Key benchmark indices were trading with tiny losses after slipping into the red from positive terrain in mid-morning trade. At 11:20 IST, the barometer index, the S&P BSE Sensex was down 3.77 points or 0.01% at 27,005.90. The Nifty 50 index was currently down 2.80 points or 0.03% at 8,263.65.
In overseas markets, Asian stocks were mixed as weak Chinese export data offset a brightening energy sector outlook and an expected delay in interest rate hikes by the US Federal Reserve. Data showed that China's exports fell more than expected in May as global demand remained stubbornly weak, but imports beat forecasts, adding to hopes that the economy may be stabilising. China's exports fell 4.1% and imports dropped 0.4% from a year earlier. Separately, China's central bank, People's Bank of China said it was keeping its economic growth forecast for 2016 year steady at 6.8% but it now expects exports to contract and fixed asset investment to grow more strongly than previously forecast. Meanwhile, Japan's economy grew faster than initially estimated in the first quarter. Japan's economy expanded at an annualized 1.9% rate in the first quarter of this year, revised up from a preliminary reading of 1.7% growth.
US stocks eked out modest gains yesterday, 7 June 2016 propelled by a sharp rally in the energy sector. Investors shrugged off US government data yesterday, 7 June 2016 that showed productivity of businesses and workers fell in the first quarter, but by less than initially reported.
Closer home, the market breadth indicating the overall health of the market was strong. On BSE, 1,328 shares rose and 792 shares declined. A total of 109 shares were unchanged. The BSE Mid-Cap index was currently up 0.33%. The BSE Small-Cap index was currently up 0.64%. Both these indices outperformed the Sensex.
Tata Motors rose 0.4% to Rs 464.90 after a bulk deal of 29.40 lakh shares was executed on the scrip at Rs 466.45 per share at 09:43 IST on BSE today, 8 June 2016. The stock hit a high of Rs 468.70 so far during the day, which is a 52-week high for the counter. The stock hit a low of Rs 464.20 so far during the day.
Cement stocks gained. ACC (up 0.07%), Shree Cement (up 0.83%), Ambuja Cements (up 1.13%), and UltraTech Cement (up 0.65%) gained.
Grasim Industries advanced 0.51%. Grasim has exposure to the cement sector through its holding in UltraTech Cement.
IT stocks were mixed. Tech Mahindra (up 0.26%), HCL Technologies (up 1.25%) and Wipro (up 0.61%) edged higher. TCS (down 0.6%) and Infosys (down 0.78%) declined.
GMR Infrastructure rose 3.21% after the company led consortium has been issued a letter of award for construction of 221-kilometer (km) long Eastern dedicated freight corridor railway project at a cost of Rs 2280.70 crore on EPC (engineering, procurement and construction) basis.
GMR Group is not required to provide significant investment for the project since it is implemented on EPC basis, GMR Infrastructure said. The project funded by World Bank is divided into two packages. The first package comprises of 175 km single line connecting Sahnewal and Pilkhani that passes through Uttar Pradesh, Haryana and Punjab. The other package is a 46 km double line corridor in Uttar Pradesh connecting Dadri and Khurja. The announcement was made after market hours yesterday, 7 June 2016.
Asian Granito India (AGL) jumped after the company announced that it has a won a 12 lakh sq. meters order for its recently launched 1000x1000mm Jumbo Double Charge vitrified tiles and 800x800mm Imperio Double Charge vitrified tiles. The stock rose 9.67%. Jumbo is AGL's first initiative to make such gigantic size through most eco-friendly double charge technology of the world, with the special type of fedders to provide regal designs, AGL said in a statement. Imperio Double Charged vitrified tile is blend of aesthetic look like digital tiles, the company said. The announcement was made after market hours yesterday, 7 June 2016.
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