A bout of volatility was witnessed as key benchmark indices drifted lower after trimming losses in mid-morning trade. At 11:15 IST, the barometer index, the S&P BSE Sensex, was down 59.05 points or 0.22% at 26,807.87. The Nifty 50 index was down 19.70 points or 0.24% at 8,218.80. The market breadth indicating the overall health of the market was positive. On BSE, 1,213 shares rose and 883 shares fell. A total of 163 shares were unchanged. The BSE Mid-Cap index was currently up 0.28%. The BSE Small-Cap index was currently up 0.34%. Both these indices outperformed the Sensex.
In overseas stock markets, Asian stocks witnessed a mixed trend. US stocks edged higher yesterday, 20 June 2016, following the lead of European markets as polls showed support swinging back toward the UK remaining a member of the European Union ahead of a referendum.
The UK government holds a referendum on Thursday, 23 June 2016, on whether the country should remain a member of the European Union (EU). The Organization for Economic Cooperation and Development (OECD) has warned that Britain's leaving the EU -- the so-called Brexit -- could send shocks through global financial markets. The OECD said on 1 June 2016 that a United Kingdom vote to leave the EU would trigger negative economic effects on the UK, other European countries and the rest of the world. Brexit would lead to economic uncertainty and hinder trade growth, with global effects being even stronger if the British withdrawal from the EU triggers volatility in financial markets, the OECD said. By 2030, post-Brexit UK GDP could be over 5% lower than if the country remained in the European Union, the OECD said.
Stocks of FM radio operators edged higher after the Ministry of Information and Broadcasting yesterday, 20 June 2016, issued the notice inviting applications for e-auction of 266 FM radio channels in 92 cities in the second batch of Private FM Phase III. Entertainment Network India (ENIL) (up 5.14%), Jagran Prakashan (up 1.55%), D B Corp (up 1.24%), H T Media (up 0.71%) and Next MediaWorks (up 0.45%) edged higher. TV Today Network (down 0.05%) and Sun TV Network (down 0.85%), edged lower.
The second batch of FM Radio e-auction consists of 227 channels in 69 new cities and 39 channels in 23 existing cities. The issuance of notice inviting applications (NIA) for the second batch under Private FM Phase III will further the process of expansion of FM radio broadcasting services through private agencies (Phase-III). Applications are required to be submitted by 17:00 IST on 1 August 2016. Based on the applications, the government of India (GoI) shall pre-qualify applicants who meet the eligibility criteria for participation in the auction.
IT shares were mixed. MindTree (up 2.50%), MphasiS (up 1.24%), Oracle Financial Services Software (up 0.62%), Persistent Systems (up 0.46%), Hexaware Technologies (up 0.31%) and HCL Technologies (up 0.21%), edged higher. Wipro (down 0.17%), TCS (down 0.23%), Infosys (down 0.24%) and Tech Mahindra (down 0.95%), edged lower.
Realty shares were mixed. Phoenix Mills (up 2.32%), Sunteck Realty (up 1.06%), Housing Development and Infrastructure (HDIL) (up 1.01%), Unitech (up 0.99%), Oberoi Realty (up 0.77%), Sobha (up 0.30%), Parsvnath Developers (up 0.25%), Omaxe (up 0.19%) and Godrej Properties (up 0.10%), edged higher. Mahindra Lifespace Developers (down 0.03%), DLF (down 0.04%), D B Realty (down 0.51%), Peninsula Land (down 0.97%), Indiabulls Real Estate (down 1.44%), Prestige Estates Projects (down 1.53%) and Anant Raj (down 1.87%), edged lower.
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