Key benchmark indices continued hovering in a narrow range in afternoon trade. At 13:15 IST, the barometer index, the S&P BSE Sensex was up 163.96 points or 0.62% at 26,468.59. The Nifty 50 index was currently up 51.40 points or 0.63% at 8,159.85. Gains in global stocks aided the upmove on the domestic bourses.
The market breadth indicating the overall health of the market was positive. On BSE, 1,349 shares rose and 1,074 shares declined. A total of 140 shares were unchanged. The BSE Mid-Cap index was currently up 1.33%. The BSE Small-Cap index was currently up 0.98%. Both these indices outperformed the Sensex.
Meanwhile, Prime Minister (PM) Narendra Modi in a statement to media outside Parliament House today, 16 November 2016, at the start of winter session of parliament said that in order to carry forward the work on the Goods and Services Tax (GST), the government has held discussions with the state governments and the political parties. The consultation process has been going on ahead of this session as well, the PM said. The winter session of the parliament is slated between 16 November and 16 December 2016. There will be a total of 22 sittings.
In overseas stock markets, Asian stocks edged higher tracking overnight gains in US markets. US stocks registered modest gains yesterday, 15 November 2016, as energy shares climbed on the back of rising crude oil prices. Federal Reserve Vice Chair Stanley Fischer reportedly said yesterday, 15 November 2016, that he was surprised by the outcome of the US presidential election. Fischer cautioned it is too early to fully assess market fallout and said market swings following Britain's vote to leave the European Union provided a cautionary example. Fischer reportedly said that US banking rules may be limiting liquidity for some securities but their impact is not unduly hurting markets.
Axis Bank was up 0.93% to Rs 483.60. The bank announced lending rates based on marginal cost of funds to be effective from 18 November 2016. The bank's Marginal Cost of Funds based Lending Rate (MCLR) for overnight loans will be 8.65%, for one month will be 8.70% and for three months will be 8.90%. The MCLR on 6-month loans will be 9% and for one-year loans the rate would be 9.05%, the bank said. MCLR for two-year loans would be at 9.10% and loans with three-year maturity would carry an MCLR of 9.15%, the bank said. The announcement was made during market hours today, 16 November 2016.
FMCG shares were mixed. Jyothy Laboratories (up 4.83%), Godrej Consumer Products (up 4.53%), Britannia Industries (up 3.63%), Marico (up 3.32%), Dabur India (up 3.16%), Colgate Palmolive (India) (up 2.22%) and Nestle India (up 0.60%), edged higher. Hindustan Unilever (down 0.34%), Procter & Gamble Hygiene & Health Care (down 0.65%), Bajaj Corp (down 1.57%) and GlaxoSmithKline Consumer Healthcare (down 1.7%), edged lower.
Tata Global Beverages rose 5.25% after consolidated net profit surged 60.1% to Rs 139.62 crore on 2.69% fall in total income to Rs 1656.91 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 15 November 2016.
Tata Global Beverages said that while the underlying business saw volume growth, this was offset by price reductions and adverse impact of currency translation. Group consolidated net profit growth reflected both improved operating performance and better performance by joint ventures and associate companies, Tata Global Beverages said. The latest quarter saw a continued focus on the global health & wellness trend and innovative product launches, the company said.
Ajoy Misra, Managing Director and CEO of Tata Global Beverages, said that the company's product launches leverage the health and wellness trend across geographies. Consumers are seeking enhanced beverage experiences which are also healthy choices and the company is leveraging this insight across product categories. Joint venture companies Tata Starbucks and NourishCo continue to show steady growth and the company is committed to growing them further, Ajoy Misra said.
Power generation stocks edged higher. JSW Energy (up 2.88%), CESC (up 2.40%), Reliance Infrastructure (up 2.01%), Tata Power (up 1.51%), Adani Power (up 1.03%), NHPC (up 0.41%), NTPC (up 0.30%), Torrent Power (up 0.27%), Reliance Power (up 0.24%) and GMR Infrastructure (up 0.09%), edged higher. Jaiprakash Power Ventures was down 0.49%.
State-run Coal India was up 0.14%. State-run Power Grid Corporation of India was up 2.49%.
On the macro front, India's trade deficit in October 2016 widened to $10.16 billion compared with $8.34 billion in the previous month, government data released after market hours yesterday, 15 November 2016 showed. Merchandise exports grew 9.6% year-on-year to $23.5 billion in October, while imports expanded 8.11% year-on-year to $33.67 billion.
Meanwhile, data released by the government after market hours yesterday, 15 November 2016 showed that the all-India general CPI inflation dipped to 4.2% in October 2016 compared with 4.39% in September 2016. The core CPI inflation was nearly flat 4.81% in October 2016 from 4.77% in September 2016.
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