Benchmark indices settle near the flat line
Gains in metal, telecom stocks and index heavyweight Infosys offset losses for stocks of public sector bank banks and index heavyweight Reliance Industries (RIL), with the two key benchmark indices ending near the flat line. The barometer index, the S&P BSE Sensex, rose 7.07 points or 0.03% to settle at 25,337.56. The 50-unit Nifty 50 index rose 1.60 points or 0.02% to settle at 7,716.50. After languishing in red almost throughout the trading session, the two key benchmark indices staged a rebound in late trade.
Minuscule gains pushed the Sensex and the Nifty to 11-week closing high. The Sensex edged higher for the fourth day in a row and the Nifty clocked gains for the sixth trading session in a row.
Index heavyweight Reliance Industries edged lower after media reports suggested that its telecom arm Reliance Jio Infocomm might delay the launch of its much-awaited mobile broadband service (4G) to the end of this calendar year. Telecom stocks edged higher as a delay in the launch of mobile broadband service from Reliance Jio will give other telecom players time to consolidate their position in the market.
Stocks of public sector banks (PSU banks) dropped after global credit rating agency Standard & Poor's (S&P) reportedly said in a latest report on Indian banks that stand-alone credit profiles and ratings on some PSU banks could get lowered, given their weakening asset quality and capitalisation
In overseas stock markets, European shares edged higher after a pullback during the previous trading session triggered by deadly attacks in Brussels. Most Asian stocks edged lower following lackluster cues overnight from US markets and geopolitical concerns following the deadly terror attacks in Brussels yesterday, 22 March 2016. Most US stocks fell yesterday, 22 March 2016, as a decline in financial and consumer-staples shares weighed on the main benchmarks.
The Sensex rose 7.07 points or 0.03% to settle at 25,337.56, its highest closing level since 6 January 2016. The Sensex rose 37.32 points or 0.14% at the day's high of 25,367.81. The barometer index fell 173.67 points or 0.68% at the day's low of 25,156.82.
The Nifty rose 1.60 points or 0.02% to settle at 7,716.50, its highest closing level since 6 January 2016. The Nifty rose 11.95 points or 0.15% at the day's high of 7,726.85. The index fell 44.10 points or 0.57% at the day's low of 7,670.80.
Among the sectoral indices on BSE, the BSE Metal index (up 1.71%), the S&P BSE Telecom index (up 1.19%), the BSE IT index (up 0.61%) and the BSE Auto index (up 0.56%) outperformed the Sensex. The BSE Oil & Gas index (down 1.1%), the S&P BSE Energy index (down 1.07%), the BSE Consumer Durables index (down 1%) and the BSE Utilities index (down 0.6%) underperformed the Sensex.
The market breadth indicating the overall health of the market turned negative from positive in late trade. On BSE, 1,313 shares declined and 1,287 shares gained. A total of 173 shares were unchanged. The BSE Mid-Cap index and BSE Small-Cap index rose 0.24% each. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 3098 crore, lower than turnover of Rs 3117.71 crore registered during the previous trading session.
Metal and mining stocks gained. Hindalco Industries (up 4.43%), Vedanta (up 0.05%), NMDC (up 0.45%) and Hindustan Copper (up 0.19%) edged higher. Hindustan Zinc shed 0.09%. Steel stocks edged higher. Tata Steel (up 2.2%), Steel Authority of India (up 4.28%), Jindal Steel & Power (up 0.73%) and JSW Steel (up 1.68%) gained.
Copper edged lower in the global commodities market. High Grade Copper for May 2016 delivery was currently off 0.2% at $2.285 per pound on the COMEX.
Stocks of public sector banks (PSU banks) dropped after global credit rating agency Standard & Poor's (S&P) reportedly said in a latest report on Indian banks that stand-alone credit profiles and ratings on some PSU banks could get lowered, given their weakening asset quality and capitalisation. Punjab National Bank (down 1.63%), Bank of Baroda (down 1.6%), State Bank of India (SBI) (down 0.46%), Canara Bank (down 1.37%), Andhra Bank (down 0.97%), Bank of India (down 1.33%) and Union Bank of India (down 1.57%) dropped. IDBI Bank rose 1.59%.
