Amid a divergent trend among various index constituents, key indices traded near the flat line in mid-morning trade At 11:20 IST, the barometer index, the S&P BSE Sensex, was down 5.91 points or 0.02% at 24,488.05. The 50-unit Nifty 50 index was currently up 2.85 points or 0.04% at 7,440.60. The Nifty rose 9.60 points or 0.12% at the day's high of 7,447.35 in mid-morning trade. The index shed 28.15 points or 0.37% at the day's low of 7,409.60 in early trade, its lowest level since 22 January 2016. The Sensex fell 91.87 points or 0.37% at the day's low of 24,400.52 in early trade, its lowest level since 22 January 2016. The barometer index rose 37.25 points or 0.15% at the day's high of 24,529.64 in early trade.
The market breadth indicating the overall health of the market was positive. On BSE, 1,181 shares gained and 883 shares fell. A total of 122 shares were unchanged. The BSE Mid-Cap index was currently up 0.11%. The BSE Small-Cap index was currently up 0.12%. Both these indices outperformed the Sensex.
In overseas stocks markets, Asian stocks gained after the US Federal Reserve after the conclusion of a two-day monetary policy meeting yesterday, 27 January 2016, indicated that it will be gradual in raising interest rates in the US amid global market turmoil. But, Chinese stocks fell on continued concerns about China's slowing economy and concerns about increasing capital outflows from the world's second biggest economy. In mainland China, the Shanghai Composite was currently off 1.64%. In Hong Kong, the Hang Seng index was currently off 0.15%.
US stocks fell yesterday, 27 January 2016, after the Federal Reserve left the door open to a March rate increase despite acknowledging that US economic growth slowed since its last meeting in December 2015. The Fed held US interest rates unchanged as expected and said it is closely monitoring global economic and financial developments. The stance of the monetary policy remains accommodative, thereby supporting further improvement in labor market conditions and a return to 2 percent inflation, the Fed said in a statement.
Shares of public sector banks dropped. Bank of Baroda (down 0.42%), Punjab National Bank (down 1.44%), Corporation Bank (down 1.52%), Allahabad Bank (down 1.82%), Bank of India (down 0.01%), State Bank of India (SBI) (down 0.41%), Union Bank of India (down 2.03%), and Canara Bank (down 0.63%), edged lower.
Shares of private sector banks were mixed. Axis Bank (down 0.22%), Federal Bank (down 2.21%), and Yes Bank (down 0.11%) edged lower. HDFC Bank (up 0.55%), Kotak Mahindra Bank (up 0.12%), and IndusInd Bank (up 0.55%) edged higher.
ICICI Bank dropped 1.41% ahead of its Q3 results today, 28 January 2016.
Most telecom stocks declined. Reliance Communications (down 0.08%) and Idea Cellular (down 0.73%) declined. Tata Teleservices (Maharashtra) rose 0.45%.
Bharti Airtel shed 1.49% ahead of its Q3 results today, 28 January 2016.
Engineers India (EIL) fell 3.75% to Rs 197.70 after Government of India (GoI), its promoter, announced that it will pare its stake in the company through an offer for sale (OFS) via the separate window provided by the stock exchanges for the purpose. GoI will sell 3.36 crore shares of EIL, constituting 10% of the company's equity, through the stock exchanges mechanism tomorrow, 29 January 2016. GoI currently holds 69.37% stake in EIL (as per the shareholding patter as on 31 December 2015).
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