Firmness continued on the bourses in afternoon trade. At 13:16 IST, the barometer index, the S&P BSE Sensex, was up 332.09 points or 1.32% at 25,560.59. The Nifty 50 index was currently up 98.20 points or 1.27% at 7,831.65. The Sensex jumped 380.09 points or 1.5% at the day's high of 25,608.59 in mid-morning trade, its highest level since 3 May 2016. The barometer index rose 74.36 points or 0.29% at the day's low of 25,302.86 at the onset of the trading session. The Nifty gained 110.45 points or 1.42% at the day's high of 7,843.90 in mid-morning trade, its highest level since 3 May 2016. The index rose 20.10 points or 0.25% at the day's low of 7,753.55 at the onset of the trading session.
In overseas stock markets, European stocks edged higher after the latest data showed German manufacturing orders rebounded sharply in March 2016. Total orders for Germany's important manufacturing sector--adjusted for seasonal swings and calendar effects--jumped 1.9% in March from the month before. Increase in foreign orders led the gains. Domestic orders, however, dropped 1.2% in March from the preceding month. The German economy is Europe's biggest economy.
Asian stocks witnessed a mixed trend. Stocks fell in mainland China after the latest data showed that China's exports and imports fell more than expected in April, underlining weak demand at home and abroad. The Shanghai Composite ended 2.79% lower. In Hong Kong, the Hang Seng index was currently up 0.16%. China's exports declined 1.8% in April in dollar terms, reversing an increase of 11.5% the previous month, the General Administration of Customs said yesterday, 8 May 2016. Imports in April fell by a sharper-than-expected 10.9% from a year earlier, compared with a 7.6% drop in March.
US stocks posted modest gains on Friday, 6 May 2016, as a weaker-than-expected April job report fanned expectations that the Federal Reserve will delay raising interest rates. US non-farm payrolls increased by 160,000 in April, the smallest gain since September, and below market expectations. The Federal Open Market Committee (FOMC) next undertakes monetary policy review at a two-day meeting on 14-15 June 2016.
Closer home, the market breadth indicating the overall health of the market was strong. On BSE, 1,578 shares rose and 859 shares fell. A total of 141 shares were unchanged. The BSE Mid-Cap index was currently up 0.98%. The BSE Small-Cap index was currently up 0.87%. Both these indices underperformed the Sensex.
IT stocks were mixed. TCS (up 1.26%), Tech Mahindra (up 0.91%) and Wipro (up 0.45%) edged higher. HCL Technologies (down 0.12%), Oracle Financial Services Software (down 1.87%) and Persistent Systems (down 0.9%) edged lower.
Index heavyweight and software major Infosys was up 0.76% at Rs 1,190.45. The stock hit a high of Rs 1,196.85 and a low of Rs 1,181.55 so far during the day.
Metal stocks witnessed a mixed trend. Steel Authority of India (up 1.3%), Jindal Steel & Power (up 1.01%), NMDC (up 0.64%), Vedanta (up 0.1%), JSW Steel (up 0.32%) and Hindustan Zinc (up 0.27%) rose. Tata Steel (down 0.27%), Hindustan Copper (down 0.38%), National Aluminium Company (down 2.76%) and Hindalco Industries (down 0.38%) edged lower.
Copper edged lower in the global commodities markets. High Grade Copper for July 2016 delivery was currently down 1.79% at $2.1155 per pound on the COMEX.
Index heavyweight and housing finance major HDFC rose 2.06% at Rs 1,191.70. The company during market hours today, 9 May 2016, announced that it intends to raise Rs 500 crore through issue of secured redeemable non-convertible debentures on private placement basis. The tenor of the debentures is 5 years. Each debenture of the face value of Rs 1 crore carries redemption premium of about Rs 49.70 lakh. The effective yield on the debentures works out to 8.4% per annum. The coupon rate is zero. The issue opens and closes on the same day tomorrow, 10 May 2016. The object of the issue is to augment the long-term resources of the company. The proceeds of the issue would be utilized for financing/refinancing the housing finance business requirements of the company, HDFC said.
KEC International rose 2.58% at Rs 129.30 after consolidated net profit rose 27% to Rs 79.85 crore on 1.6% growth in net sales to Rs 2529.56 crore in Q4 March 2016 over Q4 March 2015. Earnings before interest, taxes, depreciation and amortization (EBITDA) rose 21% to Rs 223 crore in Q4 March 2016 over Q4 March 2015. EBITDA margin improved to 8.7% in Q4 March 2016 from 7.3% in Q4 March 2015. The company's order intake rose 6% to Rs 8714 crore in the year ended 31 March 2016 (FY 2016) over the year ended 31 March 2015 (FY 2015). The company's order book stood at Rs 9449 crore as on 31 March 2016. In addition, the company has secured new orders of Rs 1140 crore in April 2016, it added. The result was announced after market hours on Friday, 6 May 2016.
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