Key benchmark indices traded almost unchanged in mid-afternoon trade in what was a lackluster trade witnessed so far during the session. At 14:20 IST, the barometer index, the S&P BSE Sensex was down 12.36 points or 0.04% at 31,202.62. The Nifty 50 index declined 0.60 points or 0.01% at 9,646.65.
After opening slightly lower, key indices hovered in the negative terrain with small losses so far during the session.
The S&P BSE Mid-Cap index rose 0.06%. The S&P BSE Small-Cap index was up 0.49%. Both these indices outperformed the Sensex.
The breadth, indicating the overall health of the market, was positive. On the BSE, 1,278 shares rose and 1,280 shares fell. A total of 158 shares were unchanged.
FMCG stocks were mixed. Tata Global Beverages (down 0.39%), Marico (down 1.03%), Hindustan Unilever (HUL) (down 0.09%), Dabur India (down 0.73%), Colgate Palmolive India (down 0.03%), Nestle India (down 0.67%), and Godrej Consumer Products (down 0.58%) declined. Jyothy Laboratories (up 1.42%), Bajaj Corp (up 0.63%), Britannia Industries (up 1.66%), Procter & Gamble Hygiene and Health Care (up 1.63%), GlaxoSmithkline Consumer Healthcare (up 0.67%) gained.
Pharma stocks also traded mixed. Glenmark Pharmaceuticals (down 0.73%), Cipla (down 0.12%), Dr Reddy's Laboratories (down 0.79%), Strides Shasun (down 0.16%), Lupin (down 1%), and Sun Pharmaceutical Industries (down 0.63%) declined. Aurobindo Pharma (up 0.24%), Wockhardt (up 1%) and Cadila Healthcare (up 023%) gained.
State Bank of India (SBI) declined 0.27%. The bank said that it has successfully concluded India's largest ever qualified institutional placement (QIP) of Rs 15000 crore which was launched on 5 June 2017. The QIP book was oversubscribed and demand exceeded Rs 27000 crore. Exceptionally strong demand came from long only foreign institutional investors (FIIs) of over Rs 8000 crore. Overall FII demand was in excess of Rs 11000 crore. The issue also saw very strong demand from DIIs, amounting to Rs 8500 crore, excluding one large DII.
Given the overwhelming response, the issue was priced at the top end at Rs 287.25 per share. The QIP will result in the issue of approximately 52.21 crore new shares at Rs 287.25 per share, which will lead to a dilution of 6.05%. Post the issue GoI shareholding in the merged entity will be at 57.07%. The announcement was made during market hours today, 9 June 2017.
Overseas, European stocks edged higher after the general election left UK facing a hung parliament, where no single party has a majority. British Prime Minister Theresa May's Conservative party has fallen short of an outright majority in the UK's general election. May had unexpectedly called the snap election seven weeks ago, confident of sharply increasing the slim majority she had inherited from predecessor David Cameron before launching into the Brexit talks.
The lack of a clear majority government raises uncertainty regarding the future of the country, mainly as it was on track to start Brexit negotiations in a few days' time.
Among other events, the European Central Bank (ECB) yesterday, 8 June 2017, as expected, left interest rates unchanged but said it continued to expect interest rates to remain at present levels for an extended period of time, and well past the horizon of its asset-buying program, which is set to run at least through December. In previous statements, the ECB had said it expected rates to remain at present or lower levels for an extended period of time.
Asian stocks were mixed after British Prime Minister Theresa May's Conservative party has fallen short of an outright majority in the UK's general election.
US stocks notched meager gains yesterday, 8 June 2017 but the Nasdaq Composite index closed at a record after former Federal Bureau of Investigation (FBI) Director James Comey's appearance in front of the US Senate Intelligence Committee concluded without any significant revelations.
Comey accused President Donald Trump of firing him to try to undermine the agency's investigation of possible collusion by Trump's campaign with Russia's alleged efforts to influence the 2016 presidential election. During more than two hours of testimony, Comey told the Senate Intelligence Committee he believed Trump had directed him in February to drop an FBI probe into the Republican president's former national security adviser, Michael Flynn, as part of the broader Russia investigation.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