Stocks of private sector banks also edged lower. HDFC Bank (down 0.54%), ICICI Bank (down 0.06%), and Axis Bank (down 0.75%) declined. IndusInd Bank (up 0.06%) and Yes Bank (up 1.66%) rose.
S&P has reportedly said in its report that Indian banks have sizeable capital needs to support growth and meet Basel III requirements. According to the rating agency, private sector banks rated by it are better placed than their PSU peers on this front. Most PSU banks will have to rely on external capital infusion, given their reduced ability to generate internal capital, largely because of the pressure on asset quality in the past few years, the rating agency has reportedly said.
Kotak Mahindra Bank slipped 0.16% to Rs 663. The stock was volatile. The stock hit high of Rs 675.60 and low of Rs 655.20 in intraday trade. Kotak Mahindra Bank today, 23 March 2016, announced that the Reserve Bank of India has intimated the bank that following an approval from the Foreign Investment Promotion Board, the central bank has taken on its record the foreign investment limit in Kotak Mahindra Bank to be at 55% of the bank's equity capital. The ceiling on investment in the bank's shares by foreign institutional investors, foreign portfolio investors (FPIs) and qualified foreign investors (QFIs) remains at 40% of equity capital.
Index heavyweight Reliance Industries (RIL) lost 1.94% to Rs 1,028.15 after media reports suggested that its telecom arm Reliance Jio Infocomm might delay the launch of its much-awaited mobile broadband service (4G) to the end of this calendar year. Shares of RIL had gained 3.24% in the preceding three trading sessions to settle at Rs 1,048.50 yesterday, 22 March 2016, from its close of Rs 1,015.55 on 17 March 2016. According to reports, the reason for the likely delay for the launch of mobile broadband service is that the network is taking time to stabilise. There were expectations that Reliance Jio will launch its mobile broadband service on pan India basis at the start of the new financial year in April 2016. The company had announced soft launch of the broadband services for its employees in December 2015.
Telecom stocks edged higher as a delay in the launch of mobile broadband service from Reliance Jio will give other telecom players time to consolidate their position in the market. Bharti Airtel (up 1.17%), Idea Cellular (up 2.79%) and Tata Teleservices (Maharashtra) (up 5.38%) gained. MTNL (down 1.14%) and Reliance Communications (down 0.29%) fell.
Index heavyweight and software major Infosys advanced 1.86% to Rs 1,212. The stock hit high of Rs 1,212 and low of Rs 1,181.95 in intraday trade.
Sun Pharmaceutical Industries slipped 0.24%. Sun Pharmaceutical Industries and AstraZeneca Pharma India today, 23 March 2016, announced a partnership for the distribution of dapagliflozin, an innovative Type 2 diabetes medicine, in India.
Dapagliflozin is AstraZeneca India's leading diabetes medicine. Under the agreement, Sun Pharma will promote and distribute dapagliflozin under the brand name Oxra. AstraZeneca India markets dapagliflozin under the brand name Forxiga and under the terms of the agreement, both companies will promote, market and distribute dapagliflozin in India under different brand names, as per the joint press release. AstraZeneca will retain the intellectual property rights to dapagliflozin. Sun Pharma will also gain the rights to promote and distribute the combination of dapagliflozin with metformin under the brand name Oxramet after regulatory approval.
AstraZeneca India is currently seeking approval from the Drug Controller General of India for the combination of dapagliflozin with metformin, the two companies jointly said.
The size of the overall Indian anti-diabetes market is more than Rs 8400 crore (includes Type 1 & 2), growing at approximately 21% year on year (IMS February 2016 MAT). The top 5 players (which includes Sun Pharma) cumulatively account for 50% of this market.
Aviation stocks advanced on renewed buying. SpiceJet (up 6.38%), Jet Airways (India) (up 2.12%) and InterGlobe Aviation (up 6.02%) gained.
Graphite India gained 4.04% to Rs 74.65 after a large bulk deal of 58.40 lakh shares was executed on the scrip at Rs 72 per share in the opening bell on BSE today, 23 March 2016.
Pennar Engineered Building Systems spurted 12.47% after the company said it has secured new orders worth Rs 120 crore. The announcement was made during market hours today, 23 March 2016.
The Sensex edged higher for the fourth day in a row. The barometer index has risen 661.19 points or 2.67% in four trading sessions from its close of 24,677.37 on 17 March 2016.
