Broader market depicts strength

Key benchmark indices firmed up once again in mid-morning trade. At 11:16 IST, the barometer index, the S&P BSE Sensex, was up 39.35 points or 0.13% at 31,488.38. The Nifty 50 index was up 8.75 points or 0.09% at 9,802.90.

Broader market displayed strength. Among secondary barometers, the BSE Mid-Cap index was up 0.65%. The BSE Small-Cap index was up 0.75%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. 1,377 shares rose and 788 shares fell. A total of 101 shares were unchanged.

IT shares were mixed. Tech Mahindra (up 4.67%), Persistent Systems (up 0.57%), Hexaware Technologies (up 0.49%), MphasiS (up 0.34%), Wipro (up 0.31%) and TCS (up 0.16%), edged higher. Infosys (down 0.55%), HCL Technologies (down 0.7%), MindTree (down 0.75%) and Oracle Financial Services Software (down 1.04%), edged lower.

 

Power generation stocks were mixed. Torrent Power (up 4.48%), Tata Power (up 3.65%), Jaiprakash Power Ventures (up 2.29%), GMR Infrastructure (up 1.86%), Reliance Power (up 0.63%) and Adani Power (up 0.35%), edged higher. Reliance Infrastructure (down 0.06%), CESC (down 0.18%), JSW Energy (down 0.39%), NHPC (down 0.96%) and NTPC (down 0.96%), edged lower.

State-run Power Grid Corporation of India was down 0.72% to Rs 220.85.

State-run Coal India was down 0.78% to Rs 236.80 after consolidated net profit fell 23.3% to Rs 2351.13 crore on 3.6% rise in net sales to Rs 18404.32 crore in Q1 June 2017 over Q1 June 2016. The announcement was made after market hours on Monday, 14 August 2017. The market remained closed on 15 August 2017 due to Independence Day.

Unitech was up 3.05% after the company reported consolidated net loss of Rs 38.40 crore in Q1 June 2017, compared with net loss of Rs 44.82 crore in Q1 June 2016. The result was announced after market hours on Monday, 14 August 2017.

Speciality Restaurants gained 3.33% after the company announced that it opened a new 'Sweet Bengal' confectionery at Bandra West, Mumbai with effect from 14 August 2017. The announcement was made after market hours on Monday, 14 August 2017.

Prestige Estates projects jumped 4.35% after consolidated net profit spurted 96.4% to Rs 93.90 crore on 35.4% increase in net sales to Rs 1279.60 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours on Monday, 14 August 2017.

On the macro front, the all-India general Consumer Price Index (CPI)-based inflation rebounded 2.36% in July 2017, compared with 1.46% in June 2017. The data was released after market hours on Monday, 14 August 2017.

Data released after market hours on Monday, 14 August 2017, by the commerce ministry showed that goods exports rose for the twelfth consecutive month with shipments in July registering a 3.94% year-on-year growth to $22.54 billion. Goods imports in July recorded 15.42% to $33.99 billion the slowest pace since 1.13% growth in January 2017. This led to trade deficit (goods) narrowing on a month-on-month basis to $11.45 billion, the lowest since $10.5 billion recorded in March 2017.

Overseas, Asian shares were mixed as investors digested earnings releases from regional corporates.

In US, the main benchmarks ended little changed overnight amid better-than-expected retail sales data and an abatement of tensions between the US and North Korea. The Dow Jones Industrial Average finished up 5.28 points, or less than 0.1%, at 21,998.99. The S&P 500 index declined 1.23 points to finish at 2,464.61. The Nasdaq Composite Index slipped 7.22 points, or 0.1%, to close at 6,333.01.

US retail sales recorded their biggest increase in seven months in July as consumers boosted purchases of motor vehicles as well as discretionary spending, suggesting the economy continued to gain momentum early in the third quarter. The Commerce Department said on Tuesday, 15 August 2017, that retail sales jumped 0.6% last month. That was the largest gain since December 2016 and followed June's upwardly revised 0.3% rise.

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