A bout of volatility was witnessed in morning trade as key benchmark indices trimmed initial gains. At 10:17 IST, the barometer index, the S&P BSE Sensex, was up 29.38 points or 0.11% at 26,814.93. Gains in CNX Nifty were lower than Sensex's gains in percentage terms. The 50-unit CNX Nifty was up 3.30 points or 0.04% at 8,122.60. Firmness in Asian stocks supported gains on the domestic bourses.
In overseas stock markets, Asian stocks rose on the prospect of a delay in the US Federal Reserve's plan to raise interest rates and signs of some stability in oil and commodity markets. US stocks jumped yesterday, 5 October 2015, with the S&P 500 index rising for the fifth day in a row, as rising oil prices boosted energy stocks and investors bet the Federal Reserve would not raise interest rates this year.
Closer home, broad market depicted strength. On BSE, 1,230 shares rose and 687 shares declined. A total of 86 shares were unchanged. The BSE Mid-Cap index was up 0.18%. The BSE Small-Cap index was up 0.53%. Both of these indices outperformed the Sensex.
Bharat Heavy Electricals (Bhel) (down 1.72%), Infosys (down 1.05%) and HDFC Bank (down 0.82%) were the major losers from the Sensex pack.
Realty stocks rose. DLF (up 1.82%), Sobha (up 1.68%), Indiabulls Real Estate (up 4.51%), Unitech (up 0.96%), Housing Development & Infrastructure (HDIL) (up 2.1%), and Phoenix Mills (up 1.14%) edged higher.
Metal & mining stocks gained. Bhushan Steel (up 0.67%), Hindustan Copper (up 5.59%), Vedanta (up 0.3%), Hindalco Industries (up 0.27%), Hindustan Zinc (up 0.21%), Steel Authority of India (Sail) (up 1.15%), and National Aluminum Company (up 0.28%) gained. JSW Steel (down 0.18%), Jindal Steel & Power (down 0.43%), and NMDC (down 0.84%) declined.
Tata Steel gained 0.65%. Canadian iron ore miner New Millennium Iron Corp. after market hours yesterday, 5 October 2015, announced that it is reviewing its agreement with Tata Steel Global Minerals Holdings, a subsidiary of Tata Steel, for an iron ore project in Canada.
A review process for the heads of agreement was signed between New Millennium and Tata Steel Global Minerals Holdings, which governs the feasibility study of the Taconite project the two companies are currently engaged in. As part of the review, Tata Steel will consider current or potentially future participation in the development of the iron mines. The parties intend to conclude a definitive agreement during the first quarter of 2016 subject to the respective board approvals of the parties, the statement said.
Shares of Coal India gained 2.28%.
Indian Overseas Bank fell 1.61% after the Reserve Bank of India (RBI) initiated a prompt corrective action on the bank to improve internal controls and consolidate its business activities. The RBI's action will not have any material impact on the growth prospects/performance of the bank. The announcement was made after market hours yesterday, 5 October 2015.
Suzlon Energy rose 3% after the company said it has won a repeat turnkey order from Orange Renewable, an independent power producer for 100.8 megawatts to be installed at Beluguppa in Andhra Pradesh. The company made the announcement during market hours today, 6 October 2015. Suzlon Energy said it will offer operation and maintenance service for an initial period of 12 years through an integrated service package for the latest contract. The project will be commissioned starting FY 2017, Suzlon Energy said.
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