A sudden rise took key benchmark indices higher in mid-afternoon trade. At 14:15 IST, the Sensex was up 123.61 points or 0.49% at 25,425.51. The Nifty was currently up 39.50 points or 0.51% at 7,789.20. A recovery in main European markets aided the upmove on the domestic bourses.
The Sensex jumped 217.36 points, or 0.86% at the day's high of 25,519.26 in early trade, its highest level since 19 May 2016. The barometer index fell 66.80 points, or 0.26% at the day's low of 25,235.10 in afternoon trade, its lowest level since 6 May 2016. The Nifty rose 70.90 points, or 0.91% at the day's high of 7,820.60 in early trade, its highest level since 19 May 2016. The index fell 11.50 points, or 0.14% at the day's low of 7,738.20 in afternoon trade.
The market breadth indicating the overall health of the market was negative. On BSE, 1,268 shares fell and 1,204 shares rose. A total of 178 shares were unchanged. The BSE Mid-Cap index was currently up 0.37%. The BSE Small-Cap index was currently up 0.21%. Both these indices underperformed the Sensex.
In overseas stock markets, gains in technology and healthcare stocks aided recovery in European stocks as key benchmark indices in Germany, Spain and UK moved into the green from red. Data provider Markit said a headline measure of activity based on surveys of 5,000 companies around the eurozone, known as the composite purchasing managers index, fell to 52.9 in May from 53 in April. A reading above 50 indicates an increase in activity, while a reading below that level indicates a decline. The survey indicated pickups in both Germany and France, but they were more than offset by softness in other parts of the currency area. Asian stocks were trading on a mixed note. US stocks edged higher on Friday, 20 May 2016, after strong housing data for April 2016. Existing-home sales rose 1.7% in April 2016 to a seasonally adjusted annual rate of 5.45 million, the National Association of Realtors said.
Stocks of public sector banks dropped. United Bank of India (down 4.2%), Bank of Baroda (down 1.29%), Syndicate Bank (down 1.02%), Bank of Maharashtra (down 0.89%), UCO Bank (down 0.76%), Central Bank of India (down 0.72%), Dena Bank (down 0.7%), Andhra Bank (down 0.63%), State Bank of India (down 0.47%), Canara Bank (down 0.46%), Punjab National Bank (down 0.2%) and Bank of India (down 0.18%), edged lower. Indian Bank (up 0.61%), Vijaya Bank (up 0.66%), Union Bank of India (up 1.09%), Allahabad Bank (up 1.19%), IDBI Bank (up 1.56%) and Punjab and Sind Bank (up 5.47%), edged higher.
Stocks of private sector banks edged higher. ICICI Bank (up 1.57%), Kotak Mahindra Bank (up 0.97%), HDFC Bank (up 0.59%), Yes Bank (up 0.54%), Federal Bank (up 0.50%) and Axis Bank (up 0.45%), edged higher.
IndusInd Bank fell 0.51% to Rs 1,066. IndusInd Bank during market hours today, 23 May 2016, announced that it has recently signed a corporate agency agreement with Reliance General Insurance with objective to distribute multiple options of general insurance products to its customers. Reliance General Insurance will distribute its insurance products across all the branches of IndusInd Bank, the two companies said in a joint statement. This is the first tie-up on bancassurance post the recent multi bank partner guidelines by Insurance Regulatory and Development Authority (IRDAI).
Patel Engineering surged 11.01% after the company said its joint venture firm AGE-PATEL has secured orders for two projects totalling Rs 2376.85 crore. The company's share in the joint venture is 49%. Both the contracts are required to be completed within 36 months from the date of issue of letter of acceptance (LOA). The announcement was made after market hours on Friday, 20 May 2016.
TTK Prestige rose 7.89% after net profit jumped 121.51% to Rs 21.62 crore on 8.16% growth in total income to Rs 310.70 crore in Q4 March 2016 over Q4 March 2015. The result was announced during market hours today, 23 May 2016.
Meanwhile, Reserve Bank of India Governor Dr. Raghuram Rajan said in a speech on Saturday, 21 May 2016, that with a view to limit external vulnerabilities arising from the easy and unconventional monetary policy in industrial countries, India is taking measures to control capital inflows, intervening in the foreign exchange market as a macro prudential measure to reduce volatility and maintaining sufficient foreign exchange reserves to be able to withstand a sudden stop in capital inflows. Rajan said that good economic policy is the first line of defence - including the focus on controlling fiscal deficit, reforms like the Bankruptcy Code and Aadhaar and the steady fight against inflation.
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