Key benchmark indices retreated from intraday high in mid-afternoon trade as European stocks declined in early trade there. At 14:19 IST, the barometer index, the S&P BSE Sensex, was up 35.80 points or 0.14% at 25,855.14. The Nifty 50 index was up 8.30 points or 0.11% at 7,857.55.
The market breadth indicating the overall health of the market was positive. On BSE, 1,511 shares rose and 1,024 shares fell. A total of 188 shares were unchanged. The BSE Mid-Cap index was up 0.2%. The BSE Small-Cap index was up 0.45%. Both these indices outperformed the Sensex.
In overseas markets, European shares fell to a one-week low, with some disappointing updates from companies such as Zodiac Aerospace and Kingfisher putting pressure on the market. Most Asian stocks were trading higher. US markets closed marginally lower yesterday, 23 November 2015, as Pfizer's plan to buy Allergan plc in a $160 billion deal quickly drew criticism from politicians as a tax dodge.
Telecom stocks rose. Reliance Communications (up 8.6%) Bharti Airtel (up 0.65%), Idea Cellular (up 0.32%) and Tata Teleservices (Maharashtra) (up 0.44%) gained. MTNL fell 0.25%.
Bosch lost 2.62% on reports that a foreign brokerage has initiated coverage on the stock with an underperform rating. The foreign brokerage is reportedly concerned on growth of diesel cars as share of diesel variants has already come off in the past two years and it may fall further. While Bosch has traditionally been considered a play on emission norms, the impending BS IV emission norms may put its dominant position in commercial vehicles (CVs) segment under threat, as its first-mover advantage could diminish, the foreign brokerage reportedly said.
Gammon India was locked at 20% upper circuit at Rs 15.49 after the company said that the corporate debt restructuring empowered group (CDR EG) in its meeting held yesterday, 23 November 2015, discussed and noted the invocation of strategic debt restructuring (SDR) in the company by the CDR lenders. The announcement was made after market hours yesterday, 23 November 2015.
ABG Shipyard lost 5.97% to Rs 74.80 after a bulk deal was executed on the scrip yesterday, 23 November 2015. The stock hit a low of Rs 73.80 so far during the day, which is a 52-week low for the counter. IL&FS Financial Services offloaded 3.43 lakh shares of the company at an average price of Rs 83 per share in a bulk deal on the NSE yesterday, 23 November 2015. Videocon Realty & Infrastructure bought 3.41 lakh shares of ABG Shipyard at an average price of Rs 83 per share on the NSE yesterday, 23 November 2015.
DCW surged 7.4% to Rs 22.50 after the company said it has allotted 48.80 lakh equity shares and also 26.12 lakh convertible warrants to promoters and business associates on preferential allotment basis. The announcement was made during market hours today, 24 November 2015.
Dolphin Offshore Enterprises (India) (up 17.56%), Welspun Syntex (up 16.35%), Hikal (up 13.7%), Sasken Communication Technologies (up 12.89%), Globus Spirits (up 12.7%), Orient Green Power Company (up 11.35%), Electrosteel Castings (up 10.83%), Maxwell Industries (up 10.08%), Plastiblends India (up 10.03%) and GOL Offshore (up 9.86%) were among the top gainers from the BSE's Small-Cap index.
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