Key benchmark indices trimmed gains in early afternoon trade as index heavyweights ITC and Infosys dropped. At 12:15 IST, the barometer index, the S&P BSE Sensex, was up 109.42 points or 0.42% at 25,953.60. The gains for the Nifty 50 index were lower than the Sensex's gains in percentage terms. The Nifty was currently up 23.35 points or 0.3% at 7,938.10. The Sensex was currently hovering below the psychologically important 26,000 mark. The index had surpassed the psychologically important mark in early trade on the back of higher Asian stocks.
The market breadth indicating the overall health of the market turned negative from positive in early afternoon trade. On BSE, 1,134 shares declined and 1,120 shares rose. A total of 137 shares were unchanged. The BSE Mid-Cap index was currently off 0.16%. The BSE Small-Cap index was currently off 0.02%. Both these indices underperformed the Sensex.
The Sensex rose 80.94 points at the day's low of 25,925.12 in mid-morning trade. The barometer index hit its highest level in more than 15 weeks when it gained 235.89 points or 0.91% at the day's high of 26,080.07 in morning trade. The Nifty rose 15.25 points or 0.19% at the day's low of 7,930 in mid-morning trade. The index hit its highest level in more than 20 weeks when it rose 63.70 points or 0.8% at the day's high of 7,978.45 in morning trade.
In overseas stock markets, Japan and Hong Kong markets led gains in Asian stocks. Japanese stocks rose as the yen weakened against the dollar overnight. The Nikkei 225 index settled 2.7% higher. Chinese stocks were mixed after the nation's central bank announced net cash injection of 220 billion yuan into the financial system in its bid to ease worries about a short-term liquidity squeeze. In mainland China, the Shanghai Composite index was currently off 0.02%. In Hong Kong, the Hang Seng index was currently up 1.64%. US stocks clocked small gains yesterday, 20 April 2016, after upbeat housing data.
The European Central Bank is widely expected to hold interest rates steady at record low level after a monetary policy review later in the global day today, 21 April 2016.
Cement stocks declined. Ambuja Cements (down 0.96%), ACC (down 0.92%), UltraTech Cement (down 1.59%) and Shree Cement (down 0.27%) declined.
Grasim Industries was up 0.17% at Rs 4,094.95. Grasim has exposure to the cement sector through its holding in UltraTech Cement.
Index heavyweight and cigarette major ITC lost 1.72% to Rs 329.25. The stock hit a high of Rs 336.60 and low of Rs 329 so far during the day.
Index heavyweight and software major Infosys fell 0.68% to Rs 1,234.80. The stock hit high of Rs 1,250 and low of Rs 1,232.85 so far during the day.
Axis Bank gained 2.51% to Rs 469.55 on high volume of 46.96 lakh shares. A large bulk deal of 42.49 lakh shares was executed on the scrip at Rs 466.50 per share at 09:46 IST on BSE.
Capital goods stocks saw mixed trend. Bharat Heavy Electricals (Bhel) (down 1.54%), BEML (down 1.06%), Bharat Electronics (down 1.46%), Punj Lloyd (down 1.25%) and L&T (down 0.15%) edged lower. ABB India (up 0.73%), Crompton Greaves (up 0.08%), Siemens (up 0.71%) and Thermax (up 0.25%) rose.
VST Industries rose 3.46% after net profit rose 21.2% to Rs 49.30 crore on 23.5% growth in net sales to Rs 269.20 crore in Q4 March 2016 over Q4 March 2015. The result was announced after market hours yesterday, 20 April 2016.
Stone India rose 6.73% after the company bagged an order worth Rs 28.70 crore via its business associate Cranberry Westlink T & D Inc. for supply & installation of 9,090 units of bio-toilets from the Chattisgarh state government. This is the single largest order of bio toilets for Stone India. The announcement was made after market hours yesterday, 20 April 2016.
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