After a recovery in morning trade, key benchmark indices slipped once again in mid-morning trade. At 11:20 IST, the barometer index, the S&P BSE Sensex, was down 119.84 points or 0.47% at 25,222.02. The Nifty 50 index was down 36.10 points or 0.47% at 7,702.30.
The Sensex rose 13.08 points, or 0.05% at the day's high of 25,354.94 in morning trade. The index fell 131.09 points, or 0.52% at the day's low of 25,210.77 in mid-morning trade, its lowest level since 30 March 2016. The Nifty 50 index rose 1.75 points, or 0.02% at the day's high of 7,740.15 in morning trade. The index fell 38.80 points, or 0.50% at the day's low of 7,699.60 in early trade, its lowest level since 30 March 2016.
The market breadth, indicating the overall health of the market, was strong. On BSE, 1,344 shares rose and 694 shares fell. A total of 86 shares were unchanged. The BSE Mid-Cap index was currently down 0.45%. The BSE Small-Cap index was currently up 0.87%, Both these indices outperformed the Sensex.
In the overseas market, Asian stocks tumbled today, 1 April 2016, as investors began the new quarter in a cautious mood, with Japanese equities leading losses amid a slump in corporate sentiment. Metals rose after a gauge of Chinese manufacturing expanded for the first time since July. US stocks closed lower yesterday, 31 March 2016, but still had one of their best months since October as market sentiment stabilized on a more dovish Federal Reserve.
ICICI bank was down 0.85% at Rs 234.55. The bank announced lending rates based on marginal cost of funds to be effective from today, 1 April 2016. ICICI's Marginal Cost of Funds based Lending Rate (MCLR) for overnight loans will be 9%, for one month will be 9% and for three months will be 9.1%. The MCLR on 6-month loans will be 9.15% and for one-year loans the rate would be 9.2%, the bank said. The announcement was made after market hours yesterday, 31 March 2016.
Axis Bank was up 0.36% at Rs 446.15. The bank announced lending rates based on marginal cost of funds to be effective from today, 1 April 2016. Axis Bank's Marginal Cost of Funds based Lending Rate (MCLR) for overnight loans will be 9.10%, for one month will be 9.20% and for three months will be 9..40%. The MCLR on 6-month loans will be 9.45% and for one-year loans the rate would be 9.50%, the bank said. The MCLR on two-year loans will be 9.60% and for three-year loans the rate would be 9.65%, the bank said. The announcement was made during market hours today, 1 April 2016.
Index heavyweight and housing finance major HDFC was up 0.04% to Rs 1,106. The stock hit a high of Rs 1,110.90 and a low of Rs 1,093.30 so far during the day. The company announced that it has sold a 9% stake in HDFC Standard Life lnsurance Company (HDFC Life), a subsidiary of the company, to Standard Life (Mauritius Holdings) 2006. The announcement was made before market hours today, 1 April 2016.
NTPC was up 0.23% at Rs 129.10. The company said that 1st Unit of 250 megawatts (MW) of Bongaigaon Thermal Power Station (3X250 MW) is declared on commercial operation with effect from 00:00 IST of 1 April 2016. With this, the commercial capacity of Bongaigaon Thermal Power Station, NTPC and NTPC group has become 250 MW, 39352 MW and 45353 MW respectively. The announcement was made during market hours today, 1 April 2016.
Jaiprakash Associates was up 15.05% at Rs 8.79. UltraTech Cement was down 0.06% at Rs 3,225. The board of directors of Jaiprakash Associates (JAL) has approved the definitive agreement with UltraTech Cement for sale of part of its cement business comprising identified operating cement plants with an aggregate capacity of 17.20 million tonnes per annum (MTPA) spread over the states of Uttar Pradesh, Madhya Pradesh, Himachal Pradesh, Uttarakhand and Andhra Pradesh besides a grinding unit of 4 MTPA capacity which is currently under implementation in Uttar Pradesh. Both the parties have mutually agreed to exclude the Shahabad plant in Karnataka from the transaction. The total enterprise value is Rs 15900 crore. An additional amount of Rs 470 crore shall be paid by UltraTech Cement for completion of the Grinding Unit under implementation. The transaction is subject to various regulatory approvals including the approval of stock exchanges, Competition Commission of India, shareholders & creditors and sanction of the scheme of arrangement by High Courts at Mumbai and Allahabad. The consummation of transaction is expected to take 9 to 12 months. Post this deal, Jaypee Group shall retain a total of 10.60 MTPA capacity cement plants spread in the states of Madhya Pradesh, Uttar Pradesh, Andhra Pradesh and Karnataka. The announcement was made after market hours yesterday, 31 March 2016.
Sugar stocks were in demand. DCM Shriram Industries (up 9.29%), Oudh Sugar Mills (up 8.53%), Upper Ganges Sugar & Industries (up 7.66%), Sakthi Sugars (up 5.62%), Dwarikesh Sugar Industries (up 4.54%), KCP Sugar & Industries Corporation (up 4.29%), Rana Sugars (up 3.86%), Empee Sugars and Chemicals (up 2.62%), Shree Renuka Sugar (up 1.77%), Dhampur Sugar Mills (up 1.72%), Bajaj Hindusthan Sugar (up 1.30%), Triveni Engineering & Industries (up 1.29%) and Balrampur Chini Mills (up 1.16%), edgd higher. EID Parry (India) was down 0.25%.
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