Auto stocks move higher

A bout of volatility was witnessed as the key benchmark indices once again slipped into negative zone after reversing intraday losses in mid-morning trade. At 11:14 IST, the barometer index, the S&P BSE Sensex, was down 21.22 points or 0.08% at 25,859.16. The Nifty 50 index was currently down 6.25 points or 0.08% at 7,905.80.

The Sensex rose 41.64 points or 0.16% at the day's high of 25,922.02 in mid-morning trade. The barometer index lost 108.50 points or 0.41% at the day's low of 25,771.88 in early trade, its lowest level since 20 April 2016. The Nifty rose 8.60 points or 0.1% at the day's high of 7,920.65 in mid-morning trade. The index lost 38.70 points or 0.48% at the day's low of 7,873.35 in early trade, its lowest level since 18 April 2016.

The market breadth indicating the overall health of the market was positive. On BSE, 1,149 shares gained and 934 shares declined. A total of 139 shares were unchanged. The BSE Mid-Cap index was currently up 0.1%. The BSE Small-Cap index was currently up 0.07%. Both these indices outperformed the Sensex.

In overseas stock markets, Asian markets edged lower following overnight losses for US stocks. US stocks closed lower yesterday, 21 April 2016, as big declines in defensive sectors such as consumer staples, telecom and utilities weighed on the main indexes. In Europe, the European Central Bank (ECB) yesterday, 21 April 2016, left monetary policy unchanged as expected. ECB President Mario Draghi retained a hawkish stance when he said that he would use all the tools at his disposal for "as long as needed".

Auto stocks gained on renewed buying. Tata Motors (up 1.01%), Maruti Suzuki India (up 1.46%), Mahindra & Mahindra (M&M) (up 1.13%), Bajaj Auto (up 2.08%), Hero MotoCorp (up 0.57%) and TVS Motor Company (up 1.05%) rose. Eicher Motors (down 0.31%) and Ashok Leyland (down 0.66%) fell.

TCS slipped 0.16%. TCS today, 22 April 2016, announced winning a long-term contract from full service carrier Vistara. As per the agreement, TCS will provide a broad range of IT services in the area of IT Management, application maintenance and application development to help Vistara achieve its goal in customer experience, operational excellence as well as cost leadership.

Realty stocks witnessed mixed trend. Indiabulls Real Estate (up 1.06%), Godrej Properties (up 1.87%), Housing Development and Infrastructure (up 0.66%), D B Realty (up 0.52%), DLF (up 0.28%), Sobha (up 0.12%) rose. Unitech (down 0.77%) and Oberoi Realty (down 1.74%) fell.

The Reserve Bank of India (RBI) has allowed foreign investment in the units of Real Estate Investment Trusts (REITs), Infrastructure Investment Trusts (InvITs) and Alternative Investment Funds (AIFs). A person resident outside India including a Registered Foreign Portfolio Investor (RFPI) and a Non-Resident Indian (NRI) may invest in units of REITs, InvITs and AIFs, the RBI said in a notification issued yesterday, 21 April 2016.

Crompton Greaves lost 3.17% to Rs 57.95, with the stock sliding on profit booking after recent sharp gains. Shares of Crompton Greaves had rallied 18.04% in the preceding six trading sessions to settle at Rs 59.85 yesterday, 21 April 2016, from its close of Rs 50.70 on 8 April 2016.

Dishman Pharmaceuticals and Chemicals rose 2.98% after the company said that it has fixed 3 May 2016 as the record date for the purpose of 1:1 bonus issue of shares. The announcement was made after market hours yesterday, 21 April 2016.

Powered by Capital Market - Live News