Key benchmark indices continued to trade with small gains in a narrow range in mid-morning trade. At 11:25 IST, the barometer index, the S&P BSE Sensex was up 38.47 points or 0.14% at 28,115.65. The gains for the Nifty 50 index were lower than the Sensex's gains in percentage terms. The Nifty was currently up 3.60 points or 0.04% at 8,696.65. Firmness in Asian stocks supported gains on the bourses.
In overseas stock markets, Asian stocks gained in volatile trade led by gains in Chinese stocks. China's Shanghai Composite index was currently up 1.29%. Most US stocks closed slightly lower on Friday, 21 October 2016 after earnings from McDonald's helped offset a fall in energy and healthcare shares.
Closer home, the market breadth indicating the overall health of the market was strong. On BSE, 1,558 shares rose and 874 shares fell. A total of 173 shares were unchanged. The BSE Mid-Cap index was currently up 0.17%. The BSE Small-Cap index was currently up 0.61%. Both these indices outperformed the Sensex.
ONGC declined 0.04%. The company on Saturday, 22 October 2016 in its clarification with respect to news titled, Bombay high court asks ONGC to release $20 million to Swiber said that as per the current status the Bombay High Court decided on 18 October 2016 that parties are trying their best to arrive at an amicable settlement of their disputes. The parties are still trying to finalize the terms of the settlement and directed ONGC to release $11.1 million to the Judicial Manager, subject to a workable mechanism, so that this amount is utilized for the purpose of the project only and to deposit $8.44 million in the court before the next date of hearing on 26 October 2016.
The matter is in the normal execution of contract/project and the amount due and payable towards contract/project execution is to be deposited in the court and there is nothing material in the court decision. ONGC, Offshore Engineering Services had awarded three projects i.e. Daman Development Project, Pipeline Replacement Project-4 & C-26 Cluster Pipeline Project to Swiber Offshore Construction(SOC), Singapore a subsidiary of Swiber Holdings Pte Ltd Singapore.
Realty stocks were mixed. Indiabulls Real Estate (up 1.59%), Unitech (up 0.95%), and Oberoi Realty (up 2.74%) gained. Sobha (down 0.5%), DLF (down 0.64%), and Omaxe (down 0.56%) edged lower.
Capital goods stocks were also mixed. Bharat Heavy Electricals (Bhel) (up 0.11%), Bharat Electronics (up 0.07%), and Thermax (up 0.05%) gained. Havells India (down 0.08%), ABB India (down 1.19%), Siemens (down 0.35%) and L&T (down 0.64%) declined.
V-Guard Industries rose 5.18% after net profit jumped 69.99% to Rs 39.20 crore on 14.65% growth in total income to Rs 498.87 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours on Friday, 21 October 2016. V-Guard Industries said that owing to better market conditions, products like electric water heaters, pumps, fan and digital UPS have done extremely well in Q2 September 2016. Onam season was positive with categories related to festive season doing well, the company said. Reduction in cost of goods sold is due to reduced input cost and continued cost savings from supply chain initiatives, it added.
Lakshmi Machine Works rose 3.65% after the company scheduled a board meeting on 26 October 2016 to consider a proposal for buyback of the equity shares of the company. The announcement was made after market hours on Friday, 21 October 2016.
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