A range bound movement was witnessed as key benchmark indices hovered in positive zone in early afternoon trade. At 12:19 IST, the barometer index, the S&P BSE Sensex, was up 76.48 points or 0.28% at 26,914.62. The 50-unit CNX Nifty was up 25.25 points or 0.31% at 8,137. The market breadth indicating the overall health of the market was positive. On BSE, 1,268 shares rose and 969 shares fell. A total of 156 shares were unchanged. The BSE Mid-Cap index was up 0.78%, outperforming the Sensex. The BSE Small-Cap index was up 0.24%, underperforming the Sensex.
Index heavyweight Reliance Industries (RIL) gained 1.29% to Rs 953.70. The stock hit high of Rs 955.75 and low of Rs 940.80 so far during the day.
Metal and mining stocks gained after China's ruling Communist Party approved a five-year plan setting out the country's strategic vision, vowing to speed up urbanization, encourage consumption and target moderately high growth. Jindal Steel & Power (up 9.48%), Hindalco Industries (up 3.73%), Tata Steel (up 2.83%), Steel Authority of India (Sail) (up 2.08%), Hindustan Zinc (up 1.9%), JSW Steel (up 1.88%), NMDC (up 0.09%), Hindustan Copper (up 1.05%) edged higher. National Aluminium Company (down 0.39%) edged lower. China is the world's largest consumer of steel, copper and aluminum.
Vedanta fell 1.17% to Rs 105.60. The stock turned ex-dividend today, 30 October 2015, for interim dividend of Rs 3.50 per share for the year ending 31 March 2016. Ahead of turning ex-dividend, the stock offered dividend yield of 3.27% based on the scrip's closing price of Rs 106.85 on BSE yesterday, 29 October 2015.
Airline stocks rose after a strong response was received from investors to the initial public offer (IPO) of InterGlobe Aviation, the promoter of low-cost carrier, IndiGo. Jet Airways (India) (up 1.87%) and SpiceJet (up 4.06%) edged higher. The IPO of InterGlobe Aviation was subscribed 6.15 times. The bidding for the IPO ended yesterday, 29 October 2015.
Meanwhile, civil aviation secretary R.N. Choubey was quoted as saying that the government proposes to impose an additional levy of 2% on all domestic and international tickets to fund regional aviation connectivity boost. Choubey made the announcement at the time of presenting the country's draft aviation policy today, 30 October 2015, according to reports.
Bharat Electronics rose 2.6% after net profit jumped 40.68% to Rs 206.75 crore on 14.28% growth in total income to Rs 1605.25 crore in Q2 September 2015 over Q2 September 2014. The result was announced after market hours yesterday, 29 October 2015.
In overseas stock markets, Japanese shares edged higher in volatile trade after a local media report suggested that the government is putting together a fresh fiscal stimulus in the form of a supplementary budget exceeding Y3 trillion ($25 billion). Meanwhile, the Japan's central bank Bank of Japan (BoJ) kept monetary policy unchanged after the latest policy review. The central bank left its annual asset purchase target unchanged at 80 trillion yen ($662 billion), its tool for decisively overcoming more than a decade of deflation. US stocks finished slightly lower yesterday, 29 October 2015, succumbing to weaker-than-expected readings on gross domestic product and pending home sales a day after the Federal Reserve signaled a December rate increase remains possible.
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