Key benchmark indices pared intraday gains in mid-afternoon trade. At 14:15 IST, the barometer index, the S&P BSE Sensex was up 11.74 points or 0.04% at 26,239.36. The Nifty 50 index was currently up 19.65 points or 0.24% at 8,099.60.
The Sensex rose 121.40 points or 0.46% at the day's high of 26,349.02 in afternoon trade. The barometer index lost 109.80 points or 0.41% at the day's low of 26,117.82 in early trade, its lowest level since 9 November 2016. The Nifty rose 49 points or 0.6% at the day's high of 8,128.95 in afternoon trade. The index lost 31.65 points or 0.39% at the day's low of 8,048.30 in early trade, its lowest level since 9 November 2016.
In overseas stock markets, European and Asian stocks witnessed a mixed trend. According to minutes of the European Central Bank's (ECB) most recent meeting, policymakers were ready to boost their 1.7 trillion stimulus again, if needed to ensure that Eurozone's economy remains on its recovery path. Further, it revealed that board members widely agreed to wait until December to get a clearer picture of the inflation outlook to form a policy view as they found it premature to make a firm assessment of the outlook for price stability and to discuss its implications.
US stocks registered modest gains yesterday, 17 November 2016, as investors parsed through economic data and Federal Reserve Chair Janet Yellen's testimony. Yellen has stressed the importance of central bank independence in her first public remarks after Donald Trump's election victory as new data showed the president-elect will inherit a strengthening economy. The Federal Reserve chair told a congressional hearing yesterday, 17 November 2016 that an increase in short-term interest rates could become appropriate relatively soon, raising expectations of a rise at the Fed's next meeting in December.
Closer home, the market breadth indicating the overall health of the market was positive. On BSE, 1,344 shares rose and 1,091 shares declined. A total of 145 shares were unchanged. The BSE Mid-Cap index was currently up 0.72%. The BSE Small-Cap index was currently up 0.39%. Both these indices outperformed the Sensex.
Capital goods stocks were mixed. Havells India (down 1.68%), Thermax (down 1.17%), ABB India (down 0.21%) and BEML (down 1.83%) edged lower. Crompton Greaves (up 0.41%), Bharat Heavy Electricals (up 0.49%), L&T (up 0.3%), Siemens (up 0.27%) and Bharat Electronics (up 0.08%) edged higher.
Power generation and distribution stocks edged higher. NTPC (up 4.19%), NHPC (up 1.99%), GMR Infrastructure (up 1.87%), Adani Power (up 0.61%), JSW Energy (up 0.53%), Reliance Power (up 0.5%), Reliance Infrastructure (up 0.31%), Tata Power Company (up 0.36%) and Torrent Power (up 0.12%) rose.
Power Grid Corporation of India (PGCIL) was up 0.23%. Piyush Goyal, Minister of State (IC) for Power, Coal, New & Renewable Energy and Mines, in a written reply to a question in Lok Sabha yesterday, 17 November 2016 said that PGCIL has sought a loan assistance of $1,000 million from the Asian Development Bank (ADB) comprising of Sovereign guaranteed loan of $500 million and Non-Sovereign loan of $500 million. The Minister further informed that the loan would be utilized for funding of the transmission projects including a project under Green Energy Corridor projects in next 3-4 years.
State-run coal mining giant Coal India was up 0.26%.
Infosys was off 0.25%. The company said it has made an investment of DKK 14,920,000 from its innovation Fund in UNSILO, a Danish artificial intelligence startup focused on advanced text analysis. The announcement was made during market hours today, 18 November 2016.
HMT was up 0.58%. The company reported net loss of Rs 31.14 crore in Q2 September 2016, higher than net loss of Rs 24.25 crore in Q2 September 2015. Net sales declined 54.78% to Rs 6.81 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 17 November 2016.
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