Upmove in index heavyweight Reliance Industries (RIL) helped key benchmark indices extend gains in morning trade. At 10:16 IST, the barometer index, the S&P BSE Sensex, was up 117.54 points or 0.43% at 27,424.37. The gains for the Sensex were higher in percentage terms than those for the the 50-unit CNX Nifty index. The Nifty was up currently up 27.55 points or 0.33% at 8,289.20.
The market breadth indicating the overall health of the market was strong. On BSE, 1,210 shares rose and 696 shares fell. A total of 92 shares were unchanged. The BSE Mid-Cap index was up 0.33%. The BSE Small-Cap index was up 0.29%. Both these indices underperformed the Sensex.
In overseas markets, Japanese stocks led gains in Asian stocks as data showing lower-than-expected growth in Japan's merchandise exports in September 2015 added to expectations that the Japanese government will announce fiscal stimulus and the country's central bank will announce expansion of its bond-buying program. Recent data showed that Japanese industrial production fell for the second month in a row in August 2015. US stocks closed slightly lower yesterday, 20 October 2015, amid mixed corporate earnings reports.
Index heavyweight RIL was up 1.60% at Rs 970.70. The stock hit a high of Rs 974 and a low of Rs 955 so far during the day.
Most metal shares rose. Vedanta (up 1.14%), Hindalco Industries (up 0.95%), JSW Steel (up 0.93%), NMDC (up 0.44%), Steel Authority of India (up 0.36%), Bhushan Steel (up 0.21%) and Jindal Steel & Power (up 0.13%), edged higher. Tata Steel (down 0.12%), National Aluminium Company (down 0.13%), Hindustan Copper (down 0.26%) and Hindustan Zinc (down 0.47%), edged lower.
Most capital goods shares rose. BEML (up 2.54%), ABB India (up 1.99%), Alstom T&D India (up 1.75%), ALSTOM India (up 1.48%), Thermax (up 1.36%), AIA Engineering (up 0.95%), Havells India (up 0.91%), Lakshmi Machine Works (up 0.65%), Jindal Saw (up 0.63%), Pipavav Defence and Offshore Engineering Company (up 0.59%), Praj Industries (up 0.49%), Crompton Greaves (up 0.48%) and Bharat Electronics (up 0.27%), edged higher. Siemens (down 0.03%), SKF India (down 0.03%), Larsen & Toubro (down 0.14%), Bharat Heavy Electricals (down 0.19%), Punj Lloyd (down 0.71%) and Suzlon Energy (down 1.22%), edged lower.
Biocon was up 0.58% at Rs 459.60. The company's consolidated net profit surged 200% to Rs 306 crore on 11% increase in total sales to Rs 828 crore in Q2 September 2015 over Q2 September 2014. The bottom line was boosted by exceptional gains in Q2 September 2015. Biocon's Q2 September 2015 consolidated net profit includes an exceptional income (net) of Rs 203 crore which comprises of net IPO receipts and book value adjustment for 11% Syngene stake dilution and impairment charge for Itolizumab. EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) rose 18% to Rs 222 crore in Q2 September 2015 over Q2 September 2014. EBITDA margin was reported at Rs 26% in Q2 September 2015, higher than 24% reported in Q2 September 2014. The result was announced after market hours yesterday, 20 October 2015.
ACC was down 0.30% to Rs 1,378 after consolidated net profit fell 40.2% to Rs 115.21 crore on 1.5% decline in total income to Rs 2808.29 crore in Q3 September 2015 over Q3 September 2014. The company announced results after market hours yesterday, 20 October 2015. While sales realization was almost flat, there was a reduction in input and energy costs, ACC said. The company continues its focus on cost management, ACC said. ACC said that the company made a provision of Rs 38 crore in Q3 September 2015 for the District Mineral Foundation and National Mineral Exploration Trust.
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