Key benchmark indices were range bound in morning trade. At 10:17 IST, the barometer index, the S&P BSE Sensex, was up 125.29 points or 0.45% at 27,961.79. The Nifty 50 index was up 32.40 points or 0.38% at 8,573.80.
The broad market depicted strength. There were more than two gainers against every loser on BSE. 1,424 shares rose and 662 shares fell. A total of 103 shares were unchanged. The BSE Mid-Cap index was currently up 0.41%. The BSE Small-Cap index was currently up 0.66%. Both these indices underperformed the Sensex.
In overseas markets, most markets in Asia were trading higher today, 18 July 2016, ahead of a relatively data-light week in the region, while investors had a muted reaction to the risks surrounding a failed military coup in Turkey. In the US market, the Dow Jones Industrial Average edged higher on Friday, 15 July 2016, to post its fourth straight record close, while the S&P 500 broke its win streak as the rally lost strength ahead of the weekend. The Nasdaq Composite Index shed 4.47 points to 5,029.59 but finished the week 1.5% higher.
Auto stocks in demand after reduction in fuel prices. Tata Motors (up 2.14%), Maruti Suzuki (India) (up 1.93%), Bajaj Auto (up 1.47%), TVS Motor Company (up 1.40%), Hero MotoCorp (up 1.39%), Ashok Leyland (up 1.25%), Eicher Motors (up 1.04%), Escorts (up 1.04%) and Mahindra & Mahindra (up 0.80%), edged higher.
Public sector oil marketing companies (PSU OMCs) edged higher. Indian Oil Corporation (up 0.73%), BPCL (up 0.33%) and HPCL (up 0.29%), edged higher.
PSU OMCs cut petrol price by Rs 2.25 a litre and diesel by Rs 0.42 a litre late on Friday, 15 July 2016. The prices took effect from Saturday, 16 July 2016..
Axis Bank was up 1.39% after the Reserve Bank of India (RBI) on Friday, 15 July 2016, notified increase in foreign investment ceiling in the bank. RBI on Friday, 15 July 2016 notified that Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest up to 74% from existing 62% of the paid up capital of the bank under the Portfolio Investment Scheme (PIS). The central bank notified that the total foreign investment in the bank shall not exceed 74% of paid up capital. The RBI has stated that the Axis Bank has passed resolutions at its Board of Directors' level and a special resolution by the shareholders, agreeing for enhancing the limit for the purchase of its equity shares and convertible debentures by FIIs/RFPIs. The purchases could be made through primary market and stock exchanges.
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