A lacklustre trend was witnessed as the two key benchmark indices traded near the flat line in mid-afternoon trade. At 14:15 IST, the barometer index, the S&P BSE Sensex, was up 2.79 points or 0.01% at 27,993. The Nifty was down 5.65 points or 0.07% at 8,626.95. The Sensex was currently trading below the psychologically important 28,000 level. The index has alternately swung above and below that level in intraday trade so far. It had settled a tad below that level during the previous trading session.
The Nifty fell 11.70 points or 0.13% at the day's low of 8,620.90 in mid-afternoon trade. The index rose 28.45 points or 0.32% at the day's high of 8,661.05 at the onset of trading session, its highest level since 22 August 2016. The Sensex fell 30.34 points or 0.11% at the day's low of 27,959.87 in afternoon trade. The barometer index rose 118.18 points or 0.42% at the day's high of 28,108.39 at the onset of trading session, its highest level since 22 August 2016.
In overseas stock markets, European shares reversed initial losses. In Germany, the latest data showed that the German economy slowed in the second quarter, as investment dropped after a strong start to the year. Germany's gross domestic product grew at a quarterly rate of 0.4%, or an annualized rate of 1.7%, according to the Federal Statistical Office, Destatis. The economy expanded at a quarterly clip of 0.7% in the first quarter. Asian stocks witnessed a mixed trend ahead of Federal Reserve Chairwoman Janet Yellen's speech later this week, which could provide hints about the timing of the next rate hike from the Fed.
US stocks registered small gains yesterday, 23 August 2016, after upbeat data on US new-home sales. Yellen is due to speak on Friday 26 August 2016, at the Kansas City Fed's annual Monetary Policy Symposium in Jackson Hole, Wyoming. Minutes from the Federal Open Market Committee's (FOMC) July meeting showed officials were split on whether an increase in interest rate was needed soon.
Closer home, the market breadth indicating the overall health of the market was positive. On BSE, 1,422 shares rose and 1,161 shares declined. A total of 193 shares were unchanged. The BSE Mid-Cap index was currently up 0.45%. The BSE Small-Cap index was currently up 0.57%. Both these indices outperformed the Sensex.
Capital goods stocks were mixed. Crompton Greaves (down 1.21%), Simens (down 0.91%), Bharat Heavy Electricals (down 0.69%), Praj Industries (down 0.49%) and L&T (down 0.58%) edged lower. BEML (up 0.69%), Bharat Electronics (up 0.82%), ABB India (up 0.51%), GE T&D India (up 0.45%), Thermax (up 0.65%) and Havells India (up 0.16%) edged higher.
Power generation and distribution stocks edged higher. NTPC (up 1.42%), GMR Infrastructure (up 0.37%), Reliance Power (up 0.38%), Torrent Power (up 0.52%), JSW Energy (up 0.19%), Power Grid Corporation of India (up 0.03%) and Adani Power (up 0.18%) gained. Jaiprakash Power Ventures (down 0.78%), CESC (down 0.49%) and Reliance Infrastructure (down 0.38%) edged lower. NHPC was unchanged at Rs 27.50.
Tata Power Company was up 1.34% at Rs 75.75 after the company announced during market hours today, 24 August 2016, that the company's generation capacity increased by close to 9% in Q1 June 2016 over Q1 June 2015. Standalone generation stood at 3,163 million units (MUs) in Q1 June 2016. Total consolidated generation stood at 11,122 MUs in Q1 June 2016. The company has a significant presence in the clean energy space with a gross installed capacity of 1,996 MW.
Shares of Tata Power Company fell 3.24% to settle at Rs 74.75 yesterday, 23 August 2016, after the company reported a sharp fall in bottom line in Q1 June 2016.
IndusInd Bank was down 0.69% at Rs 1,180.50. The bank during market hours today, 24 August 2016, announced that it will use IBM's Cloud commerce solutions to transform customer engagements and enhance its cross-sell platforms, in line with the bank's strategy. As a part of a three year strategic agreement, IBM will provide a cloud and predictive analytics based multi-channel campaign management solution that enables IndusInd Bank to strengthen its online banking presence while improving the product holding per customer.
Majesco surged 8.19% at Rs 524.35 after the company announced forming a strategic partnership with Elafris, Inc. to provide innovative messaging for communication and payment capabilities for insurers. The announcement was made after market hours yesterday, 23 August 2016.
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