Key indices register decent gains on positive lead from global markets

Stocks of private banks and index heavyweights ITC and HDFC led gains for key indices. The barometer index, the S&P Sensex, rose 225.23 points or 0.88% at 25,931.16, as per provisional closing data. The 50-unit CNX Nifty rose 70.05 points or 0.89% at 7,899.15, as per provisional closing data. The Sensex and the Nifty remained in positive zone throughout the trading session. Positive lead from global markets aided gains for key equity benchmark indices.

The Sensex provisionally closed below the psychological 26,000 level. Earlier, the Sensex fell below the psychological 26,000 level soon after piercing that mark in afternoon trade. The Sensex hit its highest level in more than two weeks when it jumped 300.82 points at the day's high of 26,006.75 in intraday trade. The Nifty also hit its highest level in more than two weeks when it rose 84.80 points at the day's high of 7,913.90 in intraday trade.

 

The market breadth indicating the overall health of the market turned negative from positive in late trade. On BSE, 1,413 shares declined and 1,254 shares rose. A total of 119 shares were unchanged. The BSE Mid-Cap index was down 0.17%. The BSE Small-Cap index was off 0.44%. Both these indices underperformed the Sensex.

The total turnover on BSE amounted to Rs 2307 crore, higher than turnover of Rs 2242.79 crore registered during the previous trading session.

Bank stocks edged higher. Among private sector banks, IndusInd Bank (up 1.24%), Axis Bank (up 2.52%), ICICI Bank (up 1.28%) and HDFC Bank (up 0.85%) edged higher. Kotak Mahindra Bank (down 0.25%) edged lower.

Yes Bank surged 4.17% on reports that the bank's advance tax payment rose 30% to Rs 310 crore in Q2 September 2015 over Q2 September 2014. Tuesday, 15 September 2015, was the deadline for the payment of the second installment of the advance tax.

Among PSU banks, Canara Bank (up 2.02%), Punjab National Bank (up 0.59%), Union Bank of India (up 1.03%), Bank of India (up 0.8%), State Bank of India (up 1.35%), Syndicate Bank (up 0.63%) and Bank of Baroda (up 0.69%) gained. Corporation Bank (down 0.63%) and United Bank of India (down 0.48%) edged lower.

Auto stocks gained. Hero MotoCorp (up 2.05%), Bajaj Auto (up 1.78%), Maruti Suzuki India (up 0.59%), Tata Motors (up 1.14%), TVS Motor Company (up 1.13%) and Mahindra & Mahindra (up 1.12%) edged higher. Eicher Motors (down 3.27%) and Ashok Leyland (down 0.34%) edged lower.

Index heavyweight and cigarette major ITC rose 1.59% at Rs 321.80.

Index heavyweight and housing finance firm HDFC rose 1.32% at Rs 1,193.05.

Index heavyweight Reliance Industries (RIL) rose 0.53% at Rs 872.15.

In overseas markets, Chinese stocks led gains in Asian markets. In mainland China, the Shanghai Composite jumped 4.89% as fears of forced liquidation of illegal margin trading accounts receded after a widely read news portal in China reported that a notice sent by brokerage GF Securities to a trust firm called Zhongrong International Trust Co. said Zhongrong would still be able to trade on its platform. European stocks edged higher taking cues from a rally in Chinese stocks and tracking broad based gains in US stocks overnight. US stocks witnessed broad-based gains yesterday, 15 September 2015, on speculation that the Federal Reserve will hold off on raising interest rates at its two-day policy meeting which concludes on Thursday, 17 September 2015. Amid a recovery in the US economy, the Federal Reserve policy makers are debating the timing of first interest rate increase in the US in nearly a decade.

Closer home, India's merchandise exports fell 20.66% to $21.26 billion in August 2015 over August 2014. Non-oil imports rose 7.01% to $26.38 billion whereas oil imports plunged 42.59% at $7.35 billion in August 2015 over August 2014. The trade deficit rose sharply to $12.47 billion in August 2015 from $10.66 billion in August 2014.

India's stock market remains closed tomorrow, 17 September 2015, on account of Ganesh Chaturthi.

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