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Bank stocks edge higher

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Key benchmark indices traded firm in positive zone in mid-morning trade. At 11:15 IST, the barometer index, the S&P was up 238.72 points or 0.87% at 27,768.69. The 50 index was currently up 68.80 points or 0.81% at 8,589.20. Gains in Asian stocks aided the upmove on the domestic bourses.

The rose 251.44 points or 0.91% at the day's high of 27,781.41 in morning 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 73.75 points or 0.86% at the day's high of 8,594.15 in morning 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.

Closer home, the broad market depicted strength. There were more than two gainers against every loser on 1,663 shares rose and 685 shares declined. A total of 142 shares were unchanged. The Mid-Cap index was currently up 0.97%. The Small-Cap index was currently up 0.92%. Both these indices outperformed the

Bank stocks edged higher. Among public sector banks, (up 0.63%), (up 0.8%), (up 0.66%), (up 0.14%), (up 0.39%), (up 0.65%), Union (up 0.51%) and State (up 0.49%) gained.

Among private sector banks, (up 1.47%), (up 1.46%), (up 0.71%), RBL Bank (up 0.68%) and (up 0.44%) edged higher.

Index heavyweight was up 0.44% at Rs 1,243.20. The stock hit a high of Rs 1,245 and a low of Rs 1,240.25 so far during the day.

rose 0.24%. The bank said it has reduced its lending rates based on marginal cost of funds based lending rate (MCLR) by 5 basis points across all tenors effective from 18 October 2016. said that the bank's MCLR for overnight loans will be 8.8%, the rate for one month will be 8.85% and for three months it will be 9.05%. The MCLR on 6-month loans will be 9.15% and for one-year loans the rate will be 9.2%, the bank said. MCLR on two-year loans will be 9.3% and for three-year loans the rate will be 9.35%. The announcement was made after market hours yesterday, 17 October 2016.

Separately, announced after market hours yesterday, 17 October 2016 that it has received request for redemption of $46 million - 7.167% Callable Hybrid Tier I Notes on 16 November 2016. The Notes were issued on 15 November 2006.

IT stocks edged higher. Oracle Financial Services Software (up 1.22%), HCL Technologies (up 1.3%), Wipro (up 0.72%) and Tech Mahindra (up 0.27%) gained. TCS (down 0.14%) edged lower.

Index heavyweight and software major Infosys was up 0.68% at Rs 1,028.95. The stock hit a high of Rs 1,035 and a low of Rs 1,027.40 so far during the day.

Shriram EPC surged 10.27% at Rs 26.30 after the company said it bagged a Rs 61 crore contract for a water supply scheme in Bengaluru. The project is to be executed over a period of 36 months. The announcement was made after market hours yesterday, 17 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. 11:11 IST