Broad market depicts strength

Key benchmark indices were trading with small gains in mid-morning trade. At 11:20 IST, the barometer index, the S&P BSE Sensex was up 13.33 points or 0.05% at 27,929.23. The gains for the Nifty 50 index were higher than the Sensex's gains in percentage terms. The Nifty was currently up 24.40 points or 0.28% at 8,639.65. The broad market depicted strength. There were more than two gainers against every loser on BSE. 1,554 shares rose and 674 shares fell. A total of 204 shares were unchanged. The BSE Mid-Cap index was currently up 0.91%. The BSE Small-Cap index was currently up 0.93%. Both these indices outperformed the Sensex.

In overseas stock markets, most Asian stocks dropped tracking overnight losses in US stocks. US stocks settled with modest losses yesterday, 27 October 2016 as a selloff in government bonds hit yield-sensitive sectors such as real estate and utilities.

Telecom stocks gained. Tata Teleservices (Maharashtra) (up 2.91%) Reliance Communications (RCom) (up 0.98%) and Idea Cellular (up 0.77%) gained. Bharti Airtel fell 0.91%.

Shares of Bharti Infratel fell 0.23%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.

Cement stocks dropped. ACC (down 0.19%), Shree Cement (down 1.23%), Ambuja Cements (down 0.76%), and UltraTech Cement (down 0.62%) declined.

Grasim Industries rose 0.63% ahead of its Q2 today, 28 October 2016. Grasim has exposure to the cement sector through its holding in UltraTech Cement.

Shriram City Union Finance surged 8.01% after net profit rose 34.26% to Rs 204.49 crore on 17.93% rise in total income to Rs 1115.58 crore in Q2 September 2016 over Q2 September 2015. The announcement was made after market hours yesterday, 27 October 2016. The company's assets under management (AUM) rose 17.8% to Rs 21390 crore in Q2 September 2016 over Q2 September 2015. Disbursements rose 23% to Rs 5567 crore in Q2 September 2016 over Q2 September 2015. Net interest income rose 22.3% to Rs 735 crore in Q2 September 2016 over Q2 September 2015.

Glenmark Pharmaceuticals rose 2.66% after net profit rose 3.46% to Rs 223.59 crore on 15.67% rise in net sales to Rs 2173.18 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 28 October 2016. The consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) rose 11.15% to Rs 448.76 crore in Q2 September 2016 over Q2 September 2015.

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