Market witnesses a rangebound movement

A rangebound movement was witnessed as key benchmark indices traded with modest gains in early afternoon trade. At 12:15 IST, the barometer index, the S&P BSE Sensex, was up 93.95 points or 0.33% at 28,692.98. The gains for the Nifty 50 index were higher than those for the Sensex in percentage terms. The Nifty was currently up 38.15 points or 0.43% at 8,818. The market breadth indicating the overall health of the market was positive. On BSE, 1,426 shares rose and 1,020 shares declined. A total of 171 shares were unchanged. The BSE Mid-Cap index was currently up 0.54%. The BSE Small-Cap index was currently up 0.56%. Both these indices outperformed the Sensex. Gains in Asian markets aided the upmove on the domestic bourses.

In overseas stock markets, Asian stocks were trading higher with sentiment driven by a rebound in oil prices while traders were also keeping an eye on crucial monetary policy decisions due from the US and Japan later this week. Japan stock market remained closed for a holiday. US stocks registered modest losses on Friday, 16 September 2016, with financials and energy shares lagging. The US Federal Reserve policy makers begin their two-day policy meeting tomorrow, 20 September 2016. The Fed is expected to keep its benchmark interest rate unchanged in the wake of recent downbeat US economic indicators. The Fed left the target range for its federal funds rate unchanged at 0.25% to 0.5% for the fifth time during its July 2016 meeting.

Realty stocks were mixed. Prestige Estates Projects (up 1.31%), DLF (up 0.79%), Godrej Properties (up 0.39%) and Sobha (up 0.24%) edged higher. D B Realty (down 0.53%), Housing Development and Infrastructure (down 4.26%), Indiabulls Real Estate (down 1.04%), Oberoi Realty (down 0.53%) and Unitech (down 0.47%) edged lower.

FMCG shares also witnessed a mixed trend. Britannia Industries (down 2.08%), Bajaj Corp (down 1.25%), Colgate-Palmolive (India) (down 1.09%), Marico (down 0.47%), Jyothy Laboratories (down 1.09%), Godrej Consumer Products (down 0.21%) and Tata Global Beverages (down 0.14%) edged lower. Nestle India (up 0.13%), Procter & Gamble Hygiene and Health Care (up 0.63%), Dabur India (up 0.61%), Hindustan Unilever (up 0.49%), GlaxoSmithkline Consumer Healthcare (up 0.42%) and Emami (up 0.17%) rose.

Heritage Foods rose 5.66% at Rs 864.80 after reports Future Group is in advanced talks to acquire the retail business of the company. As per reports, if the deal fructifies, Kishore Biyani promoted Future Group would see an addition to its stable a network of more than 100 grocery outlets in Hyderabad, Chennai and Bengaluru. Shares of Future Retail were down 0.3% at Rs 150.35. Shares of Future Enterprises were up 0.3% at Rs 16.50.

Brigade Enterprises rose 2.58% at Rs 178.75 after the company's wholly owned subsidiary entered into a joint development agreement with Cornerstone Bay East Developers to develop a property in Bangalore. Brigade Enterprises said that Mysore Projects, a wholly owned subsidiary of the company has entered into a joint development agreement with Cornerstone Bay East Developers (land owner) to develop 47 acres at Varthur and Gunjur, Off Whitefield region, Bangalore which will have a developable area of around 5 million sq. ft. The announcement was made on Saturday, 17 September 2016.

Separately, Brigade Enterprises announced on Saturday, 17 September 2016 that it has subscribed to the equity shares issued by Mysore Projects and has also acquired the equity shares from the existing shareholders of Mysore Projects. Due to this, Mysore Projects has become a wholly owned subsidiary of the company.

Powered by Capital Market - Live News