Key benchmark indices hovered in positive terrain with small gains in afternoon trade. At 13:20 IST, the S&P BSE Sensex was up 57.28 points or 0.2% at 28,300.57. The Nifty 50 index was currently up 14.20 points or 0.16% at 8,752.30. Caution prevailed ahead of the Reserve Bank of India (RBI)'s fourth bi-monthly monetary policy meeting scheduled at 14:30 IST today, 4 October 2016.
The major event today, 4 October 2016 is the Reserve Bank of India's (RBI) fourth bi-monthly monetary policy meeting. The RBI after the third bi-monthly monetary policy on 9 August 2016, decided to keep the policy repo rate unchanged at 6.5%. Consequently, the reverse repo rate remained unchanged at 6%. RBI also kept the cash reserve ratio (CRR) of scheduled banks unchanged at 4%. The latest monetary policy meeting will be the first meet where the interest rate decision is taken by a panel. Urjit Patel, the RBI governor, will be one among the six-member Monetary Policy Committee (MPC) recently notified by the government.
The Sensex rose 159.36 points or 0.56% at the day's high of 28,402.65 in early trade, its highest level since 29 September 2016. The barometer index rose 8.08 points or 0.03% at the day's low of 28,251.37 in early afternoon trade. The Nifty rose 40.20 points or 0.46% at the day's high of 8,778.30 in early trade, its highest level since 29 September 2016. The index rose 1.10 points or 0.01% at the day's low of 8,739.20 in early afternoon trade.
In overseas stock markets, global stocks rose after data showing expansion in US manufacturing boosted optimism over the health of the world's largest economy. China's stock exchange remained closed as part of a five-day National Holiday break. US stocks closed lower yesterday, 3 October 2016 as investors digested key economic news and kept an eye on oil prices.
Closer home, the market breadth indicating the overall health of the market was positive. On BSE, 1,477 shares gained and 1,156 shares fell. A total of 128 shares were unchanged. The BSE Mid-Cap index was up 0.21%. The BSE Small-Cap index was up 0.39%. Both these indices outperformed the Sensex.
Maruti Suzuki India declined 0.04%. The company announced that its premium hatchback, Baleno, crossed a cumulative domestic sale of one lakh units today, 4 October 2016. Launched in October 2015, Baleno is one of the top selling models for the company. In addition to domestic sales, 33,800 Baleno cars have been exported across the world. Besides one lakh Baleno cars sold, many customers have placed orders for the car and will receive delivery in the next few months. The announcement was made during market hours today, 4 October 2016.
Telecom stocks were mixed. Bharti Airtel (up 0.47%) and Idea Cellular (up 0.01%) gained. Tata Teleservices (Maharashtra) (down 0.69%) and Reliance Communications (down 0.32%) declined.
Shares of Bharti Infratel gained 0.63%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.
Shares of power generation and power distribution companies were also mixed. NHPC (down 0.58%), Torrent Power (down 0.19%), Power Grid Corporation of India (down 0.28%), Reliance Infrastructure (down 1.17%) and Reliance Power (down 0.51%) declined. GVK Power & Infrastructure (up 0.46%), NTPC (up 0.43%), Adani Power (up 0.19%), and Tata Power Company (up 1.7%) gained.
Shares of state run coal mining major Coal India fell 2.3% to Rs 320.30. The stock hit high of Rs 329.55 and low of Rs 319 so far during the day.
Kajaria Ceramics rose 0.78% ahead of the record date for the proposed stock split tomorrow, 5 October 2016. Shares of Kajaria Ceramics turned ex-stock split today, 4 October 2016. Each equity share of Rs 2 fully paid up were divided into 2 equity shares of Rs 1 fully paid up. The primary motive of the stock-split proposal is to improve the liquidity in company's shares in the secondary equity market and to make the shares more affordable to small investors.
PC Jeweller rose 0.29% after the company announced the opening of its new showroom in Gorakhpur, Uttar Pradesh. The announcement was made after market hours yesterday, 3 October 2016. PC Jeweller has announced special discounts and schemes on both diamond and gold jewellery exclusively at the Gorakhpur showroom from 2 October to 6 November 2016. As part of the scheme, any customer who buys diamond jewellery will get up to 20% discount. Customers who prefer to buy gold jewellery will get a discount up to 20% on the making charges. With the opening of the latest showroom in Gorakhpur, PC Jeweller now has 66 showrooms in India.
Shilpa Medicare rose 1.78% after the company said it has received an approval from the United States Food & Drug Administration (USPDA) for Azacitidine - injection Abbreviated New Drug Application (ANDA) of special economic (SEZ) formulations facility situated at Jadcherla, near Hyderabad. The announcement was made during trading hours today, 4 October 2016.
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