Key benchmark indices hit fresh intraday low in early afternoon trade. At 12:17 IST, the barometer index, the S&P BSE Sensex, was down 88.03 points or 0.32% at 27,827.86. The Nifty 50 index was down 16.45 points or 0.19% at 8,549.40. The Sensex fell 95.88 points, or 0.34% at the day's low of 27,820.01 in early afternoon trade. The barometer index rose 72.87 points, or 0.26% at the day's high of 27,988.76 in early trade, its highest level since 18 July 2016. The Nifty fell 18.65 points, or 0.22% at the day's low of 8,547.20 in early afternoon trade. The index rose 19.40 points, or 0.23% at the day's high of 8,585.25 in early trade, its highest level since 18 July 2016.
The market breadth indicating the overall health of the market was positive. On BSE, 1,189 shares rose and 1,171 shares fell. A total of 177 shares were unchanged. The BSE Mid-Cap index was currently up 0.40%. The BSE Small-Cap index was currently up 0.38%. Both these indices outperformed the Sensex.
In overseas stock markets, Asian stocks witnessed a mixed trend. Japanese stocks edged higher on expectations that Japan's central bank Bank of Japan may announce stimulus package for the economy after the conclusion of a two-day monetary policy meeting on 28-29 July 2016. The Nikkei 225 Average settled 0.77% higher. Meanwhile, latest media reports suggested that the Japanese government is arranging to compile an economic stimulus worth 20 trillion yen ($187 billion) to vault Japan out of more than a decade of deflation. US stocks closed at record highs yesterday, 20 July 2016, buoyed by a surge in tech stocks after a flurry of corporate earnings beat lowered expectations.
Meanwhile, the European Central Bank (ECB) is expected to keep monetary policy unchanged after the conclusion of a monetary policy meeting of the ECB governing council today, 21 July 2016. Market participants are looking forward to ECB President Mario Draghi's news conference for hints on future easing moves from the ECB.
HDFC Bank was down 0.46% to Rs 1,225.50 after net profit rose 20.15% to Rs 3238.91 crore on 17.09% increase in total income to Rs 19322.63 crore in Q1 June 2016 over Q1 June 2015. The result was announced during trading hours today, 21 July 2016. The stock hit a record high of Rs 1239.50 in intraday today, 21 July 2016.
HDFC Bank announced after market hours yesterday, 20 July 2016, has outstanding bonds totaling to epprox $1.20 billion ssued from the Bahrain branch. These bonds have a dual rating from Standard & Poor's (5&P) of BBB- and Moodys of Baa3. In February 2016, consequent to a downgrade in the rating of Bahrain, S&P put the Bonds issued by HDFC Bank, Babrain branch on CreditWatch with Negative implications. The issuer rating however remained unaffected at BBB-. Subsequently, HDFC Bank has modified the existing structure of the bonds. Under the revised structure, if any event materializes thereby restraining the bank's ability to service the bonds from Bahrain branch, the bank will service the bonds from any branch in India or from the Hong Kong branch. Consequent to these modifications, on 19th July 2016, S&P issued a release removing the Creditwatch and re-affirming the long-term issue ratings on the senior unsecured bonds issued by the Bahrain branch of HDFC Bank at BBB-.
State-run oil marketing company HPCL rose 4.74% after the company said that its board of directors approved 2 for 1 bonus issue. The announcement was made after market hours yesterday, 20 July 2016. The company has fixed 15 September 2016 as record date for bonus issue.
Separately, HPCL announced after market hours yesterday, 20 July 2016 that the board of directors of the company at its meeting held yesterday, 20 July 2016, approved Visakh refinery capacity expansion from 8.33 million metric tonnes per annum (MMTPA) to 15 MMTPA with residue up-gradation facility meeting BS VI fuel specification compliance under Visakh Refinery Modernization Project (VRMP). The project involves an investment of Rs 20928 crore and is expected to be mechanically completed within 48 months from the date of approval.
Most IT shares edged lower. Persistent Systems (down 1.75%), HCL Technologies (down 1.04%), MindTree (down 0.74%), Infosys (down 0.38%), Tech Mahindra (down 0.07%) and TCS (down 0.05%), edged lower. CMC (up 0.03%), Oracle Financial Services Software (up 1.05%), Hexaware Technologies (up 1.17%) and MphasiS (up 1.56%), edged higher.
Wipro was up 0.45% after the company said it has secured an IT contract from Greater Toronto Airports Authority. Wipro announced that it has entered into a seven-year strategic IT and business transformation partnership with Greater Toronto Airports Authority (GTAA). GTAA operates Toronto Pearson International Airport, the largest airport in Canada and the second largest in North America in terms of international traffic. The announcement was made after market hours yesterday, 20 July 2016.
Most FMCG shares edged higher. Nestle India (up 0.98%), Dabur India (up 0.53%), Marico (up 0.41%), GlaxoSmithKline Consumer Healthcare (up 0.40%), Colgate Palmolive (India) (up 0.33%), Bajaj Corp (up 0.30%), Britannia Industries (up 0.17%), Hindustan Unilever (up 0.12%) and Jyothy Laboratories (up 0.07%), edged higher. Tata Global Beverages (down 0.22%) and Godrej Consumer Products (down 0.37%), edged lower.
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