A bout of volatility was witnessed as key benchmark indices trimmed gains after extending gains in early afternoon trade. At 12:15 IST, the barometer index, the S&P BSE Sensex, was up 85.67 points or 0.31% at 27,860.55. The gains for the Nifty 50 index were lower in percentage terms than those for the Sensex. The Nifty was currently up 15.75 points or 0.18% at 8,591.05. Index heavyweights Reliance Industries (RIL) and ITC led gains for the two key benchmark indices.
The Sensex rose 127.51 points or 0.46% at the day's high of 27,902.39 in early afternoon trade. The barometer index lost 77.55 points or 0.28% at the day's low of 27,697.33 in early trade, its lowest level since 4 August 2016. The Nifty rose 25.85 points or 0.3% at the day's high of 8,601.15 in early afternoon trade. The index fell 27.85 points or 0.32% at the day's low of 8,547.45 in early trade, its lowest level since 4 August 2016.
In overseas stock markets, most Asian stocks rose. US stocks closed slightly lower yesterday, 10 August 2016, with the S&P 500 index and Nasdaq Composite index retreating from record levels as crude-oil futures slumped following data on supply and production. The US Energy Information Administration reported an increase crude supplies last week, while Saudi Arabia revealed record crude production in July. Saudi Arabia is Organization of the Petroleum Exporting Countries (OPEC)'s largest oil producer.
Closer home, the market breadth indicating the overall health of the market was positive. On BSE, 1,267 shares rose and 1,071 shares fell. A total of 138 shares were unchanged. The BSE Mid-Cap index was currently up 0.13%, underperforming the Sensex. The BSE Small-Cap index was currently up 0.38%, outperforming the Sensex.
Index heavyweight Reliance Industries (RIL) advanced 1.64% to Rs 1,019.25. The stock hit high of Rs 1,022 and low of Rs 1,000.25 so far during the day.
Index heavyweight and cigarette major ITC gained 1.11% to Rs 249.40. The stock hit a high of Rs 251.40 and low of Rs 246.65 so far during the day.
IT stocks rose as the rupee weakened against the dollar. TCS (up 1.19%), Infosys (up 0.31%), Wipro (up 0.24%), HCL Technologies (up 0.15%), Tech Mahindra (up 0.65%), MindTree (up 0.37%) and Hexaware Technologies (up 1.36%) rose. Oracle Financial Services Software (down 0.19%) and MphasiS (down 0.83%) fell.
In the foreign exchange market, the partially convertible rupee was hovering at 66.845, compared with its close of 66.715 during the previous trading session. A weak rupee boosts revenue of IT firms in rupee terms as the sector derives a lion's share of revenue from exports.
UltraTech Cement fell while Jaiprakash Associates (JAL) surged after the Competition Commission of India approved UltraTech Cement's acquisition of cement assets of Jaiprakash Associates. UltraTech Cement fell 0.21%. Jaiprakash Associates surged 5.84%. JAL and UltraTech Cement had entered into an agreement in July 2016 whereby JAL had agreed to sell its cement plants spread across five states to UltraTech Cement for enterprise value of Rs 16189 crore. The board of directors of JAL and UltraTech Cement had approved for sale of cement business of JAL and its wholly-owned subsidiary Jaypee Cement Corporation (JCCL).
UltraTech Cement is a leading cement manufacturer in India. It is a part of the Aditya Birla Group. Jaiprakash Associates is the flagship company of the Jaypee group and is engaged in engineering and construction, cement, real estate and hospitality businesses.
Realty stocks gained. Sunteck Realty (up 2.4%), Oberoi Realty (up 1.05%), Housing Development and Infrastructure (up 0.06%), D B Realty (up 0.29%), Sobha (up 0.52%), Godrej Properties (up 0.12%) and Parsvnath Developers (up 0.26%) rose. Hubtown (down 4.23%), DLF (down 0.57%), Unitech (down 0.32%),
Indiabulls Real Estate rose 1.88% after consolidated net profit rose 29.55% to Rs 116.83 crore on 7.07% growth in total income to Rs 894.32 crore in Q1 June 2016 over Q1 June 2015. The result was announced after market hours yesterday, 10 August 2016.
Indiabulls Real Estate's consolidated EBITDA (earnings before interest, taxes, depreciation and amortization), excluding non-operating income, rose 8.20% to Rs 299.63 crore in Q1 June 2016 over Q1 June 2015. EBITDA margin (excluding non-operating income) was reported at 34.30% in Q1 June 2016 compared with 33.90% in Q1 June 2015.
Dilip Buildcon (DBL) made a modest debut. The stock was currently trading at Rs 249 at 10:46 IST on BSE, a premium of 13.7% over the initial public offer (IPO) price of Rs 219. The stock debuted at Rs 240, a premium of 9.59% over the IPO price. So far the stock hit a high of Rs 253.95 and low of Rs 239.25. On BSE, so far 50.86 lakh shares changed hands in the counter. DBL is one of the leading road-focused engineering, procurement and construction (EPC) contractors in India.
Honda Siel Power Products rose 3.05% to Rs 1,252.05 after Reliance Mutual Fund bought bulk shares of the company via stock exchanges mechanism yesterday, 10 August 2016. Reliance Capital Trustee Co A/C MF bought 1.28 lakh shares of Honda Siel Power Products at an average price of Rs 1,215 per share in a bulk deal on the BSE. Reliance Mutual Fund also bought 2 lakh shares at an average price of Rs 1,215 per share in a bulk deal on the NSE.
Powered by Capital Market - Live News
