Key benchmark indices traded near the flat line in morning trade. At 10:15 IST, the barometer index, the S&P BSE Sensex was down 3.08 points or 0.01% at 28,092.26. The Nifty 50 index was currently down 3.65 points or 0.04% at 8,632. The Sensex lost 31.39 points or 0.11% at the day's low of 28,063.95 at the onset of trading session. The barometer index rose 46.15 points or 0.16% at the day's high of 28,141.49 in early trade, its highest level since 11 August 2015. The Nifty lost 15.20 points or 0.17% at the day's low of 8,620.45 at the onset of trading session. The index rose 8.30 points or 0.09% at the day's high of 8,643.95 in early trade, its highest level since 23 July 2015.
In overseas stock markets, Asian stocks witnessed a mixed trend. Japanese stocks edged lower as a media report on government's soon-to-be announced fiscal stimulus package disappointed investors. The Nikkei 225 Average was currently down 1.38%. According to reports, Japanese government will inject 6 trillion yen ($57 billion) in direct fiscal outlays into the economy over the next few years, double the amount initially planned. However, the spending will come over several years, which means the initial impact will be less than hoped. Meanwhile, investors are hoping for further easing of monetary policy from the Bank of Japan (BOJ) after the conclusion of a two-day monetary policy meeting on 28-29 July 2016. Strength in the yen against the dollar post last month's Brexit vote and data showing a slowdown in the Japanese economy have triggered expectations of further easing of monetary policy from the BOJ. A stronger yen hurts the competitiveness of Japanese exporters. US stocks closed lower yesterday, 25 July 2016, as investors turned cautious ahead of a busy week of earnings and central bank meetings. The Federal Open Market Committee (FOMC) is widely expected to keep the benchmark fed funds rates unchanged after the conclusion of two-day monetary policy meeting on 26-27 July 2016. Market participant will scrutinize the Fed statement for clues on policy direction. The Fed has kept the benchmark fed funds rate unchanged after raising it for the first time in nearly a decade in December 2015.
Closer home, the market breadth indicating the overall health of the market was positive. On BSE, 1,152 shares rose and 777 shares declined. A total of 103 shares were unchanged. The BSE Mid-Cap index was currently up 0.37%. The BSE Small-Cap index was currently up 0.45%. Both these indices outperformed the Sensex.
Cement stocks edged higher. ACC (up 1.46%), Shree Cement (up 0.66%) and UltraTech Cement (up 0.05%) rose.
ACC was up 1.46%. The company is scheduled to announce Q2 June 2016 results today, 26 July 2016.
Ambuja Cements was up 1.64%. The company is scheduled to announce Q2 June 2016 results today, 26 July 2016.
Grasim Industries rose 0.45%. Grasim has exposure to cement sector through its holding in UltraTech Cement.
Stocks of public sector banks edged higher. Bank of India (up 3.45%), Punjab National Bank (up 3.07%), IDBI Bank (up 3.17%), Union Bank of India (up 1.83%), United Bank of India (up 1.07%), Bank of Baroda (up 1.48%), Indian Bank (up 0.65%) and State Bank of India (up 0.54%) rose.
Canara Bank rose 3.11% at Rs 261.60. The bank's net profit fell 52.19% to Rs 228.95 crore on 3.81% decline in total income to Rs 11786.35 crore in Q1 June 2016 over Q1 June 2015. The result was announced after trading hours yesterday, 25 July 2016.
Central Bank of India was up 1.3% at Rs 101.10 after the capital raising committee of the board of directors approved raising capital by issuance of equity shares to Government of India on preferential basis. The bank will issue upto 12.38 crore equity shares of the face value of Rs 10 each at the issue price of Rs 104.76 per equity share, aggregating to Rs 1297 crore to Government of India, its principal shareholder. The announcement was made after trading hours yesterday, 25 July 2016.
Stocks of private sector banks were mixed. Yes Bank (up 0.95%), Axis Bank (up 0.5%) and IndusInd Bank (up 0.36%) edged higher. Kotak Mahindra Bank (down 0.33%) and ICICI Bank (down 0.67%) edged lower.
Index heavyweight HDFC Bank was down 0.32% at Rs 1,242.55. The stock hit a high of Rs 1,245.55 and a low of Rs 1,241.70 so far during the day.
Sunil Hitech Engineers jumped 5.56% to Rs 188.10 after the company scheduled a meeting of its board of directors on 10 August 2016 to consider 10-for-1 stock split proposal. The announcement was made after trading hours yesterday, 25 July 2016.
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