling in Equitas Holdings for foreign institutional investors (FIIs)/foreign portfolio investors (FPIs) under portfolio investment scheme remains at 24% and total foreign investment from all sources i.e. global depository receipts (GDR)/American depository receipts (ADR)/foreign direct investment (FDI)/foreign institutional investors (FIIs)/registered foreign portfolios investors (RFPIs)/non-resident Indians (NRIs)/persons of Indian origin (PIOs) shall not exceed 49%.
Powered by Capital Market - Live News
