Market breadth turns negative from positive

Key benchmark indices gyrated in a small range in positive zone in mid-morning trade. At 11:18 IST, the barometer index, the S&P BSE Sensex, was up 67.87 points or 0.25% at 27,694.56. The Nifty 50 index was currently up 19.80 points or 0.23% at 8,487.70. The market breadth indicating the overall health of the market turned negative from positive in mid-morning trade. On BSE, 1,147 shares declined and 1,116 shares rose. A total of 128 shares were unchanged. The BSE Mid-Cap index was currently up 0.51%, outperforming the Sensex. The BSE Small-Cap index was currently up 0.14%, underperforming the Sensex.

In overseas stock markets, Japanese stocks led gains in Asian equities as investors gained confidence in Japanese Prime Minister Shinzo Abe's ruling coalition, which increased its control in the upper house of parliament after election for the upper house held on 10 July 2016. The Nikkei 225 Average was currently up 2.77%. Anticipation was also growing that Abe would soon introduce a fresh fiscal stimulus package to help the stagnant economy. Speculation was also growing that an expected meeting between former US Federal Reserve Chairman Ben Bernanke and Abe today, 12 July 2016, would include talks about a radical measure in which a central bank directly funds government spending. The Nikkei 225 Average surged 4% yesterday, 11 July 2016, registering its biggest daily-percentage gain since 2 March 2016, as Abe's ruling-coalition victory in the upper-house election stoked speculation of more fiscal stimulus.

US stocks edged higher yesterday, 11 July 2016, with the S&P 500 index hitting record high on intraday as well as on closing basis as investors bought stocks amid a reinvigorated appetite for assets perceived as risky following a surprisingly strong jobs report for June 2016 released during trading hours in the US on Friday, 8 July 2016.

Bank stocks edged higher on renewed buying. Among private sector banks, HDFC Bank (up 0.14%), ICICI Bank (up 2.16%), Axis Bank (up 0.54%), IndusInd Bank (up 0.54%) and Yes Bank (up 0.42%) rose. Kotak Mahindra Bank shed 0.14%.

Among PSU bank stocks, State Bank of India (SBI) (up 0.67%), Punjab National Bank (up 1.18%), Bank of Baroda (up 0.89%), Canara Bank (up 0.85%), IDBI Bank (up 0.46%), Bank of India (up 1.19%) and Union Bank of India (up 0.3%) rose. Central Bank of India (down 1.99%), Vijaya Bank (down 1.17%) and United Bank of India (down 0.77%) declined.

Telecom stocks also moved higher. Bharti Airtel (up 0.92%), Idea Cellular (up 0.05%), MTNL (up 1.12%), Tata Teleservices (Maharashtra) (up 3.58%) and Reliance Communications (up 1.17%) rose.

Shares of Bharti Infratel rose 0.14%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.

Shares of staffing firm Quess Corp surged on its debut. The stock was currently trading at Rs 498.15 on BSE, a premium of 57.14% over the initial public offer price of Rs 317. The stock debuted at Rs 499, a premium of 57.41% to the initial public offer (IPO) price. So far the stock hit a high of Rs 507.80 and low of Rs 480.05. On BSE, so far 20.94 lakh shares were traded on the counter. Quess Corp provides comprehensive solutions including recruitment, temporary staffing, technology staffing, IT products and solutions, skill development, payroll, compliance management, integrated facility management and industrial asset management services.

Birla Corporation was up 3.16% to Rs 562.25 after Reliance Mutual Fund bought 10 lakh shares of the company at Rs 542 per share in a bulk deal on the BSE yesterday, 11 July 2016. HDFC Mutual Fund A/C HDFC Prudence Fund sold 8.57 lakh shares of Birla Corporation at Rs 542.02 per share in the same bulk deal.

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