Broad market depicts strength

Gains in Asian stocks boosted sentiment on the domestic bourses. At 11:16 IST, the barometer index, the S&P BSE Sensex, was up 197.18 points or 0.74% at 26,976.84. The 50-unit CNX Nifty was up 63.75 points or 0.79% at 8,171.65. The Sensex was currently trading below the psychological 27,000 level after surpassing that level in morning trade. The Sensex surged 238.48 points or 0.89% at the day's high of 27,018.14 in morning trade, its highest level since 12 October 2015. The Nifty rose 73.20 points or 0.9% at the day's high of 8,181.10 in intraday trade, its highest level since 12 October 2015.

In overseas stock markets, Chinese stocks led gains in Asian markets amid fresh signs of reform for Chinese state-owned firms. Asian markets also gained as expectations build that the Federal Reserve will delay raising interest rates soon after disappointing US economic data and that the Fed's delay in raising interest rates will slow capital flight from emerging markets. Trading of US index futures indicated a recovery in US stocks at the opening bell today, 15 October 2015. US stocks edged lower yesterday, 14 October 2015, after weaker-than-expected economic reports and a gloomy earnings forecast from Wal-Mart Stores, the world's biggest retailer.

Closer home, the broad market depicted strength. There were more than two gainers against every loser on BSE. 1,471 shares rose and 706 shares fell. A total of 106 shares were unchanged. The BSE Mid-Cap index was up 0.83%, outperforming the Sensex. The BSE Small-Cap index was up 0.68%, underperforming the Sensex.

Oil stocks witnessed across the board gains. Among public sector oil marketing companies, BPCL (up 1.79%), HPCL (up 1.1%) and Indian Oil Corporation (up 0.26%) edged higher.

Shares of oil exploration and production (E&P) firms also edged higher. Cairn India (up 0.57%), Oil India (up 0.25%) and ONGC (up 1.16%) gained.

In global commodities markets, Brent for November settlement was currently up 14 cents at $49.29 a barrel. The contract had declined 9 cents or 0.18% to settle at $49.15 a barrel during the previous trading session. The Brent November contract expires today, 15 October 2015. Brent for December settlement was currently up 5 cents at $49.74 a barrel.

Index heavyweight Reliance Industries was up 0.39% at Rs 905.50. The company is scheduled to announce its Q2 September 2015 results tomorrow, 16 October 2015.

Cement stocks gained. UltraTech Cement (up 1.72%), ACC (up 0.9%) and Ambuja Cements (up 0.31%) gained. Shree Cement (down 0.54%) declined.

Grasim Industries was up 1.05% at Rs 3,671.80. Grasim has exposure to cement sector through its holding in UltraTech Cement.

Hindustan Unilever (HUL) dropped 1.84% at Rs 782.75, with the stock extending losses registered yesterday, 14 October 2015, triggered by the company reporting flat bottom line after adjusting for exceptional items in Q2 September 2015. The stock had lost 1.85% to settle at Rs 797.40 yesterday, 14 October 2015. HUL said that the phasing out of excise duty incentives and fall in product prices adversely impacted the company's performance in Q2 September 2015. The company reduced product prices in a bid to pass on the benefit of lower commodity costs to consumers.

Zee Entertainment Enterprises (Zee) was up 4.62% at Rs 403.40, with the stock bouncing back from a post result slide witnessed yesterday, 14 October 2015. The stock had fallen 3.88% to settle at Rs 385.60 yesterday, 14 October 2015.

IVRCL spurted 12.14% at RS 10.62 after the company said one of its special purpose vehicles (SPV) has begun collection of toll from Chengapalli tollways in Tamil Nadu. VRCL Chengapalli Tollways (ICTL), an SPV formed by IVRCL for implementing the project, has begun collection of toll. The company has obtained the provisional certificate for commercial operation and the toll collection started from 14 October 2015. The company made the announcement after market hours yesterday, 14 October 2015.

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