Key benchmark indices continued to hover in a narrow range in afternoon trade. At 13:16 IST, the barometer index, the S&P BSE Sensex, was up 75.50 points or 0.26% at 28,674.53. The gains for the Nifty 50 index were higher than those for the Sensex in percentage terms. The Nifty was currently up 37.40 points or 0.43% at 8,817.25. The market breadth indicating the overall health of the market was positive. On BSE, 1,437 shares rose and 1,136 shares declined. A total of 197 shares were unchanged. The BSE Mid-Cap index was currently up 0.66%. The BSE Small-Cap index was currently up 0.55%. Both these indices outperformed the Sensex. Gains in global stock markets aided the upmove on the domestic bourses.
In overseas stock markets, European shares edged higher led by gains in banking and energy shares. Asian stocks were trading higher with sentiment driven by a boost in oil prices while traders were also keeping an eye on crucial monetary policy decisions due from the US and Japan later this week. Japan stock market remained closed for a holiday. US stocks registered modest losses on Friday, 16 September 2016, with financials and energy shares lagging. The US Federal Reserve policy makers begin their two-day policy meeting tomorrow, 20 September 2016. The Fed is expected to keep its benchmark interest rate unchanged in the wake of recent downbeat US economic indicators. The Fed left the target range for its federal funds rate unchanged at 0.25% to 0.5% for the fifth time during its July 2016 meeting.
Metal shares edged higher. JSW Steel (up 2.08%), National Aluminium Company (up 1.79%), Steel Authority of India (up 1.18%), Vedanta (up 1.05%), NMDC (up 0.94%), Hindustan Zinc (up 0.92%), Jindal Steel & Power (up 0.74%), Tata Steel (up 0.52%), Bhushan Steel (up 0.36%), Hindustan Copper (up 0.24%) and Hindalco Industries (up 0.10%), edged higher.
Meanwhile, copper price edged lower in the global commodities markets. High Grade Copper for December 2016 delivery was currently down 0.3% at $2.1535 per pound on the COMEX.
Capital goods shares were mixed. Reliance Defence and Engineering (up 2.88%), Thermax (up 1.71%), Punj Lloyd (up 1.59%), Bharat Electronics (up 1.29%), Crompton Greaves (up 0.68%), Bharat Heavy Electricals (up 0.58%), GE T&D India (up 0.55%), SKF India (up 0.44%), Havells India (up 0.42%), Larsen & Toubro (up 0.23%), Jindal Saw (up 0.19%) and Siemens (up 0.12%), edged higher. AIA Engineering (down 0.06%), Lakshmi Machine Works (down 0.15%), BEML (down 0.16%), Suzlon Energy (down 0.31%), Praj Industries (down 0.45%), GE Power India (down 0.89%) and ABB India (down 0.9%), edged lower.
TVS Motor Company was up 0.47% to Rs 339.70. The company announced during trading hours today, 19 September 2016, that it has launched new colour variants for its two brands of motorcycles TVS StaR City+ and TVS Sport. The new colour variants - TVS StaR City+ (Spotlight White) & TVS Sport (Black Silver) have been launched to mark the approaching festive season. The new Spotlight White TVS StaR City+ is priced at Rs 44,300 (Ex-Showroom Delhi) and the new Black Silver TVS Sport is priced at Rs 36,880 (Ex-Showroom Delhi).
Power Grid Corporation of India rose 0.63% to Rs 176.65 after the company said that the company's board of directors at a meeting held on 16 September 2016 accorded investment approval for "System Strengthening in Southern Region - XXI" at an estimated cost of Rs 562.25 crore, with commissioning schedule of 30 months progressively from the date of investment approval. The announcement was made after market hours on Friday, 16 September 2016.
South Indian Bank fell 0.63% to Rs 23.50 after the Reserve Bank of India on Friday, 16 September 2016 notified that the foreign shareholding by American Depository Receipts (ADR)/Global Depository Receipts (GDR)/Foreign Institutional Investors (FIIs)/Registered Foreign Portfolio Investors (RFPIs)/Non Resident Indian (NRIs)/Foreign Direct Investment (FDIs)/Persons of Indian Origin (PIOs) in South Indian Bank has reached the trigger limit. Hence further purchases of equity shares of the bank would be allowed only after obtaining prior approval of the Reserve Bank of India.
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