Amid a divergent trend among various index constituents, key benchmark indices hovered near the flat line in mid-morning trade. At 11:17 IST, the barometer index, the S&P BSE Sensex, was up 5.81 points or 0.02% at 26,013.11. The Nifty 50 index was currently up 7.60 points or 0.1% at 7,970.25. The Sensex was flirting with the psychologically important 26,000 mark. A rally took the Sensex past the psychologically important 26,000 mark yesterday, 26 April 2016.
The Sensex rose 51.87 points, or 0.2% at the day's high of 26,059.17 in morning trade, its highest level since 21 April 2016. The index fell 122.06 points, or 0.47% at the day's low of 25,885.24 in early trade. The Nifty rose 20.35 points, or 0.26% at the day's high of 7,983 in morning trade, its highest level since 6 November 2015. The index fell 22.10 points, or 0.28% at the day's low of 7,940.55 in early trade.
The market breadth indicating the overall health of the market was positive. On BSE, 1,181 shares rose and 901 shares fell. A total of 148 shares were unchanged. The BSE Mid-Cap index was currently up 0.45%. The BSE Small-Cap index was currently up 0.37%. Both these indices outperformed the Sensex.
In overseas stock markets, most Asian stocks edged lower as traders awaited policy decisions from the Federal Reserve and the Bank of Japan. The Bank of Japan's (BOJ) two-day monetary policy meeting began today, 27 April 2016. Speculation is rife that the Japanese central bank will announce further easing of monetary policy. The BOJ in January decided to begin charging 0.1% interest on some bank reserves parked with the institution, in a bid to kick-start the economy and pull it out of two decades of deflation.
US stocks closed with mixed results yesterday 26 April 2016, ahead of a barrage of tech earnings and monetary policy statement from the Federal Reserve. The Federal Reserve's two-day policy meeting concludes today, 27 April 2016. As per market expectations, the Fed is likely to hold rates steady this week. The Fed statement could provide clues on the future interest rate increases.
FMCG shares were mixed. Marico (down 1.13%), Bajaj Corp (down 0.84 (up%), Jyothy Laboratories (down 0.46%), Hindustan Unilever (down 0.34%), Godrej Consumer Products (down 0.27%) and Procter & Gamble Hygiene & Health Care (down 0.22%), edged lower. Colgate Palmolive (India) (up 0.13%), GlaxoSmithKline Consumer Healthcare (up 0.72%), Tata Global Beverages (up 0.74%), Nestle India (up 0.75%), Britannia Industries (up 0.95%) and Dabur India (up 1.11%), edged higher.
Shares of oil exploration and production companies rose as global crude oil prices surged. Cairn India (up 1.13%), Oil India (up 2.56%), ONGC (up 3.34%) and Reliance Industries (up 0.41%) edged higher. Higher crude oil prices will result in higher realization from crude sales for oil exploration firms.
Crude oil prices rose in the global commodities markets after weekly data from the American Petroleum Institute showed decline in US crude inventories last week. Brent for June settlement was currently up 46 cents at $46.20 a barrel. The contract had risen $1.26 a barrel or 2.83% to settle at $45.74 a barrel during the previous trading session.
Shares of public sector oil marketing companies rose. BPCL (up 1.20%), HPCL (up 0.68%) and Indian Oil Corporation (up 0.68%), edged higher.
Yes Bank rose after reporting strong Q4 results. The stock was currently up 0.41% to Rs 914.30. Yes Bank's net profit rose 27.42% to Rs 702.11 crore on 17.73% rise in total income to Rs 4331.11 crore in Q4 March 2016 over Q4 March 2015. Yes Bank's gross non-performing assets (NPAs) stood at Rs 748.98 crore as on 31 March 2016 as against Rs 558.57 crore as on 31 December 2015 and Rs 313.40 crore as on 31 March 2015. The ratio of gross NPAs to gross advances stood at 0.76% as on 31 March 2016 as against 0.66% as on 31 December 2015 and 0.41% as on 31 March 2015. The ratio of net NPAs to net advances stood at 0.29% as on 31 March 2016 as against 0.22% as on 31 December 2015 and 0.12% as on 31 March 2015. The bank's provisions and contingencies jumped 47.56% to Rs 186.46 crore in Q4 March 2016 over Q4 March 2015.
Swaraj Engines rose 4.35% after net profit rose 41.2% to Rs 11.65 crore on 9.4% growth in net sales to Rs 113.40 crore in Q4 March 2016 over Q4 March 2015. The result was announced after market hours yesterday, 26 April 2016.
Biocon gained 1.31% after the consolidated net profit rose 79.1% to Rs 360.90 crore on 17.42% rise in total income to Rs 1003.50 crore in Q4 March 2016 over Q4 March 2015. The result was announced before market hours today, 27 April 2016. Biocon's earnings before interest, tax, depreciation and amortization (EBITDA) margin remained unchanged at 24% in Q4 March 2016 compared with Q4 March 2015. Net exceptional income jumped 155% to Rs 268 crore in Q4 March 2016 over Q4 March 2015. The newly signed co-development agreement for rh-insulin with Lab PiSA changes the nature of Biocon's future obligations on the rh-insulin program. Biocon has recorded an exceptional income of Rs 268 crore in Q4 March 2016 on account of the changes in the nature of Biocon's future obligations on the rh-insulin program.
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