After slipping into the red from green in early afternoon trade, key benchmark indices regained positive zone in afternoon trade. At 13:18 IST, the barometer index, the S&P BSE Sensex was up 25.98 points or 0.09% at 28,016.19. The Nifty 50 index was currently up 9.15 points or 0.11% at 8,641.75. The Sensex was currently trading above the psychologically important 28,000 level. The index fell below that level in early afternoon trade after reclaiming that level at the onset of trading session. It had settled a tad below that level during the previous trading session.
The Sensex fell 30.34 points or 0.11% at the day's low of 27,959.87 in afternoon trade. The index rose 118.18 points or 0.42% at the day's high of 28,108.39 at the onset of trading session, its highest level since 22 August 2016. The Nifty fell 11.20 points or 0.13% at the day's low of 8,621.40 in afternoon trade. The index rose 28.45 points or 0.32% at the day's high of 8,661.05 at the onset of trading session, its highest level since 22 August 2016.
In overseas stock markets, European stocks edged lower as investors traded cautiously ahead of a key speech by US Federal Reserve Chair Janet Yellen on Friday, 26 August 2016. In Germany, the latest data showed that the German economy slowed in the second quarter, as investment dropped after a strong start to the year. Germany's gross domestic product grew at a quarterly rate of 0.4%, or an annualized rate of 1.7%, according to the Federal Statistical Office, Destatis. The economy expanded at a quarterly clip of 0.7% in the first quarter.
Asian stocks witnessed a mixed trend ahead of Federal Reserve Chairwoman Janet Yellen's speech later this week, which could provide hints about the timing of the next rate hike from the Fed. US stocks registered small gains yesterday, 23 August 2016, after upbeat data on US new-home sales. Yellen is due to speak on Friday 26 August 2016, at the Kansas City Fed's annual Monetary Policy Symposium in Jackson Hole, Wyoming. Minutes from the Federal Open Market Committee's (FOMC) July meeting showed officials were split on whether an increase in interest rate was needed soon.
Closer home, the market breadth indicating the overall health of the market was positive. On BSE, 1,451 shares rose and 1,081 shares declined. A total of 186 shares were unchanged. The BSE Mid-Cap index was currently up 0.55%. The BSE Small-Cap index was currently up 0.6%. Both these indices outperformed the Sensex.
Tata Power Company was up 1.34% at Rs 75.75 after the company announced during market hours today, 24 August 2016, that the company's generation capacity increased by close to 9% in Q1 June 2016 over Q1 June 2015. Standalone generation stood at 3,163 million units (MUs) in Q1 June 2016. Total consolidated generation stood at 11,122 MUs in Q1 June 2016. The company has a significant presence in the clean energy space with a gross installed capacity of 1,996 MW.
Shares of Tata Power Company fell 3.24% to settle at Rs 74.75 yesterday, 23 August 2016, after the company reported a sharp fall in bottom line in Q1 June 2016.
Metal shares were mixed. Hindustan Copper (up 4.15%), Vedanta (up 0.69%), Bhushan Steel (up 0.48%), Hindalco Industries (up 0.29%), Jindal Steel & Power (up 0.17%) and National Aluminium Company (up 0.11%), edged higher. Hindustan Zinc (down 0.11%), JSW Steel (down 0.59%), NMDC (down 0.6%), Steel Authority of India (down 0.6%) and Tata Steel (down 1.02%) edged lower.
Meanwhile, copper price edged lower in the global commodities markets. High Grade Copper for December 2016 delivery was currently down 0.33% at $2.119 per pound on the COMEX.
Most pharmaceutical shares edged higher. IPCA Laboratories (up 3.89%), Alkem Laboratories (up 2.33%), Cipla (up 2.32%), Divi's Laboratories (up 2.14%), Strides Shasun (up 1.35%), Sun Pharmaceutical Industries (up 1.11%), Cadila Healthcare (up 0.96%), Glenmark Pharmaceuticals (up 0.76%), Dr Reddy's Laboratories (up 0.63%), Wockhardt (up 0.45%) and Piramal Enterprises (up 0.25%), edged higher. GlaxoSmithKline Pharmaceuticals (down 0.71%) and Lupin (down 2.24%), edged lower.
Aurobindo Pharma rose 4.78% after consolidated net profit rose 24% to Rs 584.60 crore on 12.9% growth in total operating income to Rs 3725.90 crore in Q1 June 2016 over Q1 June 2015. The result was announced after market hours yesterday, 23 August 2016. The company's earnings before interest, taxation, depreciation, and amortization (EBITDA) before forex rose 22.6% to Rs 889 crore in Q1 June 2016 over Q1 June 2015. EBITDA margin improved to 23.9% in Q1 June 2016 from 22% in Q1 June 2015.
Aurobindo Pharma's Managing Director N. Govindarajan said that the quarter witnessed a double digit growth on the back of overall business performance. With focus on execution and capability enhancements, Aurobindo continues to progress on specialty generics for a sustained long term growth, he said.
Engineers India jumped 7.85% after net profit rose 50.06% to Rs 80.3 crore on 11.73% drop in total income to Rs 396.40 crore in Q1 June 2016 over Q1 June 2015. The result was announced after market hours yesterday, 23 August 2016.
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