Key benchmarks witness divergent trend

Key benchmark indices displayed divergent trend in mid-afternoon trade. At 14:16 IST, the barometer index, the S&P BSE Sensex, was down 8.41 points or 0.03% at 28,345.13. The Nifty 50 index was up 6.45 points or 0.07% at 8,722.05.

In overseas stock markets, European stocks were trading higher, shrugging off market jitters over central bank uncertainty and a renewed drop in oil prices. Most Asian shares declined today, 14 September 2016, bruised by a fall in oil prices on renewed worries about a supply glut and as investors grew nervous about the diminishing capacity of the world's major central banks to shore up economic growth. The US market edged lower yesterday, 13 September 2016, as equities suffered a sharp sell-off amid a slump in energy shares and uncertainty about the Federal Reserve's plans for monetary policy.

Back home, the market breadth, indicating the overall health of the market, was strong. On BSE, 1,704 shares rose and 905 shares fell. A total of 175 shares were unchanged. The BSE Mid-Cap index was currently up 0.95%. The BSE Small-Cap index was currently up 1.12%. Both these indices outperformed the Sensex.

Index heavyweight Reliance Industries (RIL) was up 0.31 % to Rs 1,049.85 after the company announced during trading hours today, 14 September 2016, that Bharti Airtel has decided to provide more points of interconnection to Reliance Jio Infocomm (RJIL). RJIL, a subsidiary of RIL, has built an all-IP data network with 4G LTE technology.

Bharti Airtel was up 0.55% to Rs 319.75.

Capital goods shares were mixed. Suzlon Energy (down 6.67%), ABB India (down 1.42%), GE Power (down 1.19%), Crompton Greaves (down 0.94%), AIA Engineering (down 0.91%), BEML (down 0.75%), Jindal Saw (down 0.48%), Bharat Electronics (down 0.39%), Havells India (down 0.28%) and SKF India (down 0.01%), edged lower. Thermax (up 0.55%), Siemens (up 0.69%), Praj Industries (up 0.86%), GE T&D India (up 0.88%), Lakshmi Machine Works (up 0.99%), Reliance Defence and Engineering (up 3.46%) and Punj Lloyd (up 14.58%), edged higher.

Bharat Heavy Electricals (Bhel) was down 0.68% to Rs 146.50 on turning ex-dividend today, 14 September 2016, for final dividend of Rs 0.40 per share for the year ended 31 March 2016.

Engineering and construction major L&T was up 0.62% to Rs 1,472.60.

PSU Banks were in demand. Canara Bank (up 4.09%), Bank of Baroda (up 3.90%), Allahabad Bank (up 2.79%), Bank of India (up 2.55%), Punjab National Bank (up 2.48%), IDBI Bank (up 2.45%), Andhra Bank (up 1.96%), Syndicate Bank (up 1.85%), State Bank of India (up 1.56%), Union Bank of India (up 1.42%), Vijaya Bank (up 1.41%), Indian Bank (up 1.38%), UCO Bank (up 0.98%), Dena Bank (up 0.93%), Punjab & Sind Bank (up 0.85%), Corporation Bank (up 0.46%), United Bank of India (up 0.46%), Central Bank of India (up 0.43%) and Bank of Maharashtra (up 0.16%), edged higher.

Private sector banks were mixed. Yes Bank (up 2.76%), Federal Bank (up 2.05%), ICICI Bank (up 1.28%) and Axis Bank (up 0.73%), edged higher. IndusInd Bank (down 0.64%), HDFC Bank (down 0.81%), Kotak Mahindra Bank (down 0.82%) and City Union Bank (down 1.25%), edged lower.

On the economic front, the annual rate of inflation, based on monthly Wholesale Price Index (WPI), stood at 3.74% (provisional) for the month of August 2016 as compared to 3.55% (provisional) in July 2016 and -5.06% in August 2015. Build up inflation rate in the financial year so far was 4.45% compared to a build up rate of 0.23% in the corresponding period of the previous year. The data was announced during market hours today, 14 September 2016.

India's industrial production (IIP) fell 2.4% in July 2016 over July 2015. Industrial production expanded 2.1% in June 2016 over June 2015. The data was announced after market hours on Monday, 12 September 2016.

India's inflation data based on consumer price index (CPI) for August 2016 slowed to 5.05% in August 2016. CPI accelerated to 6.07% in July 2016 from 5.77% in June 2016. The data was announced after market hours on Monday, 12 September 2016.

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