PSU banks decline

Key benchmark indices were trading slightly higher in mid-afternoon trade. At 14:20 IST, the barometer index, the S&P BSE Sensex was up 39.51 points or 0.14% at 28,333.79. The Nifty 50 index was currently up 11 points or 0.13% at 8,734.05.

In overseas stock markets, European and most Asian stocks rose with sentiment buoyed by the US presidential debate where Hillary Clinton appeared to gain momentum over Donald Trump. Investors were reacting to the first televised debate between US presidential nominees Hillary Clinton and Donald Trump yesterday, 26 September 2016. Clinton appeared to have edged out her Republican opponent based on reports on the initial market reaction.

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 positive. On BSE, 1,386 shares rose and 1,147 shares fell. A total of 215 shares were unchanged. The BSE Mid-Cap index was currently up 0.36%. The BSE Small-Cap index was currently up 0.5%. Both these indices outperformed the Sensex.

Metal & mining stocks were mixed. JSW Steel (up 0.08%), Bhushan Steel (up 0.37%), Hindustan Copper (up 0.54%), Hindustan Zinc (up 0.26%), and NMDC (up 1.18%) gained. Vedanta (down 0.42%), Hindalco Industries (down 0.95%), Jindal Steel & Power (down 0.67%), Tata Steel (down 0.59%), Steel Authority of India (Sail) (down 0.63%), and National Aluminum Company (down 0.22%) declined.

High Grade Copper for December 2016 delivery was currently down 0.59% at $2.1855 per pound on the COMEX.

Shares of public sector banks declined. UCO Bank (down 0.27%), Bank of Baroda (down 0.6%), Syndicate Bank (down 0.73%), Punjab National Bank (down 0.21%), Allahabad Bank (down 0.5%), State Bank of India (SBI) (down 0.16%), Union Bank of India (down 0.14%), Bank of India (down 0.76%) and United Bank of India (down 1.17%) edged lower. Corporation Bank rose 0.58%.

Shares of private sector banks were mixed. Axis Bank (down 0.4%), ICICI Bank (down 0.55%), Federal Bank (down 0.14%) and IndusInd Bank (down 0.2%) edged lower. HDFC Bank (up 0.03%) and Kotak Mahindra Bank (up 0.14%) rose.

Yes Bank rose 0.87% 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.

Meanwhile, the Asian Development Bank kept its growth estimates for developing Asia for this year and next at 5.7%, saying sustained expansion in China and India can steady the region but warned of risks from a looming US interest rate hike. The Manila-based lender increased its growth forecast this year for China to 6.6% from 6.5% and for 2017 to 6.4% from 6.3%, citing fiscal and monetary stimulus measures in the world's second-largest economy. The projections for India were kept at 7.4% for this year and 7.8% for 2017, driven by strong consumption and an investment revival, the ADB said.

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