After paring some gains in early afternoon trade, key benchmark indices firmed up once again in afternoon trade. At 13:16 IST, the barometer index, the S&P BSE Sensex was up 118.72 points or 0.42% at 28,461.73. The gains for the Nifty 50 index were higher than the Sensex's gains in percentage terms. The Nifty was currently up 50.80 points or 0.58% at 8,795.15. Earlier, key indices after opening higher had extended gains and hit multi-month highs in morning trade.
The market breadth indicating the overall health of the market was positive. On BSE, 1,339 shares rose and 1,143 shares declined. A total of 208 shares were unchanged. The BSE Mid-Cap index was currently up 0.72%. The BSE Small-Cap index was currently up 0.45%. Both these indices outperformed the Sensex.
In overseas stock markets, most European stocks opened lower today, 31 August 2016, as global markets gear up for Friday's US jobs report. The non-farm payrolls report will be eagerly watched by the US Federal Reserve and could determine whether the central bank increases interest rates in September. Asian stocks were mixed. US stocks slipped yesterday, 30 August 2016, as the dollar strengthened on expectations that the Federal Reserve was moving closer to raising interest rates. US consumer confidence rose to an 11-month high in August, with households more upbeat about the labour market, data showed overnight.
FMCG shares were mixed. Nestle India (down 0.65%), Hindustan Unilever (down 0.54%), Bajaj Corp (down 0.41%), Britannia Industries (down 0.34%), GlaxoSmithKline Consumer Healthcare (down 0.33%), Godrej Consumer Products (down 0.25%) and Colgate Palmolive (India) (down 0.1%), edged lower. Dabur India (up 0.15%), Tata Global Beverages (up 0.25%), Procter & Gamble Hygiene & Health Care (up 0.69%), Jyothy Laboratories (up 1.16%) and Marico (up 2.32%), edged higher.
Most IT edged higher. MphasiS (up 3.42%), Tech Mahindra (up 2.13%), HCL Technologies (up 2.12%), Persistent Systems (up 0.65%), Wipro (up 0.46%), Hexaware Technologies (up 0.44%) and Oracle Financial Services Software (up 0.22%), edged higher. MindTree (down 0.46%) and TCS (down 0.96%), edged lower.
Index heavyweight and IT major Infosys was up 0.19% to Rs 1,043. The stock hit a high of Rs 1,044.70 and a low of Rs 1,032.05 so far during the day.
J Kumar Infraprojects fell 1.02% to Rs 170.25 after HDFC Standard Life Insurance Company sold 6.10 lakh shares in the company at average price of Rs 172.53 in a bulk deal on NSE yesterday, 30 August 2016.
Zee Entertainment Enterprises was up 1.10% at Rs 535 after the company announced that it has entered into definitive agreements to sell its loss making sports broadcasting business to Sony Pictures Networks India and its affiliates. The announcement was made after market hours today, 31 August 2016.
Zee will sell its sports broadcasting business to Sony Pictures Networks India and its affiliates for all-cash consideration of $385 million. Zee's sports broadcasting business is carried through TEN Sports channels brand that operates in several countries including the Indian sub-continent, Maldives, Singapore, Hong Kong, Middle East and Caribbean. TEN Sports holds cricket broadcast rights from major cricket boards in the world. It also holds rights to wrestling, football, tennis, golf among other sporting events across the world.
The transaction is expected to be completed within 4 to 5 months. Zee said that the decision to sell the sports business is a part of reshuffle of the product portfolio. Zee is currently focusing on transforming itself into an all-round media and content company comprising of five verticals viz. broadcast, digital, films, live events and international business. The sports broadcasting business clocked revenue of Rs 631 crore for the year ended 31 March 2016 (FY 2016), constituting 10.79% of Zee's consolidated revenue. The sports business incurred a net loss of Rs 37.20 crore in FY 2016.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
