Market trades near flat line in early trade

Key benchmark indices swung between gains and losses near the flat line in early trade. At 9:28 IST, the barometer index, the S&P BSE Sensex, was up 1.55 points or 0.05% at 24,503.42. The 50-unit Nifty 50 index was up 1.70 points or 0.02% at 7,439.45. Power stocks led gains on the bourses.

The market breadth indicating the overall health of the market was strong. On BSE, 768 shares gained and 424 shares fell. A total of 69 shares were unchanged. The BSE Mid-Cap index was currently up 0.06%. The BSE Small-Cap index was currently up 0.07%. Both these indices outperformed the Sensex.

In overseas markets, Asian stocks gained after the Federal Reserve indicated yesterday, 27 January 2016 that it will be gradual in raising interest rates amid global market turmoil. US stocks fell yesterday, 27 January 2016 as the Federal Reserve held US interest rates unchanged, as expected after a two-day policy meet, and said it was closely monitoring global economic and financial developments.

Power Grid Corporation of India gained 2.02% after the company reported 31.26% rise in net profit to Rs 1613.12 crore on 22.7% rise in total income to Rs 5504.83 crore in Q3 December 2015 over Q3 December 2014. The result was announced after market hours yesterday, 27 January 2016.

HDFC dropped 1.14% after the company announced Q3 results. The company reported 6.66% rise in net profit to Rs 1520.51 crore on 6.46% rise in total income to Rs 7327.69 crore in Q3 December 2015 over Q3 December 2014. As at 31 December 2015, the loan book stood at Rs 248097 crore as against Rs 219939 crore as at 31 December 2014. The result was announced after market hours yesterday, 27 January 2016.

On a consolidated basis, HDFC reported 11.01% rise in net profit to Rs 2419 crore on 2.96% rise in total income to Rs 12306.52 crore in Q3 December 2015 over Q3 December 2014.

Meanwhile, HDFC's board of directors at its meeting held on 27 January 2016 granted its approval for issuance of Secured Redeemable Non-convertible Debentures (NCD) aggregating to Rs 35000 crore on a private placement basis under a Shelf Disclosure Document in terms of the Sebi (Issue and Listing of Debt Securities) Regulations, 2008.

Maruti Suzuki India shed 0.6% ahead of its Q3 results today, 28 January 2016.

ICICI Bank rose 0.65% ahead of its Q3 results today, 28 January 2016.

Bharti Airtel fell 0.81% ahead of its Q3 results today, 28 January 2016.

Vedanta rose 1.02% ahead of its Q3 results today, 28 January 2016.

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