Volatility ruled the roost in mid-afternoon trade as the key benchmark indices regained positive zone as shares of index heavyweights ITC and HDFC rose. At 14:25 IST, the barometer index, the S&P BSE Sensex was up 19.06 points or 0.07% at 25,508.63. The Nifty 50 index was currently up 4.05 points or 0.05% at 7,818.95.
In overseas markets, European stocks edged lower despite Asian bourses shrugging off more evidence of a slowing Chinese economy. Most Asian stocks rose, shrugging off soft Chinese data released over the weekend. China's investment, factory output and retail sales all grew more slowly than expected in April, adding to doubts about whether the world's second-largest economy is stabilizing, data released on Saturday showed. Industrial output rose 6% year-over-year in April, compared with 6.8% growth in March, the National Bureau of Statistics said. Fixed-asset investment in urban areas grew by a weaker-than-expected 10.5% year-over-year in the January-to-April period, compared with an annual increase of 10.7% for the first three months of 2016. Retail sales grew by a less-than-expected 10.1% in April compared with a year earlier, slowing from March's 10.5% year-over-year rise. US stocks ended lower during the previous trading session on Friday, 13 May 2016 on a slump in consumer-focused companies.
Closer home, the market breadth indicating the overall health of the market was negative. On BSE, 1,254 shares declined and 1,214 shares rose. A total of 132 shares were unchanged. The BSE Mid-Cap index was currently up 0.19%. The BSE Small-Cap index was currently up 0.1%. Both these indices underperformed the Sensex.
Index heavyweight and cigarette major ITC gained 1.6% to Rs 324.40. The stock hit a high of Rs 324.90 and low of Rs 317 so far during the day.
Index heavyweight and housing finance major HDFC advanced 1.45% to Rs 1,183. The stock hit high of Rs 1,184.45 and low of Rs 1,160.50 so far during the day.
Metal and mining stocks were mixed. Vedanta (up 0.31%), JSW Steel (up 0.5%), Tata Steel (up 0.15%), Hindustan Zinc (up 1.12%), NMDC (up 1.18%), Hindustan Copper (up 0.48%) edged higher. Steel Authority of India (Sail) (down 1.92%), National Aluminium Company (down 1.99%), Bhushan Steel (down 1.51%), Jindal Steel & Power (down 1.92%), Hindalco Industries (down 0.62%) declined.
Copper edged higher in the global commodities market. High Grade Copper for May 2016 delivery was currently up 0.24% at $2.079 per pound on the COMEX.
Auto stocks saw mixed trend. Maruti Suzuki India (up 0.98%), Tata Motors (up 0.71%), Eicher Motors (up 0.32%) and Ashok Leyland (up 0.19%) gained. Hero MotoCorp (down 1.11%), TVS Motor Company (down 1.15%), Mahindra & Mahindra (M&M) (down 0.09%), Bajaj Auto (down 0.61%) fell.
Insecticides (India) rose 2.76% to Rs 453.90 after the company said it received certificate of registration for Herbicide Bispyribac Sodium. The company said that its brand for Bispyribac Sodium 10% w/v SC would be Green Label. The announcement was made during trading hours today, 16 May 2016.
Nilkamal rose 7% after net profit rose 50.53% to Rs 32.65 crore on 2.43% rise in net sales to Rs 500 crore in Q4 March 2016 over Q4 March 2015. The result was announced on Saturday, 14 May 2016.
V2 Retail was locked in 20% upper circuit at Rs 64.25 after the company launched one operational store at Gousala road, Pakri more Siwan, Bihar. The announcement was made during market hours today, 16 May 2016.
Among macro data, the inflation based on wholesale price index (WPI) stood at 0.34% in April 2016 as compared to a reading of negative 0.85% in March 2016, data released by the government today, 16 May 2016 showed. Build up inflation rate in the financial year so far was 1.37% compared to a build up rate of 0.17% in the corresponding period of the previous year. The annual rate of inflation based on final index for February 2016 stood at negative 0.85% as compared to negative 0.91% reported earlier.
Meanwhile, separate data showed that India's merchandise exports continued to register year-on-year decline in value terms at the beginning of the new financial year. Merchandise exports fell 6.74% at $20.57 billion in April 2016 over April 2015. Non-petroleum exports fell 3.68% at $18.58 billion in April 2016 over April 2015. The trend of falling exports is in tandem with other major world economies, according to a statement issued by the Ministry of Commerce & Industry. Imports fell 23.1% at $25.41 billion in April 2016 over April 2015. Oil imports fell 24.01% at $5.65 billion. Non-oil imports fell 22.83% at $19.76 billion. The trade deficit fell sharply to $4.84 billion in April 2016 from $10.99 billion in April 2015. The commerce ministry released the trade data for April 2016 after trading hours on Friday, 13 May 2016.
India's weather department, the India Meteorological Department (IMD) on Sunday, 15 May 2016 said that the statistical model forecast suggests that the monsoon onset over Kerala in this year is likely to be slightly delayed. The southwest monsoon is likely to set over Kerala on 7 June 2016 with a model error of 4 days. The arrival of the south-west monsoon in Kerala marks the beginning of monsoon season. Earlier, IMD in its release of the long range forecast for the 2016 southwest monsoon season rainfall on 12 April 2016, said that the monsoon seasonal rainfall during the forthcoming monsoon is likely to be 106% of the Long Period Average (LPA) with a model error of 5%. The LPA of the seasonal rainfall over the country as a whole for the period 1951-2000 is 89 cm.
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