After a strong opening, key benchmark indices trimmed intraday gains in morning trade. At 10:15 IST, the barometer index, the S&P BSE Sensex was up 145.16 points or 0.55% at 26,449.79. The gains for the Nifty 50 index were lower than those for the Sensex in percentage terms. The Nifty was currently up 29.35 points or 0.36% at 8,137.80. The market breadth indicating the overall health of the market turned negative from positive in morning trade. On BSE, 1,156 shares declined and 854 shares rose. A total of 93 shares were unchanged. The BSE Mid-Cap index was currently up 0.25%. The BSE Small-Cap index was currently down 0.32%. Both these indices underperformed the Sensex.
The Sensex rose 316.77 points or 1.2% at the day's high of 26,621.40 at the onset of trading session. The barometer index rose 22.26 points or 0.08% at the day's low of 26,326.89 in morning trade. The Nifty rose 101.60 points or 1.25% at the day's high of 8,210.05 at the onset of trading session. The index was down 7.95 points or 0.09% at the day's low of 8,100.50 in morning trade.
In overseas stock markets, Asian stocks edged higher tracking overnight gains in US markets. US stocks registered modest gains yesterday, 15 November 2016, as energy shares climbed on the back of rising crude oil prices. Federal Reserve Vice Chair Stanley Fischer reportedly said yesterday, 15 November 2016, that he was surprised by the outcome of the US presidential election. Fischer cautioned it is too early to fully assess market fallout and said market swings following Britain's vote to leave the European Union provided a cautionary example. Fischer reportedly said that US banking rules may be limiting liquidity for some securities but their impact is not unduly hurting markets.
Cement stocks declined. Shree Cement (down 3.46%) and UltraTech Cement (down 0.33%) edged lower.
Ambuja Cements was off 3.33%. ACC was down 2.82%. In a press release yesterday, 15 November 2016, LafargeHolcim announced that its subsidiary Holderind Investments has increased its shareholding in Ambuja Cements by 3.91 crore shares to 125.31 crore shares (63.11% of total Ambuja shares) and in ACC, a subsidiary of Ambuja, by 78.70 lakh shares shares to 84.11 lakh shares (4.48% of total ACC shares). The purchase price will be paid in Indian rupees. The impact on LafargeHolcim's net debt is CHF 325 million. This investment was not included in the Group's net debt objective of around CHF 13 billion at the end of 2016 which should be adjusted accordingly, LafargeHolcim said. India is one of LafargeHolcim's key markets with very solid long term fundamentals and a clear potential for further improvement in business performance. These share purchases further increase the Group's interest in its two strong companies which constitute a solid platform from which to capture future growth, LafargeHolcim said.
Grasim Industries was off 2.5%. Grasim has exposure to the cement sector through its holding in UltraTech Cement.
Telecom stocks also declined. Reliance Communications (down 0.76%) and Idea Cellular (down 0.35%) edged lower. Bharti Airtel (up 1.45%) gained.
Bharti Infratel was down 0.47%. Bharti Infratel is a telecom tower arm of Bharti Airtel.
Vardhman Textiles rose 0.32% after net profit surged 231.35% to Rs 454.01 crore on 22.88% rise in total income to Rs 1815.90 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 15 November 2016.
On the macro front, the data released by the government after market hours yesterday, 15 November 2016 showed that the all-India general CPI inflation dipped to 4.2% in October 2016 compared with 4.39% in September 2016. The core CPI inflation was nearly flat 4.81% in October 2016 from 4.77% in September 2016.
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