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Market turns range bound

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After displaying some volatility in mid-morning trade, key benchmark indices turned range bound in early afternoon trade. At 12:19 IST, the barometer index, the S&P Sensex, was up 7.52 points or 0.03% at 27,650.63. The 50 index was up 4.20 points or 0.05% at 8,577.55. The market breadth indicating the overall health of the market was strong. On BSE, 1,541 shares rose and 912 shares fell. A total of 166 shares were unchanged. The Mid-Cap index was currently up 0.59%. The Small-Cap index was currently up 0.57%. Both these indices outperformed the

In overseas stock markets, Asian stocks were mixed today, 14 October 2016. Meanwhile, China's producer price index edged up 0.1% in September from a year earlier, reversing a 0.8% on-year drop in August, the National Bureau of Statistics said. US stocks finished in the red yesterday, 13 October 2016, as investors grew jittery following the Federal Reserve's latest meeting minutes as well as weak Chinese economic reports. The number of Americans filing for unemployment benefits held at a 43-year low last week, pointing to sustained labor market strength that could pave the way for the Federal Reserve to raise interest rates in December. Initial claims for state unemployment benefits were unchanged at a seasonally adjusted 246,000 for the week ended 8 October 2016, the lowest reading since November 1973, the Labor Department said.

Back home, private sector banks were mixed. City Union Bank (up 1.70%), RBL Bank (up 1.48%), Kotak Mahindra Bank (up 0.84%), ICICI Bank (up 0.35%) and Axis Bank (up 0.14%), edged higher. HDFC Bank (down 0.12%), IndusInd Bank (down 0.39%) and Federal Bank (down 0.57%), edged lower.

Yes Bank fell 0.03% to Rs 1,254.60 amid volatility after the bank said it will issue update on qualified institutional placement and fund raising when its board will meet on 20 October 2016 for announcing the bank's Q2 results. Yes Bank said that a meeting of the board of directors of the bank will be held on 20 October 2016, to consider Q2 September 2016 results and to update on qualified institutional placement (QIP) and fund raising by way of QIP and debt issues, under the current shareholders approval which is valid till 6 June 2017. The announcement was made after market hours yesterday, 13 October 2016.

Karnataka Bank was up 2.77% to Rs 148.65 after the bank said it has fixed 25 October 2016 as record date for the rights issue of shares. Karnataka Bank proposes to issue rights in the ratio of 1:2 i.e. one equity share for every two equity shares held on the record date. The size of the issue is Rs 659.65 crore. The rights issue price is Rs 70 per share. The announcement was made after market hours yesterday, 13 October 2016.

Most public sector banks edged higher. Punjab National Bank (up 1.92%), Indian Bank (up 1.29%), Dena Bank (up 1.11%), Bank of India (up 1.04%), State Bank of India (up 1.04%), Canara Bank (up 0.95%), Central Bank of India (up 0.49%), United Bank of India (up 0.48%), Andhra Bank (up 0.45%), Bank of Baroda (up 0.39%), Allahabad Bank (up 0.34%), IDBI Bank (up 0.29%), Corporation Bank (up 0.24%), Union Bank of India (up 0.18%) and Vijaya Bank (up 0.12%), edged higher. Punjab & Sind Bank (down 0.1%), UCO Bank (down 0.14%), Syndicate Bank (down 0.21%) and Bank of Maharashtra (down 0.81%), edged lower.

Shreyas Shipping & Logistics gained 2.91% to Rs 290.25 after its wholly owned subsidiary Shreyas Relay Systems decided to sell its stake of 51% in SRS Freight Management to BSL Freight Solutions. The announcement was made after market hours yesterday, 13 October 2016.

On the economic front, the all-India general CPI inflation dipped to 13-months low of 4.31% in September 2016, compared with 5.05% in August 2016. The core CPI inflation moved up to 4.77% in September 2016 from 4.59% in August 2016. The data was announced after market hours yesterday, 13 October 2016.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, October 14 2016. 12:13 IST