Key benchmark indices edged higher in morning trade, boosted by firmness in global market. At 10:19 IST, the barometer index, the S&P BSE Sensex, was up 181.36 points or 0.71% at 25,663.88. The Nifty 50 index was up 48.65 points or 0.63% at 7,780.45.
The BSE Sensex rose 198.24 points, or 0.78% at the day's high of 25,680.76 in morning trade. The Nifty 50 index rose 60.75 points, or 0.79% at the day's high of 7,792.55 in morning trade.
The market breadth indicating the overall health of the market was strong, with more than two gainers for every loser on BSE. 1,390 shares rose and 503 shares fell. A total of 128 shares were unchanged. The BSE Mid-Cap index was up 0.62%, underperforming the Sensex. The BSE Small-Cap index was up 0.85%, outperforming the Sensex.
Sugar stocks declined. Balrampur Chini Mills (down 7.08%), Oudh Sugar Mills (down 6.59%), Rana Sugars (down 6.43%), Shree Renuka Sugar (down 5.28%), KCP Sugar & Industries Corporation (down 5.12%), Simbhaoli Sugars (down 4.99%), Triveni Engineering & Industries (down 4.59%), Sakthi Sugars (down 4.5%), Dhampur Sugar Mills (down 3.74%), EID Parry (India) (down 2.78%), Bajaj Hindusthan (down 2.31%), Upper Ganges Sugar & Industries (down 1.63%), DCM Shriram Industries (down 0.83%) and Dwarikesh Sugar Industries (down 0.44%), edged higher.
To further ensure timely payment of cane dues in the current sugar season, the Government has decided to provide a production subsidy of Rs. 4.50 per quintal of cane crushed to offset cane cost. The said subsidy shall be paid directly to the farmers on behalf of the mills and be adjusted against the cane price payable to the farmers towards FRP including arrears relating to previous years. Subsequent balance, if any, shall be credited into the mill's account. Priority will be given to settling cane dues arrears of the previous years.
The Government has notified mill-wise Minimum Indicative Export Quota (MIEQ) for export of sugar. A national grid allocating ethanol supplies to Oil Marketing Companies (OMCs) by distilleries attached to sugar mills under Ethanol Blending Program (EBP) has been notified. The production subsidy is a performance incentive and will be provided to those mills which have exported at least 80% of the targets notified under the MIEQ and in case of mills having distillation capacities to produce ethanol have achieved 80% of the targets notified by the Department under the EBP.
FMCG shares were in demand. Bajaj Corp (up 2.43%), Godrej Consumer Products (up 2.17%), Tata Global Beverages (up 1.52%), Marico (up 1.05%), Dabur India (up 1.02%), Hindustan Unilever (up 0.69%), Colgate Palmolive (India) (up 0.64%), Nestle India (up 0.36%), Britannia Industries (up 0.35%), Procter & Gamble Hygiene & Health Care (up 0.24%), GlaxoSmithKline Consumer Healthcare (up 0.13%) and Jyothy Laboratories (up 0.02%), edged higher.
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.
Powered by Capital Market - Live News
