A range-bound movement was witnessed in mid-afternoon trade as two key benchmark indices languished in negative zone. At 14:16 IST, the barometer index, the S&P BSE Sensex, was down 138.94 points or 0.56% at 24,761.69. The Nifty 50 index was currently down 38.40 points or 0.5% at 7,575.95. The Sensex failed to retain the psychologically important 25,000 level which it had crossed at the onset of the trading session. The market breadth indicating the overall health of the market was positive. On BSE, 1,228 shares rose and 1,184 shares fell. A total of 124 shares were unchanged. The BSE Mid-Cap index was currently up 0.12%. The BSE Small-Cap index was currently up 0.17%. Both these indices outperformed the Sensex.
In overseas stock markets, European stocks moved higher as US stocks edged higher overnight in the aftermath of the release of the minutes from the most recent meeting of the Federal Open Market Committee (FOMC). Asian stocks witnessed a mixed trend. US stocks edged higher yesterday, 6 April 2016, after the minutes of the Federal Reserve's March meeting showed that officials favoured more gradual rate hikes amid concerns over global economic growth.
FMCG shares were mostly lower. Colgate-Palmolive (India) (down 1.03%), Hindustan Unilever (down 0.93%), Marico (down 0.3%), Britannia Industries (down 0.17%), Godrej Consumer Products (down 0.39%), Emami (down 0.51%), Procter & Gamble Hygiene and Health Care (down 0.17%), Bajaj Corp (down 0.05%) and Jyothy Laboratories (down 0.02%) edged lower. Nestle India (up 1.98%), GlaxoSmithkline Consumer Healthcare (up 1.27%) and Tata Global Beverages (up 1.23%) edged higher. Dabur India was unchanged at Rs 247.60.
Auto stocks were mixed. Bajaj Auto (down 1.02%), Eicher Motors (down 0.78%) and Hero MotoCorp (down 0.81%) edged lower. Ashok Leyland (up 0.56%), Tata Motors (up 0.54%), Mahindra & Mahindra (up 0.11%) and TVS Motor Company (up 0.13%) edged higher.
Maruti Suzuki India (Maruti) dropped 2.87% at Rs 3,469.10 on media reports that a foreign brokerage has cut target price on the stock while retaining its hold rating stating that valuations are still undemanding for the stock. The foreign brokerage reportedly said that yen benefit has started to reverse and is a significant headwind in the near term for Maruti. According to the calculation of the brokerage, every 1% appreciation in yen adversely affects Maruti's operating margin by 15-20 basis points (bps). The yen hit 17-month high against dollar today, 7 April 2016.
Maruti announced after market hours yesterday, 6 April 2016, that it has introduced the automatic transmission option for the Zeta petrol variant of its premium hatchback Baleno. The Baleno Zeta (automatic CVT) petrol variant is priced at Rs 7.47 lakh ex-showroom Delhi. With this automatic transmission options are available on Delta and Zeta trim of Baleno. Maruti said it has sold over 44,000 Baleno cars through its premium retail channel NEXA across India. The model has pending orders for 55,000 units. Baleno is also the first model by Maruti Suzuki to be exported to Japan. Going forward Maruti Suzuki plans to export the model to more than 100 countries from India.
Shares of state-run power equipment major Bharat Heavy Electricals (Bhel) rose 4.25% at Rs 118.85 after the company said that on provisional basis its order inflow jumped 41.9% at Rs 43727 crore in the year ended 31 March 2016 (FY 2016) over the year ended 31 March 2015 (FY 2015). Based on tentative financial performance, Bhel reported net loss of Rs 877 crore in FY 2016 as against net profit of Rs 1419 crore in FY 2015. Turnover declined 13.71% to Rs 26702 crore in FY 2016 over FY 2015. The company announced the flash results for FY 2016 during market hours today, 7 April 2016.
Sobha rose 3.28% at Rs 280 after the company said that new sales volumes rose 3.2% in the year ended 31 March 2016 (FY 2016) over the year ended 31 March 2015 (FY 2015). Sobha registered new sales area of 3.38 million square feet valued at Rs 2011 crore at an average realisation of Rs 5946 per square feet in FY 2016. The company's total sales value declined 3.59% to Rs 2145.80 crore in FY 2016 over FY 2015. Sobha said it is optimistic of delivering an improved operational performance in the year ending 31 March 2017 (FY 2017). The announcement was made after market hours yesterday, 6 April 2016.
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