Market trims initial gains

A bout of volatility was witnessed in morning trade as key benchmark indices trimmed initial gains. At 10:23 IST, the barometer index, the S&P BSE Sensex was up 37.88 points or 0.13% at 28,332.16. The Nifty 50 index was currently up 15.45 points or 0.18% at 8,738.50.

In overseas stock markets, Asian stocks were mixed amid the first US presidential debate between Democrat candidate Hillary Clinton and Republican candidate Donald Trump. Democrat Hillary Clinton accused Republican Donald Trump of racism, sexism and tax avoidance late yesterday, 26 September 2016 in US during a heated presidential debate. Trump, a real estate tycoon making his first run for public office, said Clinton's long years of service represented bad experience with few results and suggested her trade deal with Asian countries was insincere.

US stocks extended losses yesterday, 26 September 2016 as worries about Germany's Deutsche Bank weighed on the financial sector and as investors awaited the US presidential debate. US presidential elections will be held on 8 November this year.

Closer home, the market breadth indicating the overall health of the market was strong. On BSE, 1,327 shares rose and 704 shares fell. A total of 123 shares were unchanged. The BSE Mid-Cap index was currently up 0.27%. The BSE Small-Cap index was currently up 0.56%. Both these indices outperformed the Sensex.

Auto stocks gained. Mahindra & Mahindra (M&M) (up 0.72%), Ashok Leyland (up 0.43%), Eicher Motors (up 0.32%), Bajaj Auto (up 0.84%), Tata Motors (up 0.92%) and TVS Motor Company (up 0.65%) gained. Maruti Suzuki India fell 0.03%.

Hero MotoCorp rose 0.83% after the company said that it has augmented premium portfolio with the next-gen 'Achiever - 150' aiming to expand its presence in the premium segment. The motorcycle is competitively priced at Rs 62,800 ex-showroom Delhi for the disc variant and Rs 61,800 for the drum variant. The company has launched limited edition Achiever 150 to commemorate the 7 crore milestone of cumulative production. The announcement was made after market hours yesterday, 26 September 2016.

Realty stocks also rose. DLF (up 0.33%), Sobha (up 0.14%), Indiabulls Real Estate (up 0.45%), Unitech (up 0.67%), Godrej Properties (up 0.6%), Housing Development & Infrastructure (HDIL) (up 0.6%), and Oberoi Realty (up 1.24%) edged higher. NBCC shed 0.02%.

IRB Infrastructure Developers rose 2.36% after the company said that it received letter of award from National Highways Authority of India (NHAI) for the project of six laning from Udaipur to Rajasthan/Gujarat border a stretch of NH-8 in the states of Rajasthan and Gujarat. The project will be on design, build, finance, operate and transfer (DBFOT) mode under National Highways Development Project Phase V. The estimated project cost of the company is approximately Rs 2100 crore. The concession period of the project is 21 years including construction period of 910 days. The company will get tolling rights on project from the appointed date. The company has offered premium of Rs 163.80 crore to NHAI in terms of the concession agreement. The announcement was made after market hours yesterday, 26 September 2016.

Yes Bank rose 0.81% after the bank said that it will raise Rs 330 crore or around $50 million through an issue of seven year Green Infrastructure Bonds to FMO, the Dutch development bank on a private placement basis. The amount raised will be used to finance green infrastructure including solar and wind projects in the renewable energy space. The announcement was made during market hours today, 27 September 2016.

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