PSU stocks witness a mixed trend

Amid a bout of volatility, key benchmark indices edged lower after a brief recovery in early afternoon trade. At 12:21 IST, the barometer index, the S&P BSE Sensex, was down 93.76 points or 0.38% at 24,679.21. The 50-unit Nifty 50 index was currently down 22.40 points or 0.30% at 7,514.40. The Sensex fell 98.30 points or 0.39% at the day's low of 24,674.67 in mid-morning trade. The barometer index rose 139.67 points, or 0.56% at the day's high of 24,912.64 in early trade. The Nifty fell 34 points or 0.45% at the day's low of 7,502.80 in mid-morning trade. The index rose 29.70 points or 0.39% at the day's high of 7,566.50 in early trade.

The market breadth indicating the overall health of the market was weak. On BSE, 1,479 shares fell and 864 shares rose. A total of 159 shares were unchanged. The BSE Mid-Cap index was currently down 0.53%. The BSE Small-Cap index was currently down 0.63%. The decline in both these indices was higher than the Sensex's decline in percentage terms.

In overseas stock markets, Chinese stocks led decline in Asian equities amid worries about slowing growth in China's economy. In mainland China, the Shanghai Composite was currently off 3.51%. In Hong Kong, the Hang Seng index was currently off 1.23%. The latest data showed new yuan loans in December were well below the previous month's lending and broad M2 money supply growth also slowed.

US stock index futures pointed at losses for US stocks later in the global day. Trading in US index futures indicated that the Dow Jones Industrial Average could fall 157 points at the opening bell today, 15 January 2016. US stocks surged yesterday, 14 January 2016, as a rebound in oil prices allowed the main indexes to claw back much of the steep fall seen in the previous session.

Mahindra & Mahindra (M&M) was down 0.37% at Rs 1,183.50. The company today, 15 January 2016 announced the launch of its compact sports utility vehicle (SUV) - KUV100. This marks the company's entry into petrol vehicles. KUV100 starts at Rs 4.42 lakh ex-showroom Pune for the K2 petrol variant and Rs 5.22 lakh ex-showroom Pune for the K2 diesel variant. The vehicle is available in 7 variants with petrol and diesel engine options and with five/six seater options. The vehicle is available at the company's dealerships across the country from today, 15 January 2016.

PSU stocks were mixed. GAIL (India) (down 3.24%), NTPC (down 2.65%), Power Finance Corporation (down 2.33%), ONGC (down 1.87%), Rural Electrification Corporation (REC) (down 1.55%), MTNL (down 1.5%), Bharat Heavy Electricals (Bhel) (down 1.43%), Oil India (down 1.24%), Power Grid Corporation of India (down 1.16%), Steel Authority of India (Sail) (down 0.9%), Mangalore Refinery and Petrochemicals (MRPL) (down 0.87%), BEML (down 0.33%), Chennai Petroleum Corporation (down 0.2%), MOIL (down 0.14%) and NBCC (down 0.07%), edged lower. Balmer Lawrie & Company (up 0.12%), MMTC (up 0.12%), Bharat Electronics (up 0.22%), Rashtriya Chemicals & Fertilizers (RCF) (up 0.22%), Coal India (up 0.27%), Shipping Corporation of India (up 0.33%), NMDC (up 0.46%), Gujarat Mineral Development Corporation (GMDC) (up 0.81%), HMT (up 1%), Container Corporation of India (up 1.03%), Neyveli Lignite Corporation (up 1.22%) and National Aluminium Company (Nalco) (up 2.73%) edged higher.

Stocks of public sector oil marketing companies (PSU OMCs) edged higher. BPCL (up 2.54%), HPCL (up 1.65%) and Indian Oil Corporation (up 0.05%) edged higher.

Cement stocks edged lower. Ambuja Cements (down 1.76%), ACC (down 0.65%) and UltraTech Cement (down 0.57%), edged lower.

Grasim Industries was down 0.23%. Grasim has exposure to cement sector through its holding in UltraTech Cement.

Suzlon Energy rose 2.48% to Rs 20.70 after the company said that it has received an additional sanction of working capital lines (substantially non-fund based) of about Rs 2300 crore to meet its requirements for execution of sizable order backlog and pipeline. The additional working capital will enable Suzlon to scale up its volumes. The additional working capital sanctions are over and above the existing working capital facilities of about Rs 4330 crore. These facilities will be catalyst to help Suzlon tap the growth opportunities in Indian and international renewable energy sector, Suzlon said. The announcement was made by the company during market hours today, 15 January 2016.

Powered by Capital Market - Live News