After erasing a lion's portion of intraday gains, key benchmark indices recovered in afternoon trade. At 13:18 IST, the barometer index, the S&P BSE Sensex, was up 111.58 points or 0.43% at 25,955.76. The gains for the Nifty 50 index were lower than the Sensex's gains in percentage terms. The Nifty was currently up 22.85 points or 0.29% at 7,937.60. The Sensex was currently hovering below the psychologically important 26,000 mark. The index had surpassed the psychologically important mark in early trade on the back of higher Asian stocks.
The Sensex rose 63.24 points or 0.24% at the day's low of 25,907.42 in afternoon trade. The barometer index hit its highest level in more than 15 weeks when it gained 235.89 points or 0.91% at the day's high of 26,080.07 in morning trade. The Nifty rose 9.95 points or 0.12% at the day's low of 7,924.70 in afternoon trade. The index hit its highest level in more than 20 weeks when it rose 63.70 points or 0.8% at the day's high of 7,978.45 in morning trade.
The market breadth indicating the overall health of the market was negative. On BSE, 1,243 shares declined and 1,096 shares rose. A total of 144 shares were unchanged. The BSE Mid-Cap index was currently off 0.17%. The BSE Small-Cap index was currently off 0.01%. Both these indices underperformed the Sensex.
In overseas stock markets, European stocks edged higher in early trade as expectations that the European Central Bank (ECB) would reinforce its ultra-loose monetary policy stance propped up stocks. The ECB is widely expected to hold interest rates steady at record low level after a monetary policy review later in the global day today, 21 April 2016.
In Asia, Japan and Hong Kong markets led gains. Japanese stocks rose as the yen weakened against the dollar overnight. The Nikkei 225 index settled 2.7% higher. Chinese stocks were mixed after the nation's central bank announced net cash injection of 220 billion yuan into the financial system in its bid to ease worries about a short-term liquidity squeeze. In mainland China, the Shanghai Composite index settled 0.65% lower. In Hong Kong, the Hang Seng index was currently up 1.64%. US stocks clocked small gains yesterday, 20 April 2016, after upbeat housing data.
Telecom stocks were mixed. Reliance Communications (up 0.27%) and Idea Cellular (up 0.94%) gained. Tata Teleservices (Maharashtra) dropped 0.25%.
Bharti Infratel fell 3.61% to Rs 372.50, with the stock extending losses registered during the previous trading session triggered by media reports that Bharti Airtel will sell more than 5% stake in the telecom tower company through an open market block deal. Bharti Airtel declined 1.25%. Shares of Bharti Infratel fell 2.47% to settle at Rs 386.50 yesterday, 20 April 2016. Bharti Airtel owns a 71.7% stake in Bharti Infratel (as on 31 December 2015). Bharti Airtel plans to use the sale proceeds to cut debt, media reports suggested. The report did not give a timeline for the planned sale.
Shares of power sector companies witnessed a mixed trend. Torrent Power (down 1.1%), JSW Energy (down 2.2%), NHPC (down 1.28%), Tata Power Company (down 1.63%), Adani Power (down 0.58%), Power Grid Corporation of India (down 0.57%), Reliance Infrastructure (down 2.82%), PTC India (down 2.18%) and Reliance Power (down 0.83%) declined. NTPC (up 0.18%), Neyveli Lignite Corporation (up 0.42%), Power Finance Corporation (up 5.43%), and Rural Electrification Corporation (up 5.85%) gained.
Minister of State (Independent Charge) for Power, Coal and New and Renewable Energy Piyush Goyal said yesterday, 20 April 2016, in London that public sector energy companies including NTPC, Neyveli Lignite Corporation, Power Finance Corporation, Power Trading Corporation and Rural Electrification Corporation are likely to launch Masala bonds totalling $1 billion in the next three or four months in the UK. The tenor of these bonds is likely to be limited to a band of five to seven years and these are going to be in smaller denominations ranging from $150-250 million. This will be subject to decisions made by the board of the directors of these state-run firms, Goyal said. Masala bonds are primarily rupee denominated bonds issued to overseas buyers.
Car maker Maruti Suzuki India rose 1.31% as Japanese yen eased against the dollar. A weak yen is expected to boost operating margins for Maruti Suzuki India. The company is scheduled to announce its Q4 March 2016 results on 26 April 2016.
Powered by Capital Market - Live News
