Key benchmark indices almost witnessed a flat opening. At 9:16 IST, the barometer index, the S&P BSE Sensex was down 46.70 points or 0.16% at 28,726.43. The Nifty 50 index was currently up 0.6 points or 0.01% at 8,868.05.
In overseas stock markets, Asian stocks witnessed mixed trend amid a slew of economic data. In mainland China, the Shanghai Composite was currently off 0.07%. In Hong Kong, the Hang Seng was currently up 0.11%. The MNI China business sentiment index came it at 55.8 in September 2016, up from a marginally revised 54.1 in August, driven by a faster increase in new orders and a further strengthening in confidence among manufacturing companies. In Japan, the Nikkei 225 Average was currently down 0.12%. Japanese manufacturing activity expanded for the first time in seven months in September, a preliminary survey showed today, 23 September 2016. The IHS Markit/Nikkei Japan Flash Manufacturing Purchasing Managers Index (PMI) rose to 50.3 in September from a final 49.5 in August on a seasonally adjusted basis.
US stocks registered modest gains yesterday, 22 September 2016, extending previous trading session's gains as investors digested several economic data releases while processing the Federal Reserve's latest monetary policy decision. US home resales unexpectedly fell in August 2016. The National Association of Realtors said yesterday, 22 September 2016 that existing home sales declined 0.9% to an annual rate of 5.33 million units.
Closer home, the market breadth indicating the overall health of the market was strong. On BSE, 669 shares rose and 444 shares declined. A total of 75 shares were unchanged. The BSE Mid-Cap index was currently up 0.12%. The BSE Small-Cap index was currently up 0.21%. Both these indices outperformed the Sensex.
Cement stocks declined. Shree Cement (down 1.11%), Ambuja Cements (down 0.4%) and ACC (down 0.35%) edged lower. UltraTech Cement (up 0.32%) edged higher.
Grasim Industries was down 0.27%. Grasim has exposure to cement sector through its holding in UltraTech Cement.
Bharat Heavy Electricals (Bhel) was down 0.44%. The company's chairman & managing director, Atul Sobti, said that in spite of financial year ended March 2016 (FY 2016) being an extremely challenging year, the company recorded the highest-ever commissioning of projects in its history and the highest order booking in the last five years in FY 2016, ending the year with significant traction in growth drivers.
Addressing shareholders at the company's annual general meeting, Sobti said that enhanced focus on project execution has resulted in Bhel creating history by way of commissioning/synchronizing an all-time high 15,059 megawatts (MW) of power generating equipment during the year. Despite intense competitive pressure in the power and capital goods markets during the year, Bhel achieved the highest order booking in the last five years, at Rs 43727 crore, a 42% leap over 2014-2015. The company ended the year with a total order book of Rs 110730 crore for execution in 2016-2017 and beyond. The announcement was made after market hours yesterday, 22 September 2016.
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