Key benchmark indices edged higher in the early trade, tracking positive leads from Asian markets and overnight rally on the Wall Street. At 9:20 IST, the barometer index, the S&P BSE Sensex, was up 166.49 points or 0.65% at 25,649.01. The Nifty 50 index was up 56.65 points or 0.73% at 7,788.45.
The market breadth indicating the overall health of the market was positive. On BSE, 890 shares rose and 118 shares fell. A total of 32 shares were unchanged. The BSE Mid-Cap index was up 0.78%. The BSE Small-Cap index was up 0.80%. Both these indices outperformed the Sensex.
In overseas markets, Asian stocks edged higher after the US Federal Reserve's meeting minutes sent strong signals of a rate increase in December, a vote of confidence in the health of the world's largest economy and a boon for the banking sector. US stocks rallied yesterday, 18 November 2015, after minutes from last month's Federal Reserve meeting showed most officials anticipated economic conditions could be strong enough for a December interest-rate increase. The Fed has kept its benchmark for short-term rates near zero since late 2008. A string of rate increases can eventually weigh on stock markets, but investors have mostly become prepared for the Fed to act next month and do not anticipate that an initial rate increase will derail the bull market.
Hero MotoCorp (HMCL) was up 1.77%. The company after market hours yesterday, 18 November 2015, said it has clocked over 10 lakh units in retail sales during the festive season this year. The 10-lakh units sales landmark was achieved during the 35-day festive period starting with the Navratras, a 11% growth over the corresponding period last year, HMCL said in a statement.
Reliance Industries (RIL) was up 1%. The Union Cabinet yesterday, 18 November 2015, gave its approval for determination of marketing margin for supply of domestic gas to urea and LPG producers. Marketing margin is the charge levied by gas marketing company on its consumers over and above the cost or basic price of gas for taking on the additional risk and cost associated with marketing gas. Currently, different transporters are charging different marketing margins for supply of natural gas. With this decision, there would be uniformity in the marketing margin on domestic gas charged by gas marketers for the regulated sectors, namely, urea and LPG, a statement released by the government after market hours yesterday, 18 November 2015 said. There would be a reduction in marketing margin paid by urea and LPG producers as a result of this decision, the statement said.
Coal India (CIL) was up 0.07%. The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Narendra Modi, yesterday, 18 November 2015, has approved the disinvestment of 10% paid up equity capital of Coal India. This implies divesting of 63.16 crore shares out of the Government of India (GoI) shareholding of 78.65% (after adjusting one percent equity to be offered for sale to the employees of CIL as per CCEA decision in September 2014, which is under process of implementation) through public offering in the domestic market. The paid up equity capital of the CIL is Rs 6316 crore. After the disinvestment of 10% equity, the GoI's shareholding in CIL would come down to 68.65% (with slight variation based on outcome of sale of one percent equity shares to employees of CIL). The disinvestment transaction will be an offer for sale (OFS) of shares by the promoters through the stock exchange mechanism method.
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