Key indices languish in negative zone

A divergent trend was witnessed among various index constituents, with key benchmark indices languishing in negative zone. At 12:16 IST, the barometer index, the S&P BSE Sensex, was down 90.22 points or 0.36% at 24,810.41. The Nifty 50 index was currently down 24.85 points or 0.33% at 7,589.50. The Sensex failed to retain the psychologically important 25,000 level which it had crossed at the onset of the trading session.

In overseas stock markets, most Asian stocks edged higher after overnight gains in US stocks. US stocks edged higher yesterday, 6 April 2016, after the minutes of the Federal Reserve's March meeting showed that officials favoured more gradual rate hikes.

Closer home, the market breadth indicating the overall health of the market was positive. On BSE, 1,157 shares rose and 1,037 shares fell. A total of 101 shares were unchanged. The BSE Mid-Cap index was currently up 0.16%. The BSE Small-Cap index was currently up 0.15%. Both these indices outperformed the Sensex.

Stocks of public sector banks witnessed a mixed trend. IDBI Bank (up 1.48%), Bank of Baroda (up 1.26%), Punjab National Bank (up 0.92%), State Bank of India (up 0.05%) and Corporation Bank (up 0.65%) edged higher. Indian Bank (down 1.38%), Oriental Bank of Commerce (down 0.85%), Central Bank of India (down 0.74%), Bank of India (down 0.54%) and Union Bank of India (down 0.39%) edged lower.

Stocks of private sector banks dropped. Kotak Mahindra Bank (down 0.38%), IndusInd Bank (down 0.21%), ICICI Bank (down 0.09%) and HDFC Bank (down 0.05%) edged lower. Axis Bank (up 1.06%) and Yes Bank (up 0.81%) edged higher.

IT stocks were mixed. Wipro (down 0.77%), Persistent Systems (down 0.88%) and HCL Technologies (down 0.38%) edged lower. Tech Mahindra (up 0.72%) and Oracle Financial Services Software (up 0.27%) edged higher.

Index heavyweight and IT major Infosys fell 1.63% at Rs 1,181.55 after a block deal of 55.20 lakh shares was executed on the counter at Rs 1,176.80 per share at 9:46 IST on BSE. The company will announce its Q4 March 2016 results on 15 April 2016.

TCS was off 0.24% at Rs 2,473. The stock hit a high of Rs 2,483.40 and a low of Rs 2,458.90 so far during the day. The company will announce its Q4 March 2016 results on 18 April 2016.

Shares of state-run power equipment major Bharat Heavy Electricals (Bhel) edged higher ahead of the announcement of its tentative financial performance or flash results for the year ended 31 March 2016 (FY 2016). The stock was currently up 1.36% at Rs 115.55. The stock hit a high of Rs 117 and a low of Rs 114.70 so far during the day. The company is scheduled to announce its flash results for FY 2016 today, 7 April 2016.

Nava Bharat Ventures rose 1.42% at Rs 164.60 after the company said it has entered into an agreement for renewal of conversion arrangement of chrome ore into ferro chrome with Tata Steel. The agreement with Tata Steel is for a period of 4 years commencing from April 2016 to produce up to 70,000 metric tonne (MT) of high carbon ferro chrome per annum at its Odisha ferro alloy plant. The announcement was made after market hours yesterday, 6 April 2016.

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