After seeing volatility during the second half of the trading session, key benchmark indices eked out small gains. The barometer index, the S&P BSE Sensex, rose 46.54 points or 0.18% at 25,331.91, as per the provisional closing data. The 50-unit Nifty 50 index rose 10.65 points or 0.14% at 7,714.90 as per the provisional closing data. The two key benchmark indices staged a rebound in late trade soon after extending losses in mid-afternoon trade as European stocks trimmed initial losses triggered by explosions at the Brussels airport and Maalbeek station on the Brussels Metro in Belgium.
The market breadth indicating the overall health of the market turned positive from negative in late trade. On BSE, 1,345 shares gained and 1,257 shares declined. A total of 172 shares were unchanged. The BSE Mid-Cap index was provisionally up 0.52%. The BSE Small-Cap index was provisionally up 0.27%. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 3006 crore, higher than turnover of Rs 2929.96 crore registered during the previous trading session.
In overseas stock markets, European stocks trimmed initial losses triggered by deadly attacks in Belgium. Belgium's key index the BEL-20 index was currently off 0.27%. Media reports said that two explosions at the Brussels Airport killed at least 10 people. Earlier, during the global day, Asian stocks ended on a mixed note. US stocks closed slightly higher yesterday, 21 March 2016, steadying after five straight weeks of gains, led by telecommunications and health care stocks.
Metal and mining stocks rose on renewed buying. Vedanta (up 3.03%), Tata Steel (up 2.89%), Hindalco Industries (up 1.86%), Bhushan Steel (up 2.35%), Steel Authority of India (Sail) (up 1.17%), JSW Steel (up 1.8%), Jindal Steel & Power (up 1.99%) and NMDC (up 2.34%) rose. National Aluminium Company (down 0.5%), Hindustan Zinc (down 0.61%), Hindustan Copper (down 2.09%) edged lower.
High Grade Copper for May 2016 delivery was currently off 0.02% at $2.292 per pound on the COMEX.
Adani Ports & Special Economic Zone dropped 1.76% to Rs 239.45 after the stock turned ex-dividend for interim dividend of Rs 1.10 per share for the year ending 31 March 2016 (FY 2016). Before turning ex-dividend, the stock offered a dividend yield of 0.45% based on the closing price of Rs 243.75 yesterday, 21 March 2016.
Maruti Suzuki India rose 0.44% after the company announced that it will start deliveries of its newly launched compact SUV, Vitara Brezza, to customers from 25 March 2016. The vehicles will be retailed from the company's over 1,800 sales outlets spread across India, Maruti Suzuki India said. Within the first fortnight of its launch, the new vehicle from the company has received around 70,000 customer enquiries and 20,000 bookings, it said. The announcement was made during market hours today, 22 March 2016.
Meanwhile, a foreign brokerage has reportedly maintained its buy rating on the Maruti stock. The foreign brokerage has reportedly said that a cyclical passenger vehicles recovery is on the horizon in India. It expects Maruti to record a 23% compound annual growth rate (CAGR) in its earnings per share (EPS) over FY 2017-18.
On the macro front, data released by the Reserve Bank of India (RBI) after market hours yesterday, 21 March 2016, showed that India's current account deficit (CAD) narrowed to $7.1 billion or 1.3% of GDP in Q3 December 2015 from $8.7 billion or 1.7% of GDP in Q2 September 2015 and $7.7 billion or 1.5% of GDP in Q3 December 2014. The contraction in CAD was primarily on account of a lower trade deficit.
After moderating in Q2 September 2015, net foreign direct investment (FDI) again picked up and stood at $10.8 billion in Q3 December 2015. Net FDI inflows during April-December 2015 jumped 24.8% over the level during the corresponding period of the previous year.
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