Key benchmark indices continued to languish in negative zone in afternoon trade. At 13:15 IST, the barometer index, the S&P BSE Sensex, was down 72.38 points or 0.27% at 26,794.54. The Nifty 50 index was down 21.75 points or 0.26% at 8,216.75. The Sensex fell 112.32 points, or 0.41% at the day's low of 26,754.60 in afternoon trade. The index rose 58.72 points, or 0.22% at the day's high of 26,925.64 in early trade, its highest level since 10 June 2016. The Nifty fell 36.35 points, or 0.44% at the day's low of 8,202.15 in afternoon trade. The index rose 18.75 points, or 0.23% at the day's high of 8,257.25 in early trade, its highest level since 10 June 2016.
The market breadth indicating the overall health of the market turned negative from positive in afternoon trade. On BSE, 1,185 shares fell and 1,170 shares rose. A total of 184 shares were unchanged. The BSE Mid-Cap index was currently up 0.16%. The BSE Small-Cap index was currently up 0.21%. Both these indices outperformed the Sensex.
In overseas stock markets, European stocks witnessed a mixed trend. Most Asian shares rose on growing expectations that British voters will opt to remain in the European Union in this week's referendum. Japanese stocks edged higher as the yen eased from earlier gains against the US dollar. The Nikkei 225 Average ended 1.28% higher for the trading session. The yen eased after approaching a 22-month high against the dollar. A stronger yen hurts the competitiveness of Japanese exporters. Japan's finance minister Taro Aso said at a regular news conference that the government wouldn't intervene in currency markets easily. 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.
Most FMCG stocks gained. GlaxoSmithkline Consumer Healthcare (up 1.6%), Colgate-Palmolive (India) (up 2.24%), Godrej Consumer Products (up 1%), Marico (up 1.26%), Nestle India (up 0.1%), Procter & Gamble Hygiene and Health Care (up 0.4%), Jyothy Laboratories (up 0.3%), Bajaj Corp (up 0.52%) rose. Britannia Industries (down 1.93%), Dabur India (down 0.86%), Hindustan Unilever (down 1.07%) and Tata Global Beverages (down 0.16%) fell.
Telecom stocks were mostly lower. Bharti Airtel (down 0.92%), Idea Cellular (down 0.83%) and MTNL (down 0.93%) fell. Reliance Communications (up 1.13%) and Tata Teleservices (Maharashtra) (up 5.01%) gained.
Asian Paints fell 1.03% after the company's announcement that it has re-looked at its product portfolio to be manufactured at the proposed manufacturing plant at Vishakhapatnam district, Andhra Pradesh and has decided to revise its plans of setting up of the plant with a maximum capacity of 5 lakh kilolitres per annum, to be put up in phases. The approximate amount that would be invested by the company in phases over a period of 12 years from the date of commencement of construction, including the cost of land, would be Rs 1785 crore. The announcement was made during market hours today, 21 June 2016.
Godawari Power & Ispat lost 0.85% after the company said it has temporarily suspended mining operations at its Boria Tibu iron ore mines situated in Chhattisgarh due to labour unrest. The annual rated capacity at its Boria Tibu iron ore mines is 7.05 lakh tonnes per annum (TPA) as per approved mining plan, Godawari Power & Ispat said. Mining operations in these mines were started in the last financial year with very low volume and mines were partially under development stage and therefore, there is no major financial impact on the performance of the company since the contribution from mines in the profitability of the company was negligible till now, Godawari Power said.
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