After hitting fresh intraday low in mid-morning trade, key benchmark indices bounced back and displayed divergent trend in early afternoon trade. At 12:16 IST, the barometer index, the S&P BSE Sensex, was down 18.89 points or 0.07% at 28,334.65. The Nifty 50 index was up 1.10 points or 0.01% at 8,716.70. The Nifty bounced back after hitting its lowest levels in more than two weeks in mid-morning trade.
In overseas stock markets, most Asian shares declined today, 14 September 2016, bruised by a fall in oil prices on renewed worries about a supply glut and as investors grew nervous about the diminishing capacity of the world's major central banks to shore up economic growth. The US market edged lower yesterday, 13 September 2016, as equities suffered a sharp sell-off amid a slump in energy shares and uncertainty about the Federal Reserve's plans for monetary policy.
Back home, the market breadth, indicating the overall health of the market, was strong. On BSE, 1,555 shares rose and 845 shares fell. A total of 166 shares were unchanged. The BSE Mid-Cap index was currently up 0.72%. The BSE Small-Cap index was currently up 0.88%. Both these indices outperformed the Sensex.
HCL Technologies rose 0.77% to Rs 788.55 after the company said it has secured a contract to provide application management services for Western Australia's leading energy provider, Synergy. Under the terms of the contract, HCL Technologies will transform and support Synergy's digital and business applications landscape enabling consolidation and rationalisation in the changing energy environment. The announcement was made during market hours today, 14 September 2016.
IL&FS Transportation Networks rose 3.02% to Rs 90.30 after the company reported net profit of Rs 17.87 crore in Q1 June 2016 as compared to net loss of Rs 18.64 crore in Q1 June 2015. Total income rose 16.41% to Rs 1281.56 crore in Q1 June 2016 over Q1 June 2015. Earnings before interest, tax, depreciation and amortization (EBITDA) margin rose to 29% in Q1 June 2016 from 23% in Q1 June 2015. EBITDA rose 48.41% to Rs 374 crore in Q1 June 2016 over Q1 June 2015. The company has total order book of Rs 14625 crore. The company's construction order book stands at Rs 13758 crore to be executed over the next 5 years which includes non-road projects. The result was announced yesterday, 13 September 2016, when the stock markets were closed on account of Bakri Id.
Power generation stocks rose. JSW Energy (up 2.08%), GMR Infrastructure (up 1.84%), NTPC (up 1.76%), Reliance Infrastructure (up 1.25%), Adani Power (up 1.10%), Tata Power (up 0.60%), CESC (up 0.59%), Reliance Power (up 0.58%) and Jaiprakash Power Ventures (up 0.42%), edged higher. Torrent Power was down 0.03%.
State-run Power Grid Corporation of India was down 0.64% to Rs 179.20.
Coal India fell 2.03% to Rs 324 after consolidated net profit fell 14.78% to Rs 3065.28 crore on 6.11% decline in net sales to Rs 17796.05 crore in Q1 June 2016 over Q1 June 2015. The result was announced yesterday, 13 September 2016 when the stock market was closed on account of Bakri Id.
NHPC was up 3.32%. The company announced after market hours on Monday, 12 September 2016, that it has awarded a contract worth Rs 132.74 crore to Bhel for renovation and modernization of 180 megawatts (MW) Baira Siul Power Station in Himachal Pradesh. The scope of the contract agreement includes electromechanical works packages comprising supply, erection, commissioning of turbines and accessories and dismantling of existing system.
Bharat Heavy Electricals (Bhel) was down 0.92% on turning ex-dividend today, 14 September 2016, for final dividend of Rs 0.40 per share for the year ended 31 March 2016.
Most realty shares edged higher. Unitech (up 4.06%), Sunteck Realty (up 2.88%), D B Realty (up 2.46%), Anant Raj (up 2.10%), Oberoi Realty (up 1.52%), Housing Development and Infrastructure (HDIL) (up 1.17%), Peninsula Land (up 0.81%), Phoenix Mills (up 0.80%), Parsvnath Developers (up 0.67%), Indiabulls Real Estate (up 0.61%) and Mahindra Lifespace Developers (up 0.31%), edged higher. DLF (down 0.03%), Godrej Properties (down 0.1%), Omaxe (down 0.12%), Prestige Estates Projects (down 2.07%) and Sobha (down 2.65%), edged lower.
On the economic front, India's industrial production (IIP) fell 2.4% in July 2016 over July 2015. Industrial production expanded 2.1% in June 2016 over June 2015. The data was announced after market hours on Monday, 12 September 2016.
India's inflation data based on consumer price index (CPI) for August 2016 slowed to 5.05% in August 2016. CPI accelerated to 6.07% in July 2016 from 5.77% in June 2016. The data was announced after market hours on Monday, 12 September 2016.
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