A divergent trend was witnessed between the two key benchmark indices, with the barometer index, the S&P BSE Sensex, trading a tad lower and the Nifty 50 index trading with marginal gains. At 13:15 IST, the Sensex was down 14.29 points or 0.06% at 25,287.61. The Nifty was currently up 3.70 points or 0.05% at 7,753.40.
The Sensex 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 barometer index 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 Nifty fell 11.50 points, or 0.14% at the day's low of 7,738.20 in afternoon trade. The index 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 market breadth indicating the overall health of the market turned negative from positive in afternoon trade. On BSE, 1,316 shares fell and 1,094 shares rose. A total of 155 shares were unchanged. The BSE Mid-Cap index was currently up 0.13%. The BSE Small-Cap index was currently up 0.03%. Both these indices outperformed the Sensex.
In the overseas stock markets, European stocks fell as decline in oil prices sapped risk appetite. 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.
IndusInd Bank fell 1.03%. 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).
Power generation stocks fell. Reliance Infrastructure (down 0.66%), Torrent Power (down 4.55%), Reliance Power (down 0.42%), NHPC (down 0.23%), Jaiprakash Power Ventures (down 1.42%), Adani Power (down 1.4%), JSW Energy (down 1.03%) edged lower. Tata Power Company (up 2.09%), CESC (up 0.33%) and NTPC (up 0.06%) rose.
State-run coal-mining giant Coal India shed 0.05% at Rs 279.15. The stock hit a high of Rs 280.80 and a low of Rs 278.35 so far during the day.
Realty stocks declined. DLF (down 1.59%), Indiabulls Real Estate (down 3.29%), Godrej Properties (down 2.35%), Housing Development and Infrastructure (down 0.69%), Unitech (down 0.76%), Sobha (down 0.09%), Hubtown (down 2.66%) declined. D B Realty (up 6.06%) and Oberoi Realty (up 0.39%) rose.
Cox & Kings slumped 12.72% after the company reported consolidated net loss of Rs 305.53 crore in Q4 March 2016 compared with net profit of Rs 64.56 crore in Q4 March 2015. Cox & Kings' total income fell 3.86% to Rs 482.71 crore in Q4 March 2016 over Q4 March 2015. The result was announced after market hours on Friday, 20 May 2016. Peter Kerkar, Director, Cox & Kings said that the company focussed on re-aligning its various businesses in the year ended 31 March 2016 (FY 2016). He further said that the company has sharpened its focus on its core businesses, which have robust revenue and profitability.
Somany Ceramics surged 10.04% after net profit jumped 76.1% to Rs 26 crore on 12.7% growth in net sales to Rs 514 crore in Q4 March 2016 over Q4 March 2015. The result was announced on Saturday, 21 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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