Key benchmark indices hovered in a small range amid alternately swinging in positive and negative zone in morning trade. At 10:15 IST, the barometer index, the S&P BSE Sensex was off 32.37 points or 0.12% at 27,782.81. The Nifty 50 index was currently off 9.20 points or 0.11% at 8,510.30
The Sensex gained 50.93 points or 0.18% at the day's high of 27,866.11 at the onset of trading session. The barometer index fell 52.03 points or 0.19% at the day's low of 27,763.15 in morning trade. The Nifty gained 3.90 points or 0.05% at the day's high of 8,523.40 at onset of trading day. The index fell 18.80 points or 0.22% at the day's low of 8,500.70 in morning trade.
In overseas stock markets, Asian markets were trading mixed ahead of Bank of England's interest rate decision later in the global day. In US stocks, the S&P 500 and Dow Jones Industrial Average scored meager gains yesterday, 13 July 2016 but enough to extend their run into record territory and advance for a fourth session in a row. However, the tech-heavy Nasdaq Composite index took a breather following a five-session climb to end lower. Stocks got a slight bump from the US Fed's beige book report released yesterday, 13 July 2016 which indicated that the US economy is holding steady although consumption may be softening. The beige book is an anecdotal survey of economic conditions in the US compiled by the Fed's regional banks.
The Bank of England meets later in the global day today, 14 July 2016, and expectations are that it will lower its benchmark lending rate by a quarter of a percentage point to 0.25% to counter the fallout from the Brexit vote. In the UK, Theresa May became the country's prime minister after former leader David Cameron tendered his resignation to the Queen.
Closer home, the market breadth indicating the overall health of the market was strong. On BSE, 1,135 shares rose and 746 shares declined. A total of 110 shares were unchanged. The BSE Mid-Cap index was currently up 0.12%. The BSE Small-Cap index was currently up 0.39%. Both these indices outperformed the Sensex.
Power generation stocks rose. CESC (up 0.3%), NTPC (up 0.35%), Torrent Power (up 0.32%), Reliance Power (up 0.03%), NHPC (up 0.2%), Jaiprakash Power Ventures (up 1.55%) and Adani Power (up 0.04%) edged higher. Tata Power Company (down 0.28%), Reliance Infrastructure (down 0.04%) and JSW Energy (down 0.19%) fell.
State-run coal-mining giant Coal India was up 0.45% at Rs 324.65. The stock hit a high of Rs 327.35 and a low of Rs 324.20 so far during the day.
Shares of state-run power transmission major Power Grid Corporation of India gained 1.64%.
Shares of state-run power sector finance firms also moved higher. Rural Electrification Corporation was up 0.72% at Rs 195.90. Power Finance Corporation was up 0.52% at Rs 201.65.
Cement stocks rose. UltraTech Cement (up 1.14%) and Shree Cement (up 2.58%) and ACC (up 0.12%) gained. Ambuja Cements shed 0.46%.
Grasim Industries was up 0.67% at Rs 4,646. Grasim has exposure to the cement sector through its holding in UltraTech Cement.
On the macro front, the inflation based on wholesale price index (WPI) for the month of June 2016 is scheduled to be released by the government today, 14 July 2016. WPI rose 0.79% in May 2016, after rising 0.34% in April.
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