A divergent trend was witnessed among various constituents of the barometer index, the S&P BSE Sensex, and the 50-unit CNX Nifty. At 12:20 IST, the Sensex was up 61.13 points or 0.23% at 26,254.11. The Nifty was up 18.20 points or 0.23% at 7,995.30. The Nifty was currently trading below the psychological 8,000 mark, having alternately moved above and below that level in intraday so far. The Nifty pierced the psychological 8,000 level in early trade.
The market breadth indicating the overall health of the market was strong. On BSE, 1,447 shares rose and 860 shares fell. A total of 110 shares were unchanged. The BSE Mid-Cap index was up 0.3%. The BSE Small-Cap index was up 0.76%. Both these indices outperformed the Sensex.
Most PSU banks stocks were trading higher. Indian Bank (up 4.92%), United Bank of India (up 2.74%), Dena Bank (up 1.02%), State Bank of India (up 0.82%), Canara Bank (up 0.70%), Bank of Baroda (up 0.47%), Bank of Maharashtra (up 0.58%), Union Bank of India (up 0.52%), Punjab and Sind Bank (up 0.27%), Central Bank of India (up 0.25%), Punjab National Bank (up 0.18%), Corporation Bank (up 0.11%) and Bank of India (up 0.07%), edged higher. Syndicate Bank (down 0.12%), Vijaya Bank (down 0.29%), Allahabad Bank (down 0.32%), UCO Bank (down 0.32%), Andhra Bank (down 0.66%) and IDBI Bank (down 1.44%), edged lower.
Most private sector banks were trading lower. Yes Bank (down 1.43%), Federal Bank (down 0.92%), Axis Bank (down 0.28%), ICICI Bank (down 0.25%), IndusInd Bank (down 0.1%) and City Union Bank (down 0.05%), edged lower. HDFC Bank (up 0.51%) and Kotak Mahindra Bank (up 0.74%), edged lower.
Cement stocks depicted a mixed trend. UltraTech Cement (down 0.74%) and Ambuja Cements (down 0.19%), edged lower. Shree Cement (up 0.32%) and ACC (up 0.54%), edged higher.
Grasim Industries was down 0.80%. Grasim has exposure to cement sector through its holding in UltraTech Cement.
Motherson Sumi Systems dropped 6.41% to Rs 245.35, with the stock extending previous sessions' losses amid concerns that regulatory problems being faced by its key client, Volkswagen may weigh on its business prospects. The US Environmental Protection Agency (EPA) has accused Volkswagen Group of fudging diesel-emission tests by using illegal emission-control software. Prof. Dr. Martin Winterkorn, CEO of Volkswagen AG had said on Sunday, 20 September 2015, that the US Environmental Protection Agency and the California Air Resources Board (EPA and CARB) revealed their findings that while testing diesel cars of the Volkswagen Group they have detected manipulations that violate American environmental standards. The board of management at Volkswagen AG takes these findings very seriously, he added. The company will cooperate fully with the responsible agencies, with transparency and urgency, to clearly, openly, and completely establish all of the facts of this case. Volkswagen has ordered an external investigation of this matter.
Meanwhile, Volkswagen has reportedly stopped selling diesel cars in the US with immediate effect and the German carmaker can face a potential fine of $18 billion.
In overseas stock markets, Chinese stocks led gains in Asian markets after Chinese President Xi Jinping reportedly said in a newspaper interview that China's slowing growth and stock market fluctuations won't deter needed reforms. Xi sought to dispel any concern that China is faltering in its transition toward more sustainable growth. US stocks edged higher yesterday, 21 September 2015, as St. Louis Fed President James Bullard and Atlanta Fed President Dennis Lockhart separately made the case for an increase in US interest rates this year, boosting financial shares.
Powered by Capital Market - Live News
