Key indices bounce back; breadth strong

Key benchmark indices bounced back in positive terrain in morning trade. At 10:16 IST, the barometer index, the S&P BSE Sensex, was up 44.91 points or 0.16% at 27,409.83. The 50-unit CNX Nifty was up 9.85 points or 0.12% at 8,284.90.

The broad market depicted strength. There were almost two gainers against every loser on BSE. 1,283 shares rose and 673 shares fell. A total of 119 shares were unchanged. The BSE Mid-Cap index was up 0.63%. The BSE Small-Cap index was up 0.67%. Both these indices outperformed the Sensex.

In overseas markets, Asian stock markets displayed a mixed trend amid continuing worries about China's slowing economy, while weak commodity prices weighed on resources stocks. US stocks finished yesterday's (19 October 2015) range-bound session marginally higher, as steep losses for energy stocks, following a drop in oil prices, kept a lid on the main indexes.

Most metal shares declined. Vedanta (down 1.48%), Hindalco Industries (down 1.45%), NMDC (down 1.3%), National Aluminium Company (down 0.75%), Tata Steel (down 0.75%), Jindal Steel & Power (down 0.27%), JSW Steel (down 0.27%) and Bhushan Steel (down 0.11%), edged higher. Steel Authority of India (up 0.27%), Hindustan Copper (up 0.60%) and Hindustan Zinc (up 1.04%), edged lower.

Most IT shares edged higher as rupee declined against the dollar. MphasiS (up 5.49%), Hexaware Technologies (up 2.75%), TCS (up 1.19%), MindTree (up 0.70%), Infosys (up 0.58%), Tech Mahindra (up 0.30%), HCL Technologies (up 0.16%) and CMC (up 0.03%), edged higher. Wipro (down 0.10%), Oracle Financial Services Software (down 0.27%) and Persistent Systems (down 0.32%), edged lower.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 64.96, compared with its close of 64.80 during the previous trading session. A weak rupee boosts revenue of IT firms in rupee terms as the sector derives a lion's share of revenue from exports.

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