Amid a divergent trend among various index constituents, key benchmark indices traded a tad lower in mid-morning trade. At 11:16 IST, the barometer index, the S&P BSE Sensex, was off 31.38 points or 0.12% at 25,462.99. The 50 unit Nifty 50 index was currently off 8.65 points or 0.11% at 7,742.25. The Sensex and the Nifty reversed trend after both these indices hit their highest level in more than a week. The Sensex rose 164.95 points, or 0.64% at the day's high of 25,659.32 at the onset of trading session, its highest level since 7 December 2015. The barometer index fell 41.49 points or 0.16% at the day's low of 25,452.88 in mid-morning trade. The Nifty rose 49.25 points or 0.63% at the day's high of 7,800.15 at the onset of trading session, its highest level since 7 December 2015. The Nifty fell 11.80 points, or 0.15% at the day's low of 7,739.10 in mid-morning trade.
The broad market depicted strength. There were over two gainers against every loser on BSE. 1,475 shares rose and 666 shares rose. A total of 179 shares were unchanged. The BSE Mid-Cap index was currently up 0.53%. The BSE Small-Cap index was currently up 0.77%. Both these indices outperformed the Sensex.
In overseas stock markets, Asian stocks edged higher after the US Federal Reserve emphasized a gradual path for future interest rate hikes after raising the benchmark rate by 25 basis points to 0.25%-to-0.50% at the conclusion of its two-day monetary policy meeting yesterday, 16 December 2015. US stocks rallied yesterday, 16 December 2015, in the aftermath of the Fed's widely expected decision to raise the benchmark interest rate by 25 basis points. The Fed policy makers voted unanimously to raise the target range of its fed-funds rate, which had been stuck at zero for seven years.
Stocks of state-run banks edged higher. IDBI Bank (up 5.04%), United Bank of India (up 1.58%), Bank of Maharashtra (up 1.43%), State Bank of India (up 1.41%), Andhra Bank (up 1.28%), UCO Bank (up 1.27%), Punjab National Bank (up 1.11%), Allahabad Bank (up 1.10%), Union Bank of India (up 1.09%), Central Bank of India (up 1.01%), Syndicate Bank (up 1%), Bank of Baroda (up 0.94%), Indian Bank (up 0.88%), Dena Bank (up 0.73%), Canara Bank (up 0.71%), Bank of India (up 0.60%), Vijaya Bank (up 0.44%) and Punjab and Sind Bank (up 0.13%), edged higher. Corporation Bank was down 0.25%
Most private sector bank stocks edged higher. Federal Bank (up 2.67%), Yes Bank (up 1.95%), Kotak Mahindra Bank (up 0.78%), City Union Bank (up 0.49%), HDFC Bank (up 0.38%) and ICICI Bank (up 0.08%), edged higher. IndusInd Bank (down 0.05%) and Axis Bank (down 0.77%), edged lower.
Diesel sport utility vehicles maker Mahindra & Mahindra (M&M) fell 1.30%, with the stock extending losses registered during the previous trading session triggered by the Supreme court imposing a ban on registration of new diesel sport utility vehicles and private cars in Delhi with an engine capacity of over 2000cc until 31 March 2016. The stock had lost 5.44% yesterday, 16 December 2015, in the wake of the apex court's decision. The court ordered temporary ban on diesel sport utility vehicles and private cars in Delhi to rein in the alarming pollution levels in the capital city.
Majesco gained 2.63% after the company announced that Maryland Auto Insurance successfully implemented Majesco P&C Suite and Majesco Bureau and Content Services for its commercial auto line of business. The announcement was made after market hours yesterday, 16 December 2015. Majesco said the implementation aims to enable Maryland Auto Insurance (MAI) to transform its business by providing enhanced customer service through real-time policy issuance.
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