Key benchmark indices slipped into the red from green in early afternoon trade. At 12:17 IST, the barometer index, the S&P BSE Sensex, was down 41.66 points or 0.17% at 24,450.73. The 50-unit Nifty 50 index was currently down 10.25 points or 0.14% at 7,427.50. The market breadth indicating the overall health of the market turned negative from positive in early afternoon trade. On BSE, 1,111 shares fell and 1,100 shares rose. A total of 154 shares were unchanged. The BSE Mid-Cap index was currently down 0.05%. The BSE Small-Cap index was currently down 0.06%. The decline in both these indices was lower in percentage terms compared with the fall in the Sensex.
In overseas stocks markets, Asian stocks witnessed a mixed trend after the US Federal Reserve after the conclusion of a two-day monetary policy meeting yesterday, 27 January 2016, left the door open for increasing interest rates at its next policy review in March 2016. Chinese stocks fell on continued concerns about China's slowing economy and concerns about increasing capital outflows from the world's second biggest economy. In mainland China, the Shanghai Composite was currently off 0.99%. In Hong Kong, the Hang Seng index was currently off 0.13%.
US stocks fell yesterday, 27 January 2016, after the Federal Reserve left the door open to a March rate increase despite acknowledging that US economic growth slowed since its last meeting in December 2015. The Fed held US interest rates unchanged as expected and said it is closely monitoring global economic and financial developments. The stance of the monetary policy remains accommodative, thereby supporting further improvement in labor market conditions and a return to 2 percent inflation, the Fed said in a statement.
Capital goods stocks dropped. BEML (down 0.72%), Bharat Heavy Electricals (Bhel) (down 0.64%), Havells India (down 0.63%), L&T (down 1.64%), Thermax (down 1.04%), Crompton Greaves (down 1.71%) and Siemens (down 0.18%) declined.
Cement stocks dropped. ACC (down 0.5%), Shree Cement (down 1.42%), and UltraTech Cement (down 0.25%) declined. Ambuja Cements rose 0.55%.
Grasim Industries declined 0.66%. Grasim has exposure to the cement sector through its holding in UltraTech Cement.
Power Grid Corporation of India gained 2.89% after the company reported 31.26% rise in net profit to Rs 1613.12 crore on 22.7% rise in total income to Rs 5504.83 crore in Q3 December 2015 over Q3 December 2014. The result was announced after market hours yesterday, 27 January 2016.
Meanwhile, Power Grid Corporation during market hours today, 28 January 2016, announced that the board of directors of the company at its meeting held yesterday, 27 January 2016, accorded investment approval for two projects totaling Rs 328.55 crore.
Infosys dropped 0.3%. The company announced during market hours today, 28 January 2016, that it has made an investment of $4 million for acquiring a minority stake not exceeding 20% of the outstanding share capital of US based Waterline Data Science, a leading provider of data discovery and data governance software. The transaction is expected to be completed on or before 4 February 2016.
State Bank of Mysore fell 4.8% after net profit declined 71.98% to Rs 26.94 crore on 2.8% rise in operating income to Rs 1940.22 crore in Q3 December 2015 over Q3 December 2014. The result was announced after market hours yesterday, 27 January 2016.
The bank's gross non-performing assets (NPA) edged higher to Rs 2914.74 crore as on 31 December 2015 from Rs 2175.79 crore as on 30 September 2015 and Rs 2583.61 crore as on 31 December 2014. The bank's ratio of gross NPAs to gross advances stood at 5.48% as on 31 December 2015, compared with 4.19% as on 30 September 2015 and 5.09% as on 31 December 2014. The bank's ratio of net non-performing assets (NPAs) to net advances stood at 3.12% as on 31 December 2015, compared with 2.22% as on 30 September 2015 and 3.11% as on 31 December 2014.
Provisions and contingencies rose 86.7% to Rs 253.91 crore in Q3 December 2015 over Q3 December 2014. The provisioning coverage ratio as on 31 December 2015 stood at 66%.
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