Key benchmark indices continued to hover in a narrow range in negative zone in mid-afternoon trade. At 14:15 IST, the barometer index, the S&P BSE Sensex, was down 11.78 points or 0.04% at 28,761.35. The Nifty 50 index was currently down 2.10 points or 0.02% at 8,865.35. The market breadth indicating the overall health of the market turned negative from positive in mid-afternoon trade. On BSE, 1,268 shares declined and 1,266 shares rose. A total of 235 shares were unchanged. The BSE Mid-Cap index was currently up 0.6%. The BSE Small-Cap index was currently up 0.59%. Both these indices outperformed the Sensex.
In overseas stock markets, European stocks edged lower after the euro zone flash composite Purchasing Managers' Index (PMI) fell to 52.6 in September 2016, from August's reading of 52.9. Asian stocks edged lower amid a slew of economic data. In mainland China, the Shanghai Composite settled 0.28% lower. In Hong Kong, the Hang Seng closed 0.39% lower. The MNI China business sentiment index came it at 55.8 in September 2016, up from a marginally revised 54.1 in August, driven by a faster increase in new orders and a further strengthening in confidence among manufacturing companies. In Japan, the Nikkei 225 Average ended 0.32% lower. Japanese manufacturing activity expanded for the first time in seven months in September, a preliminary survey showed today, 23 September 2016. The IHS Markit/Nikkei Japan Flash Manufacturing Purchasing Managers Index (PMI) rose to 50.3 in September from a final 49.5 in August on a seasonally adjusted basis.
US stocks registered modest gains yesterday, 22 September 2016, extending previous trading session's gains as investors digested several economic data releases and the Federal Reserve's latest monetary policy decision. US home resales unexpectedly fell in August 2016. The National Association of Realtors said yesterday, 22 September 2016 that existing home sales declined 0.9% to an annual rate of 5.33 million units.
Metal and mining stocks edged higher. Hindustan Zinc (up 2.36%), NMDC (up 1.99%), Vedanta (up 1.67%), Jindal Steel & Power (up 0.85%), National Aluminium Company (up 0.76%), Hindalco Industries (up 0.26%), Hindustan Copper (up 0.16%), Steel Authority of India (up 0.1%) and JSW Steel (up 0.22%) rose. Tata Steel (down 0.35%) edged lower.
Meanwhile, copper prices edged lower in global commodities markets. High Grade Copper for December 2016 delivery was currently off 0.09% at $2.1925 per pound on the COMEX.
Capital goods stocks were mostly higher. BEML (up 1.42%), Siemens (up 1.32%), Bharat Electronics (up 0.86%), L&T (up 0.33%), GE T&D India (up 0.19%) and Havells India (up 0.07%) edged higher. Thermax (down 1.18%), Crompton Greaves (down 0.8%), Praj Industries (down 0.45%) and ABB India (down 0.03%) edged lower.
Bharat Heavy Electricals (Bhel) rose 0.54% at Rs 147.90 after the company's chairman & managing director Atul Sobti said the company recorded its highest-ever commissioning of projects and highest order booking in the last five years in the financial year ended 31 March 2016 (FY 2016), with significant traction in growth drivers. Addressing shareholders at the company's annual general meeting yesterday, 22 September 2016, Sobti said that enhanced focus on project execution has resulted in Bhel creating history by way of commissioning/synchronizing an all-time high 15,059 megawatts (MW) of power generating equipment during the year. Despite intense competitive pressure in the power and capital goods markets during the year, Bhel achieved the highest order booking in the last five years, at Rs 43727 crore, a 42% leap over FY 2015. The company ended FY 2016 with a total order book of Rs 110730 crore for execution in FY 2017 and beyond. The announcement was made after market hours yesterday, 22 September 2016.
Suzlon Energy rose 0.63% at Rs 15.95 after the company announced that it has been awarded orders for a combined capacity of 111.30 megawatts (MW) between August and September 2016. Suzlon Energy said that the combined capacity included orders from reputed corporate houses such as Serum Institute of India, Rajasthan Gum Group and an assortment of small & medium enterprises (SME) customers. The corporate and SME orders have been received from mixed bag of customers across diverse industry segments. Suzlon will provide the entire spectrum of turnkey solutions right from equipment supply till commissioning and also offer dedicated life cycle asset management services for a contractually defined period to these customers. The projects are spread across the key windy states of Andhra Pradesh, Gujarat, Karnataka and Tamil Nadu and are scheduled to be completed by March 2017. The announcement was made during market hours today, 23 September 2016.
Bharat Financial Inclusion surged 6.58% at Rs 865 after the company announced that its qualified institutional placement (QIP) opened on 22 September 2016. Bharat Financial Inclusion said that the capital raising committee of the board of directors at a meeting held on 22 September 2016 approved the opening of the QIP aggregating Rs 750 crore on 22 September 2016. The floor price of the offer was fixed at Rs 769.95 per share. The company may at its discretion offer a discount of up to 5% on the floor price in the offer. Bharat Financial Inclusion said that the meeting of the capital raising committee of the board of directors will be held on 27 September 2016 to consider and approve the issue price for QIP. The announcement was made after market hours yesterday, 22 September 2016.
Separately, Bharat Financial Inclusion announced after market hours yesterday, 22 September 2016, that the company issued commercial papers for an aggregate amount of Rs 100 crore on 22 September 2016, which have been rated 'A1+' by a leading rating agency. Instruments with A1+ rating are considered to have 'a very strong degree of safety regarding timely payment of financial obligations'. Such instruments carry the lowest credit risk. The aggregate commercial papers outstanding as on date is Rs 450 crore.
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