Key benchmark indices were trading with small gains after hovering near the flat line in mid-afternoon trade. At 14:18 IST, the barometer index, the S&P BSE Sensex was up 55.51 points or 0.2% at 27,971.41. The Nifty 50 index was currently up 22.80 points or 0.35% at 8,645.50. The market breadth indicating the overall health of the market was strong. On BSE, 1,587 shares rose and 951 shares fell. A total of 271 shares were unchanged. The BSE Mid-Cap index was currently up 0.94%. The BSE Small-Cap index was currently up 1.03%. Both these indices outperformed the Sensex.
FMCG stocks gained. Tata Global Beverages (up 1.23%), Nestle India (up 0.59%), Marico (up 1.98%), Britannia Industries (up 2.86%), Procter & Gamble Hygiene and Health Care (up 0.97%), Hindustan Unilever (HUL) (up 0.11 %), Dabur India (up 0.81 %), Colgate Palmolive India (up 0.45%), GlaxoSmithkline Consumer Healthcare (up 0.6 %), Godrej Consumer Products (up 1.26%), and Bajaj Corp (up 0.12%) gained. Jyothy Laboratories fell 1.28%.
Bajaj Auto rose 1.48% after consolidated net profit rose 7.2% to Rs 1200.72 crore on 1.49% rise in total income to Rs 6775.03 crore in Q2 September 2016 over Q2 September 2015. The result was announced during market hours today, 28 October 2016.
Capital goods stocks gained. Bharat Heavy Electricals (Bhel) (up 0.22%), Havells India (up 0.1%), ABB India (up 0.69%), Bharat Electronics (up 3.49%), L&T (up 0.14%), Thermax (up 0.19%), and Crompton Greaves (up 1.35%) gained.
Grasim Industries gained 1.33% after consolidated net profit rose 50.39% to Rs 845.96 crore on 3.81% rise in total income to Rs 9668.55 crore in Q2 September 2016 over Q2 September 2015. The result was announced during market hours today, 28 October 2016.
JK Paper rose 6.61% after net profit surged 144.9% to Rs 43.96 crore on 14.35% rise in net sales to Rs 673.23 crore in Q2 September 2016 over Q2 September 2015. The Q2 result was announced after trading hours yesterday, 27 October 2016.
MOIL rose 2.23% after the company announced that it signed a Memorandum of Understanding (MoU) jointly with Government of Madhya Pradesh, Mineral Resources Department and Madhya Pradesh State Mining Corporation (MPSMCL), a PSU under Government of Madhya Pradesh, to conduct exploration and prospecting works in Madhya Pradesh. The MoU also envisages formation of a Joint Venture Company (JVC) between MOIL (51%) and MPSMCL (49%), in case of availability of ore is proved, in any area, MOIL said. The MoU is aimed at increasing the mineral resources in Madhya Pradesh, the company said. The announcement was made after market hours yesterday, 27 October 2016.
Castrol India fell 0.51% after net profit fell 2.37% to Rs 139.80 crore on 2.75% fall in total income to Rs 777.20 crore in Q3 September 2016 over Q3 September 2015. The result was announced after market hours yesterday, 27 October 2016. Commenting on the results, Omer Dormen, Managing Director, Castrol India said that the company continued to grow volume year on year in Q2 September 2016 across key segments. The volume growth was led by personal mobility and power brands in line with strategy and also strong growth in industrial segment, Omer Dormen said. The company witnessed softer volume in heavy duty segment due to heavy monsoon in some parts of the country. Marine segment volume dipped during the quarter due to continued pressure on marine business globally. The company continues its focus on volume growth and investment behind power brands, he said. The commercial vehicle segment has seen a healthy double digit growth in the key brands which the company continues to invest in, he added.
In overseas stock markets, European stocks edged lower as earnings season continues amid heightened expectations that the US Federal Reserve will raise rates in the near-term. Asian stocks witnessed a mixed trend. US stocks settled with modest losses yesterday, 27 October 2016 as a selloff in government bonds hit yield-sensitive sectors such as real estate and utilities.
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