Market turns range bound

A rangebound movement was witnessed as key benchmark indices hovered in positive zone in afternoon trade. At 13:17 IST, the barometer index, the S&P BSE Sensex, was up 127.73 points or 0.48% at 26652.28. The gains for the Nifty 50 index were higher than those for the Sensex in percentage terms. The Nifty was currently up 45.95 points or 0.57% at 8,173.80. Gains in global stocks aided the upmove on the domestic bourses. World stocks rose on speculation that central banks in the UK, Japan and the European Central Bank will boost monetary stimulus to counter a potential drag on the global economy from the UK's vote to leave the European Union known as Brexit.

The broad market depicted strength. There were more than two gainers against every loser on BSE. 1,769 shares rose and 652 shares declined. A total of 152 shares were unchanged. The BSE Mid-Cap index was currently up 0.95%. The BSE Small-Cap index was currently up 1.22%. Both these indices outperformed the Sensex.

In overseas stock markets, European stocks extended gains registered during the previous trading session as worries abated over the compromises that could be made in the process the UK's departure from the European Union (EU). British citizens last week voted to leave EU in a historic referendum. In the UK, the FTSE 100 index was currently up 1.68%.

Japanese stocks led gains in Asian markets following overnight rally on Wall Street as jitters eased after the UK's vote last week to leave the European Union (EU) spurred global sell-off. The Nikkei 225 Average ended 1.59% higher. Japanese Prime Minister Shinzo Abe today, 29 June 2016, told his finance minister and the central bank chief to undertake all necessary measures to support the economy and financial markets.

US stocks registered strong gains yesterday, 28 June 2016, as investors looked for bargains after the Brexit fueled sell-off. Federal Reserve governor Jerome Powell today, 29 June 2016, said that the UK vote to leave the EU has heightened risks to an already fragile global economy and prompted the Federal Reserve to adopt a more patient posture as it considers future interest-rate moves. His remarks suggested that Fed officials are in no hurry to raise US interest rates again.

Most FMCG shares edged higher. Godrej Consumer Products (up 1.93%), Tata Global Beverages (up 1.45%), Jyothy Laboratories (up 1.20%), Marico (up 1.03%), Colgate Palmolive (India) (up 0.87%), Britannia Industries (up 0.58%), Bajaj Corp (up 0.54%), Procter & Gamble Hygiene & Health Care (up 0.46%) and Nestle India (up 0.11%), edged higher. GlaxoSmithKline Consumer Healthcare (down 0.13%) and Hindustan Unilever (down 1.13%) edged lower.

Dabur India dropped 2.49% to Rs 304.90 after the stock turned ex-dividend for final dividend of Rs 1 per share for the year ended 31 March 2016. Before turning ex-dividend, the stock offered a dividend yield of 0.31% based on the stock's closing price of Rs 312.70 on the BSE yesterday, 28 June 2016.

Metal and mining stocks edged higher on renewed buying. Vedanta (up 3.82%), Hindustan Zinc (up 3.08%), Hindustan Copper (up 2.45%), NMDC (up 2.18%), Bhushan Steel (up 2.09%), Hindalco Industries (up 1.91%), Steel Authority of India (up 1.75%), Tata Steel (up 1.62%), Jindal Steel & Power (up 1.06%), National Aluminium Company (up 0.84%) and JSW Steel (up 0.78%), edged higher.

Copper prices edge higher in the global commodities markets. High Grade Copper for September 2016 delivery was currently up 0.11% at $2.178 per pound on the COMEX.

Reliance Infrastructure rose 2.22% to Rs 533.90 after a bulk deal of 4.21 lakh shares was executed on the scrip at Rs 531.85 per share at 10:10 IST on BSE today, 29 June 2016.

Powered by Capital Market - Live News