A divergent trend was witnessed on key benchmark indices in early trade with the S&P BSE Sensex trading with small gains while the Nifty 50 index traded a tad lower amid initial volatility. At 9:30 IST, the barometer index, the S&P BSE Sensex was up 39.30 points or 0.14% at 27,206.17. The Nifty was currently down 3.70 points or 0.04% at 8,332.25. Metal and realty stocks rose in early trade.
In overseas stock markets, Asian stocks were mixed. US stocks rose yesterday, 6 July 2016, recovering from previous sessions' fall as the most beaten-down sectors in recent weeks logged the biggest gains. The Institute for Supply Management's nonmanufacturing purchasing managers index rose in June to its highest reading since November, a turnaround from earlier in the year. The minutes from the Federal Reserve's June meeting revealed a split among officials about the health of the economy and how to proceed on interest rate decisions. The officials at the June meeting sparred over the health of the labor market, the outlook for growth and whether inflation is picking up. They agreed that it was prudent to wait for additional economic data before deciding when to raise interest rates.
Closer home, the market breadth indicating the overall health of the market was strong. On BSE, 1,018 shares rose and 390 shares declined. A total of 60 shares were unchanged. The BSE Mid-Cap index was currently up 0.18%. The BSE Small-Cap index was currently up 0.48%. Both these indices outperformed the Sensex.
Dr Reddy's Laboratories (up 1.24%), Bharti Airtel (up 1.05%) and Coal India (up 0.85%) were the major gainers from the Sensex pack.
Axis Bank rose 0.3%. The stock turned ex-dividend today, 7 July 2016 for dividend of Rs 5 per share for the year ended 31 March 2016. Before turning ex-dividend, the stock offered a dividend yield of 0.91% based on its closing price of Rs 543.90 on the BSE on Tuesday, 5 July 2016.
Shares of Reliance Industries (RIL) dropped 0.18%. GenNext Hub accelerated startup Don't Scratch Your Head (DSYH), a SaaS-based logistics reconciliation platform for e-commerce channels, has raised $250,000 funding from Venture Catalysts (VCats). GenNext Hub is a part of the four-month Scalerator Program backed by RIL and powered by Microsoft Accelerator India. GenNext Hub helps high-growth startups scale up fast through mentoring, funding, the RIL-Microsoft connect, and other resources. The announcement was made yesterday, 6 July 2016, when stock markets were closed for a public holiday.
Tata Power Company declined 0.4%. The company announced that a meeting of its board of directors is scheduled on 11 July 2016, to consider issuing non-convertible debentures on private placement basis, within the limits approved by the shareholders of the company. The announcement was made on Wednesday, 6 July 2016.
Meanwhile, Prime Minister Narendra Modi after expanding the Council of Ministers with 19 new members, also reshuffled some portfolios in his Cabinet on Tuesday, 5 July 2016. Prakash Javadekar, who was earlier promoted to Cabinet rank, was given the HRD Ministry. He had been the Minister of State (Independent charge) for Environment and Forests. Smriti Irani has been shifted from HRD Ministry to Textiles Ministry. Other than that, Finance Minister Arun Jaitley has shed Information and Broadcasting (I&B) portfolio and Venkaiah Naidu has been given additional charge of I&B. Besides Mr. Javadekar, 19 new Ministers (17 new faces and two old hands) took oath as Ministers of State. The Council of Ministers now has 77 members. The previous strength of the government was 63. Five Ministers of State tendered their resignation on Tuesday, leaving 58 Ministers in the earlier batch. The total strength of the Union Council of Ministers has been capped at 82.
Powered by Capital Market - Live News
