Key benchmark indices continued to trade near the flat line in mid-morning trade. At 11:20 IST, the barometer index, the S&P BSE Sensex was up 23.84 points or 0.08% at 28,247.54. The gains for the Nifty 50 index were higher than the Sensex's gains in percentage terms. The Nifty was up 14.20 points or 0.16% at 8,720.60. The market breadth indicating the overall health of the market was strong. On BSE, 1,393 shares rose and 733 shares fell. A total of 157 shares were unchanged. The BSE Mid-Cap index was currently up 0.54%. The BSE Small-Cap index was currently up 0.55%. Both these indices outperformed the Sensex.
In overseas stock markets, Asian stocks dropped with European banking sector concerns and lower crude oil prices dulling investors' appetite for riskier assets. Japan's Nikkei Average fell 1.6% US stocks rose yesterday, 27 September 2016 after the first presidential debate between Democratic candidate Hillary Clinton and Republican contender Donald Trump and a number of stronger-than-expected economic reports. Stocks are rising on the prospect of a Clinton presidency because the Democrat is viewed as a known quantity while some view Trump as being more unpredictable, a bad thing for stock investors. Additionally, US consumer confidence rose to 104.1 in September, the highest level since August 2007. The Case-Shiller home price index rose 5% for the year in July, while house prices rose 0.6%. The Markit flash services purchasing managers index for September rose to 51.9 in September from 51 in August.
Cement stocks gained. ACC (up 0.31%), Ambuja Cements (up 0.43%), and UltraTech Cement (up 0.26%) gained. Shree Cement fell 0.06%.
Grasim Industries advanced 0.82%. Grasim has exposure to the cement sector through its holding in UltraTech Cement.
Telecom stocks also gained. Bharti Airtel (up 1.24%), Tata Teleservices (Maharashtra) (up 0.7%) Reliance Communications (up 0.21%) and Idea Cellular (up 3.27%) gained.
Shares of Bharti Infratel gained 0.53%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.
RBL Bank rose 1.52% after the bank said it raised Rs 330 crore from the UK-based development finance institution, CDC Group Plc, through Basel III compliant Tier II capital. The announcement was made after market hours yesterday, 27 September 2016. RBL Bank said that the Tier II debt will strengthen the capital base of the bank, which in turn will support its businesses such as SME lending, agribusiness financing and financial inclusion. The infusion will also help the bank expand to new regions within India, the bank said.
Ahluwalia Contracts (India) rose 2.67% after the company said it received new order aggregating Rs 151.39 crore from Bharat Electronics. The announcement was made during market hours today, 28 September 2016. Meanwhile, Ahluwalia Contracts (India) announced after market hours yesterday, 27 September 2016, that is received letter from Executive Engineer, Construction Division-2, Building Construction Department (B.C.D.) Patna, to stop construction of International Convention Centre (ICC) and Police Headquarter Bhawan, Patna as per order of National Green Tribunal (NGT), Eastern Zone Bench, Kolkata. The NGT has directed that Patna Master Plan was not yet approved and the approval of the master plan is mandatory requirement under the Ministry of Environment & Forests (MoEF) Notification in respect of constructions with built-up area of 20000 square meters or more. The said order shall be applicable to all construction activities in Patna and its adjacent areas where the city is proposed to be expanded. The company said it expects the matter to be resolved soon by the State Government.
IL&FS Transportation Networks rose 3.34% after the company said it received in-principle approval from the market regulator for registration of IL&FS Transportation Investment Trust. The announcement was made after market hours yesterday, 27 September 2016. IL&FS Transportation Networks said that the Securities & Exchange Board of India (Sebi) has vide its letter dated 27 September 2016 granted in-principle approval for registration of IL&FS Transportation Investment Trust as Infrastructure Investment Trust under the SEBI (Infrastructure Investment Trusts) Regulations, 2014 subject to compliance of certain conditions. The company will act as the sponsor of trust once it is registered.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
