Strong market breadth

Key benchmark indices were trading higher in early trade. At 9:26 IST, the barometer index, the S&P BSE Sensex, was up 39.10 points or 0.15% at 25,377.68. The Nifty 50 index was up 9.90 points or 0.13% at 7,745.10.

Trading could be volatile today, 31 March 2016, as traders roll over positions in the futures & options (F&O) segment from the near month March 2016 series to April 2016 series. The March 2016 derivatives contracts are set to expire on today, 31 March 2016.

The market breadth indicating the overall health of the market was strong. On BSE, 699 shares rose and 403 shares fell. A total of 56 shares were unchanged. The BSE Mid-Cap index was currently up 0.04%, underperforming the Sensex. The BSE Small-Cap index was currently up 0.26%, outperforming the Sensex.

In the overseas market, Asian shares traded on a mixed note today, 31 March 2016. US stocks extended gains for the third day yesterday, 30 March 2016, although shares ended well off their day's highs amid a dip in crude oil prices. Sentiment was underpinned by data from payroll firm ADP showing slightly stronger than expected private sector job growth in March.

Mahindra & Mahindra (M&M) was up 0.61%. The company announced that rating agency CRISIL has reaffirmed its ratings on the company's long-term bank facilities and non-convertible debenture (NCD) programme at 'CRISIL AAA/Stable' and for short-term facilities and commercial paper programme at 'CRISIL A1+'. The announcement was made after market hours yesterday, 30 March 2016.

Punjab National Bank (PNB) was down 0.47%. The bank said that rating agency CARE has downgraded its ratings on the bank's Tier I and upper Tier II bonds to CARE AA+ from earlier rating of CARE AAA, mainly on account of the impairments in the credit portfolio. PNB said it has not accepted the down revision by CARE. The announcement was made after market hours yesterday, 30 March 2016.

Hindustan Zinc was up 7.74%. The company said that the board of directors of the company at its meeting held yesterday, 30 March 2016, has declared special golden jubilee dividend of Rs 24 per share for the financial year ending 31 March 2016. The announcement was made after market hours yesterday, 30 March 2016. The stock offered a dividend yield of 13.7% based on the stock's closing price of Rs 175.15 on the BSE yesterday, 30 March 2016.

FMCG shares were mixed. Procter & Gamble Hygiene & Health Care (down 2.92%), Marico (down 1.48%), Bajaj Corp (down 0.65%), Britannia Industries (down 0.54%), Nestle India (down 0.48%), GlaxoSmithKline Consumer Healthcare (down 0.4%) and Godrej Consumer Products (down 0.16%), edged lower. Dabur India (up 0.22%), Colgate Palmolive (India) (up 0.24%), Hindustan Unilever (up 0.30%), Jyothy Laboratories (up 0.35%) and Tata Global Beverages (up 0.54%), edged higher.

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