Amid divergent trend among various index constituents, key benchmark indices retained positive zone in range bound trade. At 12:15 IST, the barometer index, the S&P BSE Sensex, was up 25.23 points or 0.09% at 27,390.15. The 50-unit CNX Nifty was up 10.45 points or 0.13% at 8,285.50. The market breadth indicating the overall health of the market was strong. On BSE, 1,483 shares rose and 957 shares fell. A total of 170 shares were unchanged. The BSE Mid-Cap index was up 0.71%. The BSE Small-Cap index was up 0.65%. Both these indices outperformed the Sensex.
Meanwhile, global credit rating agency Standard & Poor's Ratings Services (S&P) has affirmed its 'BBB-' long-term and 'A-3' short-term sovereign credit rating on India with stable outlook on the rating. S&P said in a statement that its current ratings on India reflect the country's sound external profile and improved monetary credibility. However, India's low per capita income and weak public finances are two major constraints on India's sovereign ratings, S&P said. According to S&P, India has made progress to address long-standing impediments to growth. These include strengthening the business climate, improving labor market flexibility and reforming the energy sector. On the flip side, domestic supply-side constraints will put a lid India's economic growth. S&P expects the Centre's revenue to get a boost in the medium term from the likely introduction of the goods and services tax.
S&P further said that based on its current assessment, the rating agency is unlikely to change its current sovereign ratings on India till at least 2016.
Most pharmaceutical stocks declined. Cipla (down 2.73%), Divi's Laboratories (down 1.16%), IPCA Laboratories (down 0.95%), Piramal Enterprises (down 0.81%), Wockhardt (down 0.59%), Strides Arcolab (down 0.5%), Sun Pharmaceutical Industries (down 0.27%), Glenmark Pharmaceuticals (down 0.22%), GlaxoSmithKline Pharmaceuticals (down 0.2%) and Aurobindo Pharma (down 0.04%), edged lower. Lupin (up 0.78%) and Cadila Healthcare (up 1.05%) edged higher. Dr. Reddy's Laboratories was flat at Rs 4336.60.
Capital goods shares edged higher. Bharat Electronics (up 2.82%), ALSTOM India (up 2.70%), Alstom T&D India (up 2.31%), AIA Engineering (up 2.15%), BEML (up 1.92%), Thermax (up 1.75%), Larsen & Toubro (up 0.73%), Punj Lloyd (up 0.72%), Jindal Saw (up 0.56%), Havells India (up 0.54%), Suzlon Energy (up 0.42%), Praj Industries (up 0.38%), Bharat Heavy Electricals (up 0.37%), Pipavav Defence and Offshore Engineering Company (up 0.25%), Siemens (up 0.16%) and Crompton Greaves (up 0.03%), edged higher. ABB India (down 0.07%), SKF India (down 0.07%) and Lakshmi Machine Works (down 0.75%), edged lower.
Godfrey Phillips India slumped 4.32% to Rs 965.70 on profit booking after surging 60.16% in six trading days. Shares of Godfrey Phillips India were on a roll recently, surging 60.16% in six trading days to settle at Rs 1,010.45 yesterday, 19 October 2015 from a recent low of Rs 630.90 on 9 October 2015.
Oriental Bank of Commerce (OBC) rose 1.7% to Rs 146.85 after the state-run bank said that it intends to raise Tier II capital through private placement of Basel III compliant Tier 2 bonds of Rs 10 lakh each at par aggregating to Rs 1000 crore. The bonds have been rated CARE AA+ and ICRA AA+ (Hyb.) by CARE & ICRA, respectively.
In overseas stock markets, Asian stocks were in green. US stocks registered small gains yesterday, 19 October 2015, in range-bound trading session.
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