Benchmark indices trade with small gains

Key benchmark indices traded with small gains in early afternoon trade. At 12:15 IST, the barometer index, the S&P BSE Sensex was up 72.41 points or 0.28% at 26,371.10. The Nifty 50 index was currently up 22.40 points or 0.28% at 8,134.

In overseas stock markets, Asian stocks witnessed a mixed trend. Foreign direct investment (FDI) into the Chinese mainland rose 4.2% year on year to reach 666.3 billion yuan in the first ten months of the year, official data showed today, 17 November 2016. In mainland China, the Shanghai Composite was currently up 0.18%. In Hong Kong, the Hang Seng was currently off 0.02%. US stocks closed mostly lower yesterday, 16 November 2016, as financial stocks fell but gains in technology stocks helped Nasdaq end the day higher. Philadelphia Federal Reserve President Patrick Harker reportedly said yesterday, 16 November 2016 that he favored raising interest rates and that the US central bank might have to hike more aggressively if the incoming Trump administration enacts a fiscal stimulus. The Fed has said it expects to raise rates gradually.

Closer home, the market breadth indicating the overall health of the market was negative. On BSE, 1,254 shares declined and 1,054 shares rose. A total of 127 shares were unchanged. The BSE Mid-Cap index was currently up 0.32%, outperforming the Sensex. The BSE Small-Cap index was currently up 0.02%, underperforming the Sensex.

Auto stocks were mixed. Tata Motors (up 2.89%), Mahindra & Mahindra (up 0.72%), Ashok Leyland (up 0.51%) and Maruti Suzuki India (up 0.02%) edged higher. Eicher Motors (down 1.4%), Hero MotoCorp (down 1.03%), Bajaj Auto (down 1.22%) and TVS Motor Company (down 0.18%) edged lower.

IT stocks edged lower. HCL Technologies (down 2.43%), Wipro (down 1.86%), Oracle Financial Services Software (down 1.8%), TCS (down 1%) and Infosys (down 0.07%) declined. Tech Mahindra (up 0.96%) rose.

Greenply Industries jumped 7.19% after the company said that MSCI added the company in MSCI Global Small Cap Indexes after making changes to constituents in these indices. Greenply Industries said that the change in constituents for the MSCI Global Small Cap Indexes will take place as of the close of 30 November 2016. The announcement was made after market hours yesterday, 16 November 2016.

MSCI is a leading provider of benchmark indices and risk management analytics products. Many global mutual funds passively track MSCI indices. Hence any addition or deletion of a stock or change in weightage of a stock in MSCI indices will require the fund tracking MSCI indices to make adjustment to its portfolio.

Voltas lost 6.9% after consolidated net profit rose 7.21% to Rs 72.11 crore on 5.03% decline in total income to Rs 1033.06 crore in Q2 September 2016 over Q2 September 2015. Voltas said that order book of the Electro-Mechanical Projects Services segment stood higher at Rs 4252 crore as on 30 September 2016 as compared to Rs 3736 crore as on 30 September 2015. Orders booked during the quarter include Rs 121 crore for water treatment plant for Agra smart city, Voltas said. For Engineering Products and Services segment, Voltas said that the industrial environment in India for both, textile and mining businesses remains challenging for capital equipment sales, due to the weak investment cycle. In Unitary Cooling Products for Comfort and Commercial use segment, Voltas said that the company continued to be the market leader for the room air conditioners in India. The result was announced after market hours yersterday, 16 November 2016.

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