A divergent trend was witnessed between the two key benchmark indices with the barometer index, the S&P BSE Sensex, trading with small losses and the Nifty 50 index trading with minuscule gains. At 12:15 IST, the Sensex, was down 9.71 points or 0.03% at 28,763.42. The Nifty was currently up 2.40 points or 0.03% at 8,869.85.
In overseas stock markets, Asian stocks edged lower amid a slew of economic data. In mainland China, the Shanghai Composite was currently off 0.18%. In Hong Kong, the Hang Seng was currently down 0.02%. The MNI China business sentiment index came it at 55.8 in September 2016, up from a marginally revised 54.1 in August, driven by a faster increase in new orders and a further strengthening in confidence among manufacturing companies. In Japan, the Nikkei 225 Average ended 0.32% lower. Japanese manufacturing activity expanded for the first time in seven months in September, a preliminary survey showed today, 23 September 2016. The IHS Markit/Nikkei Japan Flash Manufacturing Purchasing Managers Index (PMI) rose to 50.3 in September from a final 49.5 in August on a seasonally adjusted basis.
US stocks registered modest gains yesterday, 22 September 2016, extending previous trading session's gains as investors digested several economic data releases and the Federal Reserve's latest monetary policy decision. US home resales unexpectedly fell in August 2016. The National Association of Realtors said yesterday, 22 September 2016 that existing home sales declined 0.9% to an annual rate of 5.33 million units.
Closer home, the market breadth indicating the overall health of the market was positive. On BSE, 1,287 shares rose and 1,035 shares declined. A total of 205 shares were unchanged. The BSE Mid-Cap index was currently up 0.73%. The BSE Small-Cap index was currently up 0.68%. Both these indices outperformed the Sensex.
Auto stocks witnessed a mixed trend. TVS Motor Company (up 1.02%), Bajaj Auto (up 0.43%), Mahindra & Mahindra (up 0.67%) and Hero MotoCorp (up 0.21%) edged higher. Ashok Leyland (down 0.77%), Eicher Motors (down 0.65%), Tata Motors (down 0.59%) and Escorts (down 0.17%) edged lower.
Maruti Suzuki India (Maruti) was up 0.24% at Rs 5,608. The company said it has attained cumulative exports of 15 lakh vehicles. In 2015-16, the top five exported models for the company were Alto, Swift, Celerio, Baleno and Ciaz. Among destinations, Sri Lanka, Chile, Philippines, Peru and Bolivia emerged as the top markets for Maruti Suzuki export models. The newly launched light commercial vehicle, Super Carry, is also exported to South Africa and Tanzania and will be exported to SAARC countries in the future, Maruti said. The announcement was made during market hours today, 23 September 2016.
Power generation and distribution stocks were mostly higher. Reliance Infrastructure (up 1.05%), Reliance Power (up 1.06%), JSW Energy (up 0.82%), Adani Power (up 0.54%), NTPC (up 0.19%), CESC (up 0.23%) and Power Grid Corporation of India (up 0.11%) edged higher. Torrent Power (down 1.19%), NHPC (down 1.12%), Tata Power Company (down 0.59%) and GMR Infrastructure (down 0.43%) edged lower. Jaiprakash Power Ventures was unchanged at Rs 4.48.
Shares of state-run coal mining giant Coal India were up 0.11% at Rs 328.05.
Shares of L&T Technology Services were currently trading at Rs 895.10 on BSE, at a premium of 4.08% over the initial public offer (IPO) price of Rs 860 per share on its debut on the bourses today, 23 September 2016. The stock made its debut at Rs 900, a premium of 4.65% over the IPO price. The stock hit a high of Rs 931 and low of Rs 886.95 so far during the day. The company had priced the IPO at Rs 860 per share, the top end of the Rs 850-860 per share price band for the IPO. The IPO which closed on 15 September 2016 received strong response from investors. The IPO comprised of an offer for sale of 1.04 crore shares by engineering and construction major L&T. L&T Technology Services did not receive any funds from the IPO. L&T's stake in L&T Technology Services has fallen to 89.77% from 100% earlier after the IPO.
Shares of L&T were up 0.02% at Rs 1,499.35.
Bharat Heavy Electricals (Bhel) rose 1.9% at Rs 149.90 after the company's chairman & managing director Atul Sobti said the company recorded its highest-ever commissioning of projects and highest order booking in the last five years in the financial year ended 31 March 2016 (FY 2016), with significant traction in growth drivers. Addressing shareholders at the company's annual general meeting yesterday, 22 September 2016, Sobti said that enhanced focus on project execution has resulted in Bhel creating history by way of commissioning/synchronizing an all-time high 15,059 megawatts (MW) of power generating equipment during the year. Despite intense competitive pressure in the power and capital goods markets during the year, Bhel achieved the highest order booking in the last five years, at Rs 43727 crore, a 42% leap over FY 2015. The company ended FY 2016 with a total order book of Rs 110730 crore for execution in FY 2017 and beyond. The announcement was made after market hours yesterday, 22 September 2016.
Meanwhile, the government yesterday, 22 September 2016, named three outside experts as members of the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI). The Appointments Committee of the Cabinet approved the names of Chetan Ghate, a professor at Indian Statistical Institute; Pami Dua, director at Delhi School of Economics (DSE); and Ravindra Dholakia, professor at Indian Institute of Management, Ahmedabad, as MPC members. The six-member MPCthe other three members are from RBIwill conduct its first monetary policy review on 4 October 2016. The members of the committee from RBI are Governor Urjit Patel, deputy governor R. Gandhi, who is also in charge of the monetary policy, and executive director Michael Patra. The RBI governor will have a casting vote in case of a tie.
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