There is an extended weekend for stock market traders this week. The stock market remains shut tomorrow, 24 March 2016, on account of Holi and again on Friday, 25 March 2016, on account of Good Friday. Most global stock markets are closed on account of Good Friday.
Minuscule gains pushed the Sensex and the Nifty to 11-week closing high. The Sensex edged higher for the fourth day in a row and the Nifty clocked gains for the sixth trading session in a row.
Index heavyweight Reliance Industries edged lower after media reports suggested that its telecom arm Reliance Jio Infocomm might delay the launch of its much-awaited mobile broadband service (4G) to the end of this calendar year. Telecom stocks edged higher as a delay in the launch of mobile broadband service from Reliance Jio will give other telecom players time to consolidate their position in the market.
Stocks of public sector banks (PSU banks) dropped after global credit rating agency Standard & Poor's (S&P) reportedly said in a latest report on Indian banks that stand-alone credit profiles and ratings on some PSU banks could get lowered, given their weakening asset quality and capitalisation
In overseas stock markets, European shares edged higher after a pullback during the previous trading session triggered by deadly attacks in Brussels. Most Asian stocks edged lower following lackluster cues overnight from US markets and geopolitical concerns following the deadly terror attacks in Brussels yesterday, 22 March 2016. Most US stocks fell yesterday, 22 March 2016, as a decline in financial and consumer-staples shares weighed on the main benchmarks.
The Sensex rose 7.07 points or 0.03% to settle at 25,337.56, its highest closing level since 6 January 2016. The Sensex rose 37.32 points or 0.14% at the day's high of 25,367.81. The barometer index fell 173.67 points or 0.68% at the day's low of 25,156.82.
The Nifty rose 1.60 points or 0.02% to settle at 7,716.50, its highest closing level since 6 January 2016. The Nifty rose 11.95 points or 0.15% at the day's high of 7,726.85. The index fell 44.10 points or 0.57% at the day's low of 7,670.80.
Among the sectoral indices on BSE, the BSE Metal index (up 1.71%), the S&P BSE Telecom index (up 1.19%), the BSE IT index (up 0.61%) and the BSE Auto index (up 0.56%) outperformed the Sensex. The BSE Oil & Gas index (down 1.1%), the S&P BSE Energy index (down 1.07%), the BSE Consumer Durables index (down 1%) and the BSE Utilities index (down 0.6%) underperformed the Sensex.
The market breadth indicating the overall health of the market turned negative from positive in late trade. On BSE, 1,313 shares declined and 1,287 shares gained. A total of 173 shares were unchanged. The BSE Mid-Cap index and BSE Small-Cap index rose 0.24% each. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 3098 crore, lower than turnover of Rs 3117.71 crore registered during the previous trading session.
Metal and mining stocks gained. Hindalco Industries (up 4.43%), Vedanta (up 0.05%), NMDC (up 0.45%) and Hindustan Copper (up 0.19%) edged higher. Hindustan Zinc shed 0.09%. Steel stocks edged higher. Tata Steel (up 2.2%), Steel Authority of India (up 4.28%), Jindal Steel & Power (up 0.73%) and JSW Steel (up 1.68%) gained.
Copper edged lower in the global commodities market. High Grade Copper for May 2016 delivery was currently off 0.2% at $2.285 per pound on the COMEX.
Stocks of public sector banks (PSU banks) dropped after global credit rating agency Standard & Poor's (S&P) reportedly said in a latest report on Indian banks that stand-alone credit profiles and ratings on some PSU banks could get lowered, given their weakening asset quality and capitalisation. Punjab National Bank (down 1.63%), Bank of Baroda (down 1.6%), State Bank of India (SBI) (down 0.46%), Canara Bank (down 1.37%), Andhra Bank (down 0.97%), Bank of India (down 1.33%) and Union Bank of India (down 1.57%) dropped. IDBI Bank rose 1.59%.
Stocks of private sector banks also edged lower. HDFC Bank (down 0.54%), ICICI Bank (down 0.06%), and Axis Bank (down 0.75%) declined. IndusInd Bank (up 0.06%) and Yes Bank (up 1.66%) rose.
