A bout of volatility was seen in early trade as the key benchmark indices were almost unchanged after moving above and below the flat line. At 9:28 IST, the barometer index, the S&P BSE Sensex was up 2.36 points or 0.01% at 28,087.52. The Nifty 50 index was currently up 0.15 points at 8,678.40.
In overseas stock markets, Asian stocks were trading mixed. US stocks ended slightly higher yesterday, 9 August 2016 with the Nasdaq Composite index posting a fresh record close, as investors kept an eye on falling oil prices.
Closer home, the market breadth indicating the overall health of the market was strong. On BSE, 901 shares rose and 546 shares fell. A total of 61 shares were unchanged. The BSE Mid-Cap index was currently up 0.15%. The BSE Small-Cap index was currently up 0.36%. Both these indices outperformed the Sensex.
Mahindra & Mahindra (M&M) rose 0.12% ahead of its Q1 June 2016 result today, 10 August 2016.
HCL Technologies fell 0.09% after the stock turned ex-dividend today, 10 August 2016 for interim dividend of Rs 6 per share for the year ending 31 March 2017 (FY 2017).
Telecom stocks saw mixed trend. Bharti Airtel (up 0.3%) and Tata Teleservices (Maharashtra) (up 0.31%) rose. Idea Cellular (down 0.82%), MTNL (down 0.5%) and Reliance Communications (down 0.2%) fell.
Power Finance Corporation (PFC) rose 1.03% after net profit rose 8.64% to Rs 1712.55 crore on 5.91% rise in total income to Rs 7158.66 crore in Q1 June 2016 over Q1 June 2015. The result was announced after market hours yesterday, 9 August 2016.
PFC announced that the board of directors of the company in its meeting held on 9 August 2016, have considered and gave in-principle approval for the merger of PFC Green Energy Limited (PFC GEL), a wholly owned subsidiary of the company with itself.
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