Key benchmark indices continued to trade on a firm note in early afternoon trade. At 12:18 IST, the barometer index, the S&P BSE Sensex, was up 349.11 points or 1.23% at 28,762. The gains for the Sensex were higher in percentage terms than those for the Nifty 50 index. The Nifty was up 99.80 points or 1.14% at 8,842.35. The broad market depicted strength. There were more than two gainers against every loser on BSE. 1,672 shares rose and 805 shares fell. A total of 164 shares were unchanged. The BSE Mid-Cap index was currently up 1.26%, outperforming the Sensex. The BSE Small-Cap index was currently up 1.09%, underperforming the Sensex.
In overseas stock markets, Asian stocks rose after weak US data reduced the chance of an interest rate increase by the Federal Reserve at next week's meeting. Markets in China, Hong Kong, Taiwan and South Korea were closed for holidays. US stocks finished higher yesterday, 15 September 2016, as a rally in the tech sector helped to lift the broader market following a deluge of macroeconomic reports. Sales at US retailers fell in August for the first time in five months as traffic dropped off for most stores. Retail sales declined a seasonally adjusted 0.3%. Industrial production in US contracted in August after a promising expansion in the previous two months, the Federal Reserve said yesterday, 15 September 2016.
Cement shares rose across the board. UltraTech Cement (up 2.13%), Ambuja Cements (up 1.72%) and ACC (up 1.58%), edged higher.
Grasim Industries was up 2.51%. Grasim has exposure to cement sector through its holding in UltraTech Cement.
Capital goods shares edged higher. Jindal Saw (up 2.67%), GE T&D India (up 2.52%), Thermax (up 2.45%), Crompton Greaves (up 1.94%), Havells India (up 1.93%), Larsen & Toubro (up 1.59%), BEML (up 1.37%), GE Power India (up 1.19%), Bharat Heavy Electricals (up 0.93%), Praj Industries (up 0.85%), AIA Engineering (up 0.66%), Reliance Defence and Engineering (up 0.62%), Siemens (up 0.60%), ABB India (up 0.37%), Bharat Electronics (up 0.31%) and SKF India (up 0.28%), edged higher. Lakshmi Machine Works (down 0.86%) and Punj Lloyd (down 1.12%), edged lower.
Renewable energy solutions provider Suzlon Energy rose 1.57% to Rs 16.20 after the company said it has secured an order from Oil India for supply of 52.50 megawatts project capacity. The order comprises of Suzlon's latest product offerings. Suzlon will provide a comprehensive range of services and dedicated life cycle asset management services for an initial period of 10 years. The projects will be located at two sites, Madhya Pradesh and Gujarat. The projects are scheduled to be completed by June 2017. The announcement was made during market hours today, 16 September 2016.
Sugar shares were in demand. Dwarikesh Sugar Industries (up 5.72%), Empee Sugars and Chemicals (up 5.44%), Dhampur Sugar Mills (up 4.24%), Simbhaoli Sugars (up 4.22%), Triveni Engineering & Industries (up 4.13%), Sakthi Sugars (up 3.62%), Upper Ganges Sugar & Industries (up 3.24%), KCP Sugar & Industries Corporation (up 3.23%), Balrampur Chini Mills (up 3.03%), Oudh Sugar Mills (up 2.95%), Rana Sugars (up 2.34%), DCM Shriram Industries (up 2.22%), Shree Renuka Sugar (up 1.58%), EID Parry (India) (up 1.21%) and Bajaj Hindusthan Sugar (up 0.21%), edged higher.
Den Networks jumped 6.82% to Rs 77.50 after the company said that that a meeting of the board of directors of the company will be held on 20 September 2016, to discuss and approve proposal for preferential issue of shares to one of the leading global financial investors who will form part of the persons belonging to non promoter category, subject to approval of the board of directors, shareholders and in compliance with the all applicable laws. The announcement was made after market hours yesterday, 15 September 2016.
On the economic front, India's trade deficit declined sharply in August 2016, data showed yesterday, 15 September 2016. Trade deficit fell 38.1% to $7.67 billion in August 2016 from $12.39 billion in August 2015. Exports fell 0.3% to $21.52 billion in August 2016 over August 2015. Imports fell 14.09% to $29.19 billion in August 2016 over August 2015.
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