Key benchmark indices held firm in a rangebound trade in mid-morning trade. At 11:19 IST, the barometer index, the S&P BSE Sensex, was up 136.77 points or 0.55% at 24,854.76. The 50-unit Nifty 50 index was up 41.25 points or 0.55% at 7,551.45. Firmness in Asian stocks supported gains on the domestic bourses. The market breadth indicating the overall health of the market was strong. On BSE, 1,375 shares rose and 755 shares fell. A total of 142 shares were unchanged. The BSE Mid-Cap index was currently up 0.65%. The BSE Small-Cap index was currently up 0.78%. Both these indices outperformed the Sensex.
In overseas markets, Asian stocks rose, buoyed by gains on Wall Street during the previous trading session on Friday, 11 March 2016, and firmer crude oil prices. In mainland China, the Shanghai Composite was currently up 2.68%. In Hong Kong, the Hang Seng index was currently up 1.21%. In Japan, the Nikkei Average was currently up 1.67%. The Bank of Japan's (BOJ) two-day policy meeting begins today, 14 March 2016. The BOJ is seen holding policy rate steady after adopting negative interest rates at its meeting in late January.
US stocks jumped on Friday, 11 March 2016, in a rally largely fueled by a rebound in oil prices. The US Federal Reserve's crucial two-day monetary policy meeting begins tomorrow, 15 March 2016. Federal Reserve officials are likely to hold short-term interest rates steady at its policy meeting amid uncertainties about global financial markets and global growth. The Fed in December 2015 raised its benchmark federal-funds rate from near zero to a range between 0.25% and 0.5%.
Coal India dropped 6.57% to Rs 298.10 as the stock turned ex-dividend today, 14 March 2016, for interim dividend of Rs 27.40 per share for the year ending 31 March 2016 (FY 2016). Before turning ex-dividend, the stock offered a dividend yield of 8.58% based on the closing price of Rs 319.05 on Friday, 11 March 2016.
Telecom stocks were mixed. Bharti Airtel (down 1.17%) and Reliance Communications (down 1.89%) declined. Idea Cellular (up 0.05%) and Tata Teleservices (Maharashtra) (up 0.16%) gained.
Realty stocks rose. DLF (up 0.52%), D B Realty (up 1.25%), Sobha (up 1.66%), Indiabulls Real Estate (up 1.11%), Unitech (up 0.55%), Godrej Properties (up 1.12%), Housing Development & Infrastructure (HDIL) (up 0.72%), and Oberoi Realty (up 1.55%) edged higher.
SeQuent Scientific rose 1.03% after the Reserve Bank of India (RBI) in its notification on Friday, 11 March 2016, notified increase in the foreign investment limit in the company to 49% of its paid-up capital from 32.46%. The RBI has stated that the company has passed resolutions at its Board of Directors' level and a special resolution by the shareholders, agreeing for enhancing the limit for the purchase of its equity shares by FIIs/RFPIs. The purchases could be made through primary market and stock exchanges.
Indian Hume Pipe Company rose 1.97% after the company said it has secured a water supply contract worth Rs 145.15 crore in Alwar, Rajasthan from the state government of Rajasthan. The announcement was made after market hours on Friday, 11 March 2016.
On macroeconomic data front, data announced after market hours on Friday, 11 March 2016, showed that industrial production declined for the third straight month, registering a fall of 1.5% in January 2016 over January 2015. The output of the manufacturing sector declined 2.8% in January 2016, contributing to the decline in industrial production. Meanwhile, the mining sector output improved 1.2%, while the electricity generation also galloped 6.6% in January 2016.
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