Key benchmark indices were trading with small gains in afternoon trade led by index heavyweights L&T and Reliance Industries (RIL). At 13:22 IST, the barometer index, the S&P BSE Sensex, was up 47.84 points or 0.17% at 27,690.95. The Nifty 50 index was currently up 10.75 points or 0.13% at 8,584.10.
The market breadth indicating the overall health of the market was strong. On BSE, 1,638 shares rose and 943 shares fell. A total of 180 shares were unchanged. The BSE Mid-Cap index was currently up 0.66%. The BSE Small-Cap index was currently up 0.78%. Both these indices outperformed the Sensex.
Index heavyweight Reliance Industries (RIL) gained 2.01% to Rs 1,079. The stock hit high of Rs 1,079.60 and low of Rs 1,058 so far during the day.
Capital goods stocks edged higher on renewed buying. L&T (up 2.03%), Punj Lloyd (up 1.55%), Bharat Heavy Electricals (Bhel) (up 0.79%), BEML (up 3.37%), Bharat Electronics (up 0.51%), and Thermax (up 2.49%) gained. ABB India (down 0.2%), Crompton Greaves (down 0.13%) and Siemens (down 0.34%) fell.
Index heavyweight and engineering and construction major L&T advanced 1.99% to Rs 1,465. The stock hit high of Rs 1,468 and low of Rs 1,438.20 so far during the day.
FMCG stocks saw mixed trend. Godrej Consumer Products (up 0.81%), Nestle India (up 0.95%), Tata Global Beverages (up 0.57%), Procter & Gamble Hygiene and Health Care (up 0.37%) and Bajaj Corp (up 1.45%) rose. Hindustan Unilever (down 1.27%), Marico (down 0.76%), Britannia Industries (down 0.13%), GlaxoSmithkline Consumer Healthcare (down 0.43%), Colgate-Palmolive (India) (down 1.37%), Dabur India (down 0.92%) and Jyothy Laboratories (down 0.86%) fell.
Hindustan Construction Company rose 1.65% after the company announced that its joint venture with VCCL has been awarded Rs 367.72 crore contract by the Northeast Frontier Railway. The contract is for construction of a safety tunnel between Tupul and Imphal in Manipur state. This is part of the new railway line project being constructed between Jinbam and Imphal of Northeast Frontier Railway. The project is to be completed in 4 years. The announcement was made during market hours today, 14 October 2016.
Mercator rose 3.64% to Rs 49.80 after Government of Singapore and Monetary Authority of Singapore purchased bulk shares of the company on the NSE yesterday, 13 October 2016. Government of Singapore bought 73.55 lakh shares at an average price of Rs 46.55 per share in a bulk deal on the NSE yesterday, 13 October 2016. Monetary Authority of Singapore purchased 26.44 lakh shares at Rs 46.55 a piece. Albula Investment Fund was the seller in these deals offloading a total of 1 crore shares at Rs 46.55 per share.
Lux Industries jumped 5.46% after the company announced that the company's rating for long term and short term bank facilities have been revised upwards by the rating agency, CARE. Lux Industries announced that the company's rating for long term bank facilities have been revised upwards by the rating agency, CARE from CARE A to CARE A+. The rating for short term bank facilities have been revised higher by CARE from CARE A1 to CARE A1 +. The announcement was made after market yesterday, 13 October 2016.
Steel Strips Wheels rose 3.63% after the company announced substantial increase in exports order for supply of steel wheels for VW Argentina's requirements. Steel Strips Wheels' (SSWL) total increase is from original order of 7,000 wheels to about 34,000 wheels in the shipment period of October 2016 to March 2017. This is due to higher proliferation of the steel wheels usage per vehicle at VW's plant in Argentina and is expected to prevail in future. These additional orders will result in additional forex earnings of more than $600,000 for the stated shipment period. The announcement was made during market hours today, 14 October 2016.
On the economic front, the all-India general CPI inflation dipped to 13-months low of 4.31% in September 2016, compared with 5.05% in August 2016. The core CPI inflation moved up to 4.77% in September 2016 from 4.59% in August 2016. The data was announced after market hours yesterday, 13 October 2016.
In overseas stock markets, European stocks were higher in early trade after stronger-than-anticipated inflation data from China helped to calm nerves over global growth prospects. Asia stocks were trading higher, reversing some early losses, as investors weighed price increases in China and the possibility of a US interest rate hike later in the year. Meanwhile, China's producer price index edged up 0.1% in September from a year earlier, reversing a 0.8% on-year drop in August, the National Bureau of Statistics said. US stocks finished in the red yesterday, 13 October 2016, as investors grew jittery following the Federal Reserve's latest meeting minutes as well as weak Chinese economic reports. The number of Americans filing for unemployment benefits held at a 43-year low last week, pointing to sustained labor market strength that could pave the way for the Federal Reserve to raise interest rates in December. Initial claims for state unemployment benefits were unchanged at a seasonally adjusted 246,000 for the week ended 8 October 2016, the lowest reading since November 1973, the Labor Department said.
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