Market remains firm

A range bound movement was witnessed as key benchmark indices continued to trade on a firm note in afternoon trade. At 13:19 IST, the barometer index, the S&P BSE Sensex, was up 237.16 points or 0.89% at 27,016.82. The 50-unit CNX Nifty was up 75.40 points or 0.93% at 8,183.30. The Sensex was currently trading above the psychological 27,000 level, having alternately moved above and below that mark in intraday trade so far. Except the BSE IT index, all the other sectoral indices on BSE were in the green. Gains in global stocks underpinned sentiment on the domestic bourses.

The market breadth indicating the overall health of the market was strong. On BSE, 1,521 shares rose and 969 shares fell. A total of 134 shares were unchanged. The BSE Mid-Cap index was up 0.83%. The BSE Small-Cap index was up 0.61%. Both these indices underperformed the Sensex.

In overseas stock markets, Asian and European stocks edged higher as expectations build that the Federal Reserve will delay raising interest rates soon after disappointing US economic data and that the Fed's delay in raising interest rates will slow capital flight from emerging markets. Chinese stocks led gains in Asian markets amid fresh signs of reform for Chinese state-owned firms. Trading in US stock index futures indicated a recovery for US stocks after weaker-than-expected economic reports and gloomy earnings forecast from Wal-Mart Stores, the world's biggest retailer, pulled the market lower yesterday, 14 October 2015.

Closer home, realty stocks rose. Sobha (up 1.1%), Godrej Properties (up 1.59%), Anant Raj (up 0.26%), Indiabulls Real Estate (up 0.74%), Unitech (up 1.83%), Housing Development & Infrastructure (HDIL) (up 1.11%), DLF (up 1.05%), Oberoi Realty (up 0.79%), and Phoenix Mills (up 0.58%) edged higher.

Metal and mining stocks witnessed a mixed trend. JSW Steel (up 0.47%), Hindustan Copper (up 0.34%), Vedanta (up 1.44%), Jindal Steel & Power (up 0.14%), Tata Steel (up 1.01%), Steel Authority of India (Sail) (up 0.09%), and NMDC (up 2.03%) gained. Bhushan Steel (down 0.84%), Hindalco Industries (down 1.58%), Hindustan Zinc (down 0.63%) and National Aluminum Company (down 0.74%) declined.

High Grade Copper for December 2015 delivery was currently up 0.39% at $2.425 per pound on the COMEX.

Rubfila International gained 6.4% to Rs 52.40 after a bulk deal of 15 lakh shares was executed on the scrip at Rs 50.30 per share at 09:35 IST on BSE today, 15 October 2015.

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