A range bound movement was witnessed as key benchmark hovered in green in mid-morning trade. At 11:15 IST, the barometer index, the S&P BSE Sensex, was up 207.37 points or 0.76% at 27,495.03. The 50-unit CNX Nifty was up 56.15 points or 0.68% at 8,307.85. The Sensex and the CNX Nifty, both, hit their highest level in more than nine weeks at the onset of the trading session. The Sensex rose 267.40 points, or 0.98% at the day's high of 27,555.06 at the onset of the trading session, its highest level since 20 August 2015. The Nifty rose 76.40 points, or 0.93% at the day's high of 8,328.10 at the onset of the trading session, its highest level since 20 August 2015.
The market breadth indicating the overall health of the market was strong. On BSE, 1,450 shares rose and 780 shares fell. A total of 117 shares were unchanged. The BSE Mid-Cap index was up 0.41%. The BSE Small-Cap index was up 0.44%. Both these indices underperformed the Sensex.
Positive cues from global markets underpinned sentiment on the domestic bourses. Asian stocks extended a global stock market rally after the European Central Bank (ECB) signalled its readiness to expand its ongoing bond-buying program. After the conclusion of ECB's regular monetary policy meeting yesterday, 22 October 2015, ECB President Mario Draghi indicated that the central bank could move next month to expand stimulus measures in the face of sluggish global growth that is exacerbating worries about persistently low inflation in the eurozone. US stocks surged yesterday, 22 October 2015, rallying on economic data, better-than-expected earnings and dovish comments from Draghi.
Banks stocks edged higher on renewed buying. Among PSU banks, Syndicate Bank (up 3.89%), State Bank of India (up 1.64%), Allahabad Bank (up 1.61%), Canara Bank (up 1.55%), Union Bank of India (up 1.30%), Andhra Bank (up 1.03%), Punjab National Bank (up 0.92%), Central Bank of India (up 0.81%), Indian Bank (up 0.74%), Bank of India (up 0.72%), IDBI Bank (up 0.71%), UCO Bank (up 0.50%), United Bank of India (up 0.44%), Corporation Bank (up 0.33%), Vijaya Bank (up 0.27%), Punjab and Sind Bank (up 0.26%), Bank of Baroda (up 0.23%) and Dena Bank (up 0.12%) edged higher.
PSU banks expect the problem of poor asset quality to remain for two to three quarters. This was stated by Chairmen and Managing Directors of various PSU banks during a meeting held recently under the Chairmanship Minister of State for Finance Jayant Sinha with Chairmen and Managing Directors of PSU banks to take stock of the progress of the reform measures for the PSU banks announced by the government in August this year.
Among private sector banks, City Union Bank (up 2.09%), ICICI Bank (up 1.97%), Kotak Mahindra Bank (up 1.15%), HDFC Bank (up 1.07%), Axis Bank (up 1.05%), Yes Bank (up 0.72%), Federal Bank (up 0.70%) and IndusInd Bank (up 0.57%), edged higher.
Power generation stocks were in demand. NTPC (up 2.96%), JSW Energy (up 1.58%), Torrent Power (up 1.57%), Adani Power (up 1.47%), CESC (up 1.26%), Jaiprakash Power Ventures (up 1.26%), Reliance Infrastructure (up 0.91%), Reliance Power (up 0.69%), NHPC (up 0.28%), Tata Power (up 0.28%) and GMR Infrastructure (up 0.07%) edged higher.
Realty stocks edged higher. DLF (up 2.02%), Sobha (up 1.90%), Housing Development and Infrastructure (HDIL) (up 1.79%), Oberoi Realty (up 1.77%), D B Realty (up 1.68%), Prestige Estates Projects (up 1.48%), Sunteck Realty (up 1.44%), Godrej Properties (up 1.09%), Unitech (up 1.02%), Peninsula Land (up 0.84%), Phoenix Mills (up 0.39%) and Parsvnath Developers (up 0.28%), edged higher. Indiabulls Real Estate (down 0.37%) and Anant Raj (down 0.39%), edged lower.
Idea Cellular dropped 3.56% to Rs 146.30 after consolidated net profit dropped 13.06% to Rs 809.26 crore on 1.24% decline in total revenue to Rs 8689.06 crore in Q2 September 2015 over Q1 June 2015. The result was announced after market hours on Wednesday, 21 October 2015.
Idea Cellular's consolidated net profit rose 7.06% to Rs 809.26 crore on 13.48% growth in total income to Rs 8722.72 crore in Q2 September 2015 over Q2 September 2014.
Idea Cellular will launch its 4G LTE services in 10 service areas, covering 750 large and small towns by the first half of 2016.
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