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Auto, capital goods stocks gain

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Key benchmark indices extended gains in early afternoon trade. At 12:15 IST, the barometer index, the S&P was up 239.83 points or 0.87% at 27,769.80. The 50 index was currently up 69.30 points or 0.81% at 8,589.70. The broad market depicted strength. There were more than two gainers against every loser on 1,744 shares rose and 763 shares declined. A total of 158 shares were unchanged. The Mid-Cap index was currently up 0.99%. The Small-Cap index was currently up 0.96%. Both these indices outperformed the Gains in Asian stocks aided the upmove on the domestic bourses.

The rose 260.52 points or 0.94% at the day's high of 27,790.49 in early afternoon trade. The barometer index rose 122.79 points or 0.44% at the day's low of 27,652.76 at the onset of trading session. The rose 76.50 points or 0.89% at the day's high of 8,596.90 in early afternoon trade. The index rose 35.50 points or 0.41% at the day's low of 8,555.90 at the onset of trading session.

In overseas stock markets, Asian stocks edged higher tracking a rebound in oil prices. US stocks registered small losses yesterday, 17 October 2016, amid falling oil prices, as investors digested a number of corporate results, key economic data and remarks from a key Federal Reserve official. Fed Vice Chair Stanley Fischer reportedly warned of the dangers of low interest rates, suggesting they could lead to longer and deeper recessions, making the economy more vulnerable.

Capital goods stocks edged higher. Crompton Greaves (up 2.09%), Havells India (up 1.63%), Praj Industries (up 1.4%), L&T (up 1.06%), Thermax (up 0.97%), BEML (up 0.71%), Bharat Electronics (up 0.65%) and Siemens (up 0.61%) rose. ABB India (down 1.22%) and Suzlon Energy (down 0.07%) edged lower.

Bharat Heavy Electricals (Bhel) was up 1.1% at Rs 133.20. The company during market hours today, 18 October 2016 said that Prime Minister Narendra Modi dedicated three hydro electric projects (HEP) in Himachal Pradesh, representing 1,732 megawatts (MW) of generating capacity to the nation today, 18 October 2016. All three power projects are equipped with generating equipment supplied and commissioned by Bhel, the company said.

Auto stocks moved higher. Ashok Leyland (up 2.76%), Eicher Motors (up 1.84%), TVS Motor Company (up 1.83%), Tata Motors (up 1.14%), (up 0.69%), Mahindra & Mahindra (up 0.57%) and Hero MotoCorp (up 0.36%) edged higher. Maruti Suzuki India was flat at Rs 5,600.

Suven Life Sciences rose 2.24% after the company said it has secured two product patents in Europe and Israel corresponding to the New Chemical Entities (NCEs) for the treatment of disorders associated with Neurodegenerative diseases and these Patents are valid through 2030 and 2029 respectively. The announcement was made during trading hours today, 18 October 2016.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, October 18 2016. 12:10 IST
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