Key benchmark indices traded in a narrow range in mid-afternoon trade. At 14:18 IST, the barometer index, the S&P BSE Sensex, was up 262.64 points or 0.96% at 27,536.79. The Nifty 50 index was up 88.15 points or 1.05% at 8,521.90. Sentiment was, however, upbeat led by gains in European and Asian stocks. The broad market depicted strength. There were more than three gainers against every loser on BSE. 2,102 shares rose and 675 shares fell. A total of 115 shares were unchanged. The BSE Mid-Cap index was currently up 1.19%. The BSE Small-Cap index was currently up 1.64%. Both these indices outperformed the Sensex.
The Sensex rose 317 points, or 1.16% at the day's high of 27,591.15 in early trade, its highest level since 3 November 2016. The index rose 178.22 points, or 0.65% at the day's low of 27,452.37 in early afternoon trade. The Nifty rose 102.10 points, or 1.21% at the day's high of 8,535.85 in early trade, its highest level since 3 November 2016. The index rose 59.90 points, or 0.71% at the day's low of 8,493.65 in early trade.
In overseas stock markets, European and Asian stocks edged higher today, 7 November 2016, as Democrat Hillary Clinton's bid for the White House gained new momentum after she averted charges over her use of emails. Investors around the world have been watching the US elections warily, and many have reacted to the prospects of a Donald Trump presidency with horror, concerned about his outlandish and economically questionable proposals.
Trading in US index futures indicated that the Dow Jones Industrial Average could rise 233.50 points at the opening bell today, 7 November 2016.
In US, the S&P 500 ended lower on Friday, 4 November 2016, for a ninth straight day, the longest losing streak for the benchmark index in more than 35 years, as investors stayed on edge ahead of an uncertain US election. The tech-heavy Nasdaq also ended lower for a ninth-consecutive session, while the Dow industrials closed down for a seventh straight day.
The outcome of United States presidential elections of 2016, which will be held tomorrow, 8 November 2016, will have a bearing on global stocks. Presidential election will be held between Democratic party candidate Hillary Clinton and Republican party candidate Donald Trump. The results are expected on the next day of elections.
Back home, most capital goods shares edged higher. Suzlon Energy (up 3.98%), Reliance Defence and Engineering (up 3.68%), Bharat Heavy Electricals (up 3.52%), Havells India (up 3.22%), Crompton Greaves (up 3.14%), Punj Lloyd (up 1.67%), ABB India (up 1.37%), Bharat Electronics (up 1.24%), BEML (up 0.99%), SKF India (up 0.78%), Thermax (up 0.67%), AIA Engineering (up 0.41%), Siemens (up 0.28%) and GE T&D India (up 0.09%), edged higher. Praj Industries (down 0.06%), Jindal Saw (down 0.17%), GE Power India (down 0.56%) and Lakshmi Machine Works (down 0.65%), edged lower.
Engineering and construction major L&T lost 0.78% to Rs 1,407.85 amid volatility after the Government of India offloaded stake in the company via bulk deal mechanism on the stock exchanges on Friday, 4 November 2016.
Most bank shares edged higher. Among public sector banks, Punjab National Bank (up 6.19%), Bank of Baroda (up 4.39%), Canara Bank (up 3.83%), State Bank of India (up 3.44%), Andhra Bank (up 3.17%), Indian Bank (up 2.80%), Syndicate Bank (up 2.35%), Vijaya Bank (up 2.31%), IDBI Bank (up 2.26%), Bank of India (up 2.21%), Corporation Bank (up 1.12%), Union Bank of India (up 0.78%), Punjab & Sind Bank (up 0.39%) and United Bank of India (up 0.24%), edged higher. Bank of Maharashtra (down 1.03%), Allahabad Bank (down 1.04%) and Dena Bank (down 1.93%), edged lower.
UCO Bank rose 2.14% to Rs 33.45 after the bank announced that it raised non-convertible, unsecured, subordinated fully paid-up Basel III compliant perpetual debt instruments eligible for inclusion in additional tier I capital of Rs 750 crore through private placement. The announcement was made after market hours on Friday, 4 November 2016.
Central Bank of India fell 0.85% to Rs 87.75 after the bank reported net loss of Rs 641.82 crore in Q2 September 2016 compared with net profit of Rs 112.87 crore in Q2 September 2015. Total income decreased 2% to Rs 6965.45 crore in Q2 September 2016 over Q2 September 2015. The bank's provisions and contingencies jumped 157.4% to Rs 1661.21 crore in Q2 September 2016 over Q2 September 2015.
The bank's gross non-performing assets (NPAs) stood at Rs 25717.95 crore as on 30 September 2016 compared with Rs 25107.47 crore as on 30 June 2016 and Rs 13358.15 crore as on 30 September 2015. The ratio of gross NPAs to gross advances stood at 13.7% as on 30 September 2016 as against 13.52% as on 30 June 2016 and 6.86% as on 30 September 2015. The ratio of net NPAs to net advances stood at 8.17% as on 30 September 2016 compared with 8.17% as on 30 June 2016 and 3.83% as on 30 September 2015.
Among private sector banks, RBL Bank (up 4.57%), Axis Bank (up 1.55%), Yes Bank (up 1.47%), Federal Bank (up 1.31%), City Union Bank (up 0.70%) and Kotak Mahindra Bank (up 0.20%), edged higher. HDFC Bank (down 0.02%) and IndusInd Bank (down 0.75%), edged lower.
Private sector lender ICICI Bank was up 3.04% to Rs 277.90 ahead of the bank's Q2 September 2016 results today, 7 November 2016.
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