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Key indices languish in negative zone

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A range-bound movement was witnessed as key benchmark indices hovered in negative zone in mid-morning trade. At 11:15 IST, the barometer index, the S&P was down 53.21 points or 0.19% at 27,997.67. The 50 index was currently down 12.50 points or 0.14% at 8,665.40. The was currently trading below the psychologically important 28,000 level after falling below that level in intraday trade. The market breadth indicating overall health of the market was strong. On BSE, 1,448 shares rose and 867 shares declined. A total of 147 shares were unchanged. The Mid-Cap index was currently up 0.13%. The Small-Cap index was currently up 0.63%. Both these indices outperformed the

In overseas stock markets, Asian stocks edged higher tracking overnight gains in US stock markets. In mainland China, the Shanghai Composite was currently up 0.11%. In Hong Kong, the Hang Seng was currently down 0.23%. Latest data showed that China's gross domestic product (GDP) rose 6.7% in the third quarter from a year earlier. Another data showed that China's industrial output increased 6.1% in September 2016, from a year earlier. US stocks registered modest gains yesterday, 18 October 2016, helped by stronger-than-expected quarterly reports and after mixed inflation data.

Bank stocks witnessed a mixed trend. Among public sector banks, Union Bank of India (down 1.61%), Canara Bank (down 0.49%), Punjab National Bank (down 0.36%) and State Bank of India (down 0.35%) edged lower. IDBI Bank (up 3.5%), Indian Bank (up 0.95%) and Bank of India (up 0.04%) edged higher.

Bank of Baroda (BoB) was up 0.1% after the bank announced that a meeting of the Capital Raising Committee of the Board is scheduled to meet on 21 October 2016, to consider and approve the issue of bonds. The announcement was made after market hours yesterday, 18 October 2016. It may be recalled that BoB had announced on 15 October 2016 that it had initiated the process of raising funds through issuance of Basel III Compliant AT-I (Additional Tier-I Capital) Bonds of Rs 1000 crore with Green Shoe option of Rs 1000 crore (Total size not to exceed Rs 2000 crore) on private placement basis.

Among private sector banks, ICICI Bank (down 1.39%), HDFC Bank (down 0.6%) and IndusInd Bank (down 0.57%) edged lower. RBL Bank (up 1.93%), Axis Bank (up 1.05%), Yes Bank (up 0.75%) and Kotak Mahindra Bank (up 0.64%) edged higher.

Realty stocks were mixed. Prestige Estates Projects (down 2.18%), D B Realty (down 0.52%), Housing Development & Infrastructure (down 0.87%), Indiabulls Real Estate (down 0.36%) and DLF (down 0.46%) edged lower. Oberoi Realty (up 0.21%), Godrej Properties (up 0.38%), Sobha (up 0.48%) and Unitech (up 0.01%) edged higher.

Endurance Technologies was trading at Rs 604.65 on BSE, a premium of 28.1% over the initial public offer (IPO) price of Rs 472 per share on its debut on the bourses today, 19 October 2016. The stock made its debut on the bourses at Rs 570, a premium of 20.76% over IPO price. The stock hit high of Rs 606 and low of Rs 570 so far during the day. The IPO of Endurance Technologies saw strong response from investors. Endurance Technologies is a two-wheeler and three-wheeler automotive component manufacturer.

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

First Published: Wed, October 19 2016. 11:11 IST