Key benchmark indices extended gains in afternoon trade. At 13:15 IST, the barometer index, the S&P BSE Sensex was up 119.75 points or 0.43% at 28,196.93. The gains for the Nifty 50 index were lower than the Sensex's gains in percentage terms. The Nifty was currently up 25.20 points or 0.29% at 8,718.25. Gains in European and Asian stocks aided the upmove on the domestic bourses.
The Sensex rose 125.19 points or 0.44% at the day's high of 28,202.37 in afternoon trade, its highest level since 20 October 2016. The barometer index lost 1.23 points at the day's low of 28,075.95 in early trade. The Nifty rose 31.70 points or 0.36% at the day's high of 8,724.75 in afternoon trade, its highest level since 20 October 2016. The index lost 8.90 points or 0.1% at the day's low of 8,684.15 in early trade.
In overseas stock markets, European stocks edged higher as investors focused on fresh economic data and corporate earnings. Asian stocks gained in volatile trade led by gains in Chinese stock market. China's Shanghai Composite closed 1.21% higher. Latest data showed that the Nikkei Flash Japan Manufacturing Purchasing Managers' Index (PMI) rose to 51.7 in October from September's 50.4, improving at the sharpest rate in nine months. Most US stocks closed slightly lower on Friday, 21 October 2016 after earnings from McDonald's helped offset a fall in energy and healthcare shares.
Closer home, the market breadth indicating the overall health of the market was strong. On BSE, 1,665 shares rose and 924 shares fell. A total of 233 shares were unchanged. The BSE Mid-Cap index was currently up 0.2%, underperforming the Sensex. The BSE Small-Cap index was currently up 0.67%, outperforming the Sensex.
Bank stocks edged higher. Among public sector banks, Indian Bank (up 4.41%), Canara Bank (up 2.53%), Bank of Baroda (up 2.21%), State Bank of India (up 2.21%), Bank of India (up 1.9%), Union Bank of India (up 1.6%), IDBI Bank (up 0.72%) and Punjab National Bank (up 0.14%) rose.
Among private sector banks, ICICI Bank (up 2.68%), RBL Bank (up 1.04%), Kotak Mahindra Bank (up 0.31%), Yes Bank (up 0.3%) and HDFC Bank (up 0.11%) edged higher. Axis Bank (down 0.92%) and IndusInd Bank (down 0.06%) edged lower.
FMCG stocks were mixed. Tata Global Beverages (up 2.03%), Colgate-Palmolive (India) (up 1%), Procter & Gamble Hygiene and Healthcare (up 0.87%), Emami (up 0.74%), Marico (up 0.21%), Britannia Industries (up 0.15%), Bajaj Corp (up 0.07%) and Dabur India (up 0.07%) edged higher. Godrej Consumer Products (down 1%), Jyothy Laboratories (down 0.56%), Hindustan Unilever (down 0.36%), Nestle India (down 0.2%) and GlaxoSmithkline Consumer Healthcare (down 0.12%) edged lower.
ACC was up 0.25% to Rs 1,566 after the company announced that the 1.35 million tonnes, Sindri cement grinding unit in Jharkhand, which is a part of the Jamul Integrated Project, has also been commissioned and commercial production has commenced with effect from 22 October 2016. The company excepts that the two cement grinding units in Jamul and at Sindri totalling 2.45 million tonnes per annum (MTPA) will help strengthen its market presence in the Eastern Region. The announcement was made during market hours today, 24 October 2016.
Persistent Systems fell 2.31% at Rs 662.10 after consolidated net profit rose 0.3% to Rs 73.49 crore on 0.3% increase in revenue to Rs 704.01 crore in Q2 September 2016 over Q1 June 2016. The result was announced on Saturday, 22 October 2016. On a consolidated basis, Persistent Systems' earnings before interest, taxes, depreciation and Amortization (EBITDA) rose 4.8% to Rs 110.77 crore in Q2 September 2016 over Q1 June 2016.
Dr. Anand Deshpande, chairman and managing director, Persistent Systems said that the company believes that its strategy of enhanced focus on IP-driven and digital business will result in continued growth of the company as it responds to changing market conditions.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
