Key benchmark indices pared gains in morning trade. At 10:15 IST, the barometer index, the S&P BSE Sensex, was up 64.45 points or 0.25% at 26,257.43. The 50-unit CNX Nifty was up 14.35 points or 0.18% at 7,991.45. Nifty slipped below the psychologically important 8,000 mark after crossing that level in early trade.
The market breadth indicating the overall health of the market was strong in morning trade, with two gainers for every loser on BSE. 1,238 shares rose and 596 shares fell. A total of 66 shares were unchanged. The BSE Mid-Cap index was up 0.29%. The BSE Small-Cap index was up 0.63%. Both these indices outperformed the Sensex.
In overseas markets, most Asian shares rose today, 22 September 2015, as US markets bounced back and the European Central Bank said it was prepared to ease monetary policy further. US stocks rose overnight as St. Louis Fed President James Bullard and Atlanta Fed President Dennis Lockhart separately made the case for an increase in US interest rates this year, boosting financial shares. Investors will be looking for more clarity on the Fed's decision with a number of central bank officials, including Lockhart and Chair Janet Yellen, slated to speak this week. Meanwhile, in Europe, ECB Chief Economist Peter Praet reiterated the bank's readiness to modify its trillion-euro bond-buying program should economic turbulence merit action.
IT shares were in demand. MphasiS (up 3.05%), Tech Mahindra (up 1.74%), CMC (up 1.45%), Wipro (up 1.15%), HCL Technologies (up 1.04%) and Persistent Systems (up 0.55%), edged higher.
TCS was up 0.33%. The company said after market hours yesterday, 21 September 2015 that pursuant to the scheme of merger of CMC with the company, TCS has fixed 1 October 2015 as the record date to determine the names of the public shareholders of CMC (i.e. shareholders other than TCS) who would be entitled to receive the equity shares of TCS in lieu of equity shares held in CMC. As per the scheme, all equity shares held by TCS in CMC constituting 51.12% of the total paid-up share capital of CMC shall automatically get cancelled. For the balance shareholding of 48.88% held by the public shareholders in CMC, 79 equity shares of Rs 1 each of TCS will be issued and allotted as fully paid up equity shares for every 100 equity shares of Rs 10 each held by the public shareholders of CMC as on the record date.
Infosys was up 1.75%. The company after market hours yesterday, 21 September 2015, announced that it has signed a three-year agreement with TOMS to become its partner to maintain and develop its digital platform. The agreement will enable TOMS to streamline the management of its web-based properties and introduce automation technologies to lower overall support and development costs, Infosys said in a statement.
MindTree was up 4.26%. The company said after market hours yesterday, 21 September 2015 that it has been selected by MoInlycke Health Care, a world-leading provider of single-use surgical and wound care solutions, to enhance business efficiency using the SAP application suite. This will help MoInlycke Health Care optimize the time to market of its products, MindTree said in a statement.
Oracle Financial Services Software (OFSS) was up 1.29%. The company after market hours yesterday, 21 September 2015 said that its subsidiary has filed an appeal before the court of competent jurisdiction, against an earlier award passed by the Arbitrator. It may be recalled that OFSS had on 18 June 2015 said that in an arbitration proceeding between one of its subsidiaries and one of its vendors, an award has been passed by the Arbitrator against OFSS' subsidiary for a sum of about Rs 80.40 crore inclusive of interest.
Pharmaceutical shares edged higher. Wockhardt (up 2.47%), Strides Arcolab (up 2.14%), Glenmark Pharmaceuticals (up 1.66%), Aurobindo Pharma (up 1.62%), IPCA Laboratories (up 1.42%), Piramal Enterprises (up 1.31%), Cadila Healthcare (up 0.69%), GlaxoSmithKline Pharmaceuticals (up 0.68%), Divi's Laboratories (up 0.67%), Dr. Reddy's Laboratories (up 0.50%), Lupin (up 0.50%), Cipla (up 0.18%) and Sun Pharmaceutical Industries (up 0.01%), edged higher.
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