S&P has reportedly said in its report that Indian banks have sizeable capital needs to support growth and meet Basel III requirements. According to the rating agency, private sector banks rated by it are better placed than their PSU peers on this front. Most PSU banks will have to rely on external capital infusion, given their reduced ability to generate internal capital, largely because of the pressure on asset quality in the past few years, the rating agency has reportedly said.
Kotak Mahindra Bank slipped 0.16% to Rs 663. The stock was volatile. The stock hit high of Rs 675.60 and low of Rs 655.20 in intraday trade. Kotak Mahindra Bank today, 23 March 2016, announced that the Reserve Bank of India has intimated the bank that following an approval from the Foreign Investment Promotion Board, the central bank has taken on its record the foreign investment limit in Kotak Mahindra Bank to be at 55% of the bank's equity capital. The ceiling on investment in the bank's shares by foreign institutional investors, foreign portfolio investors (FPIs) and qualified foreign investors (QFIs) remains at 40% of equity capital.
Index heavyweight Reliance Industries (RIL) lost 1.94% to Rs 1,028.15 after media reports suggested that its telecom arm Reliance Jio Infocomm might delay the launch of its much-awaited mobile broadband service (4G) to the end of this calendar year. Shares of RIL had gained 3.24% in the preceding three trading sessions to settle at Rs 1,048.50 yesterday, 22 March 2016, from its close of Rs 1,015.55 on 17 March 2016. According to reports, the reason for the likely delay for the launch of mobile broadband service is that the network is taking time to stabilise. There were expectations that Reliance Jio will launch its mobile broadband service on pan India basis at the start of the new financial year in April 2016. The company had announced soft launch of the broadband services for its employees in December 2015.
Telecom stocks edged higher as a delay in the launch of mobile broadband service from Reliance Jio will give other telecom players time to consolidate their position in the market. Bharti Airtel (up 1.17%), Idea Cellular (up 2.79%) and Tata Teleservices (Maharashtra) (up 5.38%) gained. MTNL (down 1.14%) and Reliance Communications (down 0.29%) fell.
Index heavyweight and software major Infosys advanced 1.86% to Rs 1,212. The stock hit high of Rs 1,212 and low of Rs 1,181.95 in intraday trade.
Sun Pharmaceutical Industries slipped 0.24%. Sun Pharmaceutical Industries and AstraZeneca Pharma India today, 23 March 2016, announced a partnership for the distribution of dapagliflozin, an innovative Type 2 diabetes medicine, in India.
Dapagliflozin is AstraZeneca India's leading diabetes medicine. Under the agreement, Sun Pharma will promote and distribute dapagliflozin under the brand name Oxra. AstraZeneca India markets dapagliflozin under the brand name Forxiga and under the terms of the agreement, both companies will promote, market and distribute dapagliflozin in India under different brand names, as per the joint press release. AstraZeneca will retain the intellectual property rights to dapagliflozin. Sun Pharma will also gain the rights to promote and distribute the combination of dapagliflozin with metformin under the brand name Oxramet after regulatory approval.
AstraZeneca India is currently seeking approval from the Drug Controller General of India for the combination of dapagliflozin with metformin, the two companies jointly said.
The size of the overall Indian anti-diabetes market is more than Rs 8400 crore (includes Type 1 & 2), growing at approximately 21% year on year (IMS February 2016 MAT). The top 5 players (which includes Sun Pharma) cumulatively account for 50% of this market.
Aviation stocks advanced on renewed buying. SpiceJet (up 6.38%), Jet Airways (India) (up 2.12%) and InterGlobe Aviation (up 6.02%) gained.
Graphite India gained 4.04% to Rs 74.65 after a large bulk deal of 58.40 lakh shares was executed on the scrip at Rs 72 per share in the opening bell on BSE today, 23 March 2016.
Pennar Engineered Building Systems spurted 12.47% after the company said it has secured new orders worth Rs 120 crore. The announcement was made during market hours today, 23 March 2016.
The Sensex edged higher for the fourth day in a row. The barometer index has risen 661.19 points or 2.67% in four trading sessions from its close of 24,677.37 on 17 March 2016.
There is an extended weekend for stock market traders this week. The stock market remains shut tomorrow, 24 March 2016, on account of Holi and again on Friday, 25 March 2016, on account of Good Friday. Most global stock markets are closed on account of Good Friday.
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