Key benchmark indices hit fresh intraday high in mid-afternoon trade. At 14:20 IST, the barometer index, the S&P BSE Sensex, was up 12.70 points or 0.05% at 24,629.67. The 50-unit Nifty 50 index was currently up 2.55 points or 0.03% at 7,491.65. The market breadth indicating the overall health of the market was positive. On BSE, 1,506 shares rose and 1,020 shares fell. A total of 122 shares were unchanged. The BSE Mid-Cap index was currently up 0.93%. The BSE Small-Cap index was currently up 0.99%. Both these indices outperformed the Sensex.
The Sensex and the Nifty, both, hit their highest level in almost one week. The Sensex rose 81.98 points, or 0.33% at the day's high of 24,698.95 in mid-afternoon trade, its highest level since 2 February 2016. The barometer index fell 86.54 points, or 0.35% at the day's low of 24.530.43 in morning trade. The Nifty rose 23.45 points, or 0.31% at the day's high of 7,512.55 in mid-afternoon trade, its highest level since 2 February 2016. The index fell 25.15 points, or 0.34% at the day's low of 7,463.95 in morning trade.
In overseas stock markets, European shares edged lower in early trade, extending last week's tumble. Most major Asian markets remain closed for the Lunar New Year holidays. Markets in mainland China and Taiwan are closed all week. Other markets closed today include Hong Kong, South Korea, Malaysia, the Philippines, Vietnam and Singapore. In Japan, the Nikkei Stock Average ended 1.1% higher. US stocks closed sharply lower on Friday, 5 February 2016, amid a massive drop in technology stocks and as mixed US employment data raised concerns the Federal Reserve may raise rates this year.
Steel stocks extended gains registered during the previous trading session after the government set floor price or Minimum Import Price (MIP) on import of a total of 173 steel products into the country in a bid to restrict cheap steel imports which has adversely affected the domestic steel industry. Bhushan Steel (up 7.83%), Steel Authority of India (up 1.10%), JSW Steel (up 2.01%) and Tata Steel (up 1.52%), edged higher. Jindal Steel & Power was down 1.26%. As per a notification issued by Directorate General of Foreign Trade on Friday, 5 February 2016, the government has imposed MIP ranging from $341 per tonne to $752 per tonne on various steel products. The MIP will be in place for a period of 6 months.
Public sector banks advanced due to its substantial exposure to the steel sector. Bank of India (up 6.60%), Bank of Baroda (up 5.32%), Canara Bank (up 5.28%), Union Bank of India (up 4.49%), State Bank of India (up 4.28%), UCO Bank (up 4.18%), Allahabad Bank (up 3.84%), Indian Bank (up 3.66%), Corporation Bank (up 3.65%), Dena Bank (up 3.62%), United Bank of India (up 2.93%), Punjab and Sind Bank (up 2.79%), Syndicate Bank (up 2.68%), Andhra Bank (up 2.60%), Punjab National Bank (up 2.22%), IDBI Bank (up 1.67%), Central Bank of India (up 1.39%) and Bank of Maharashtra (up 1%), edged higher. Vijaya Bank was down 2.04%.
Private sector bank were mixed. Axis Bank (up 4.21%), City Union Bank (up 2.71%), Federal Bank (up 1.97%), ICICI Bank (up 1.82%) and Yes Bank (up 0.92%), edged higher. Kotak Mahindra Bank (down 0.85%), HDFC Bank (down 0.88%) and IndusInd Bank (down 1.73%), edged lower.
Jet Airways (India) gained 5.41% after net profit jumped 640.2% to Rs 467.11 crore on 7.3% rise in net sales to Rs 5024.14 crore in Q3 December 2015 over Q3 December 2014. The result was announced on Saturday, 6 February 2016.
Jet Airways (India)'s earnings before interest, taxation, depreciation and amortization (EBITDA) quadrupled to Rs 751 crore in Q3 December 2015 over Q3 December 2014. Excluding impact of foreign currency fluctuations, net profit for Q3 December 2015 increased to Rs 515 crore, Jet Airways (India) said. The growth in passengers flown and the increased aircraft utilization led to increase in Available Seat Kilometre (ASKM), which helped in improving both operating and financial performance in Q3 December 2015, Jet Airways (India) said. Jet Airways group was able to generate higher passenger traffic compared to capacity deployment. Domestic capacity grew by 14.6% while passenger traffic grew 15% in Q3 December 2015. In the international business, capacity grew by 2.6% while growth in passenger traffic was 5.1% in Q3 December 2015, the company said. Jet Airways (India) continues to develop synergies with Etihad Airways and other Etihad Airways Partners, it added.
Powered by Capital Market - Live News
