After a rousing start, key benchmark indices pared gains in morning trade. At 10:17 IST, the barometer index, the S&P BSE Sensex, was up 63.11 points or 0.22% at 28,124.25. The Nifty 50 index was up 25.65 points or 0.29% at 8,723.25. The market shrugged off negative leads from Asian markets and a decline on the Wall Street on Friday, 7 October 2016.
The Sensex rose 155.50 points, or 0.55% at the day's high of 28,216.64 at the onset of trading session, its highest level since 6 October 2016. The index rose 22.25 points, or 0.08% at the day's low of 28,083.39 in morning trade. The Nifty rose 48.20 points, or 0.55% at the day's high of 8,745.80 at the onset of trading session, its highest level since 6 October 2016. The index rose 11 points, or 0.13% at the day's low of 8,708.60 in morning trade.
The broad market depicted strength. There were more than two gainers against every loser on BSE. 1,476 shares rose and 691 shares fell. A total of 95 shares were unchanged. The BSE Mid-Cap index was currently up 0.41%. The BSE Small-Cap index was currently up 0.47%. Both these indices outperformed the Sensex.
In overseas stock markets, Asian stock markets were trading lower today, 10 October 2016. Markets in Hong Kong, Japan and Taiwan are shut for public holidays. US stocks fell on Friday, 7 October 2016, to end the week lower following a report on US employment that came in below expectations but was viewed as strong enough for the US central bank to consider raising interest rates by the end of the year. The US economy added 156,000 jobs last month, while the unemployment rate ticked up to 5% as more workers entered the labor market.
Back home, most power generation stocks edged higher. CESC (up 1.51%), Tata Power (up 1.06%), Reliance Infrastructure (up 0.95%), GMR Infrastructure (up 0.62%), JSW Energy (up 0.61%), Reliance Power (up 0.52%), Torrent Power (up 0.31%) and Adani Power (up 0.19%), edged higher. NTPC (down 0.24%), NHPC (down 0.58%) and Jaiprakash Power Ventures (down 3.86%), edged lower.
State-run Coal India was up 0.39%.
State-run Power Grid Corporation of India was up 0.71% after the company announced that POWERGRID Vizag Transmission, a wholly owned subsidiary of the company, has successfully completed the element Srikakulam - Vemagiri 765 kV D/c line on 30 September 2016. The other element of the project Khammam - Nagarjunasagar 400kV D/C was completed in last financial year. With the completion of both the elements, the project required to be established by POWERGRID Vizag Transmission Limited has been completed. The announcement was made after market hours on Friday, 7 October 2016.
Most metal shares edged higher. National Aluminium Company (up 5.61%), Hindalco Industries (up 2.63%), Tata Steel (up 2.55%), Steel Authority of India (up 2.20%), Vedanta (up 1.93%), Jindal Steel & Power (up 1.31%), Hindustan Copper (up 1.10%), NMDC (up 1.06%) and Bhushan Steel (up 0.11%), edged higher. Hindustan Zinc was down 0.32%.
JSW Steel rose 0.47% after the company announced that it has been declared a preferred bidder in 5 mines in the auctions for category C mines conducted by state government of Karnataka. The announcement was made after market hours on Friday, 7 October 2016. The auction was conducted during the period 1 October 2016 to 6 October 2016. The estimated resources in these 5 mines as per the tender documents are around 111 million tonnes. The highest final offer price by the company to become a preferred bidder is in the range of 58.9% to 102.52% of average monthly prices of iron ore of different grades and quality published by Indian Bureau of Mines in Karnataka from time to time. The company will take all requisite steps as per the tender documents to obtain letter of intent, all statutory clearances, execute mine development & production agreement (MOPA) and start the mining operations.
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