A divergent trend was witnessed on the bourses in early trade as the barometer index, the S&P BSE Sensex was trading with small gains and the Nifty 50 index was trading with small losses after alternatly swinging between gains and losses near the flat line. At 9:18 IST, the Sensex was up 9.89 points or 0.04% at 25,698.75 . The Nifty was currently down 11.90 points or 0.15% at 7,854.15. Auto and metal stocks declined.
In overseas stock markets, Asian stocks were mixed today, 10 May 2016. Most US stocks finished just a bit higher yesterday, 9 May 2016 as gains for drug companies were almost canceled by sharp losses for metals and energy companies.
Closer home, the market breadth indicating the overall health of the market was positive. On BSE, 614 shares rose and 417 shares fell. A total of 67 shares were unchanged. The BSE Mid-Cap index was currently up 0.16%. The BSE Small-Cap index was currently up 0.22%. Both these indices outperformed the Sensex.
Tata Motors (down 2.36%), NTPC (down 1.12%) and Bharti Airtel (down 1.06%) edged lower from the Sensex pack.
Zee Entertainment Enterprises declined 0.46% ahead of its Q4 March 2016 results today, 10 May 2016.
Tata Steel gained after the company said that the board of directors of Tata Steel Europe has announced that seven expressions of interest submitted for Tata Steel's UK business have been immediately taken forward to the next stage of the sale process. The stock rose 0.09%. In addition, Tata Steel Europe is clarifying outstanding points with a number of other parties who have submitted an expression of interest. The remaining parties who submitted expressions of interest have been thanked for their participation in the process but informed that their expressions would not be taken forward currently. As previously announced it is Tata Steel Europe's primary intention to assess expressions of interest for the whole of Tata Steel's UK business and the seven expressions of interest being immediately taken forward are on this basis. Expressions of interest for parts of the UK business are not being taken forward at this point. In the next phase of the sales process the progressing interested parties will be given access to further business information and management team presentations in order for them to rapidly progress their interest to a binding stage.The announcement was made before market hours today, 10 May 2016.
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