Key benchmark indices swung between positive and negative terrain in mid-afternoon trade. At 14:16 IST, the barometer index, the S&P BSE Sensex, was up 1.61 points or 0.01% at 26,604.45. The Nifty 50 index was currently down 6.25 points or 0.08% at 8,176.20.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,354 shares rose and 1,142 shares declined. A total of 163 shares were unchanged. The BSE Mid-Cap index was currently up 0.11%. The BSE Small-Cap index was currently up 0.31%. Both these indices outperformed the Sensex.
Among public sector banks, Canara Bank (up 0.95%), IDBI Bank (up 0.93%), Indian Bank (up 0.91%), State Bank of India (up 0.88%), Bank of Baroda (up 0.63%), Andhra Bank (up 0.49%), Central Bank of India (up 0.41%), Bank of India (up 0.35%) and Allahabad Bank (up 0.22%), edged higher. Union Bank of India (down 0.04%), Corporation Bank (down 0.11%), Syndicate Bank (down 0.15%), Vijaya Bank (down 0.21%), Dena Bank (down 0.29%), Punjab & Sind Bank (down 0.41%), Punjab National Bank (down 0.47%), United Bank of India (down 0.48%) and Bank of Maharashtra (down 0.85%), edged lower.
Among private sector banks, RBL Bank (up 4.32%), IndusInd Bank (up 0.70%), City Union Bank (up 0.35%), HDFC Bank (up 0.10%) and Kotak Mahindra Bank (up 0.10%), edged higher. ICICI Bank (down 0.25%) and Federal Bank (down 0.36%), edged lower.
Yes Bank was down 0.58% after the bank said that it has collaborated with FortyTwo42 Labs, a global security Research Lab as a co-innovation partner. Yes Bank said that the partnership is for developing next generation Fintech and cyber security solutions. One of the first innovations, the PI-CONTROL platform that the bank has jointly developed with FortyTwo42 Labs will be rolled out in the next few weeks. The solution has the capability to provide real time cryptographic digital transaction signing at massive scale. FortyTwo42 Labs has a set up in Vizag and Pune in India and Tel Aviv in Israel. The announcement was made during market hours today, 15 December 2016.
Axis Bank was up 2.12% at Rs 468.30 after the bank announced that its board of directors at its meeting held yesterday, 14 December 2016, approved the allotment of non-convertible debentures aggregating to Rs 3500 crore on a private placement basis. The debentures will be listed on the wholesale debt market segment of the BSE and National Stock Exchange of India. The announcement was made after market hours yesterday, 14 December 2016.
National Aluminium Company (Nalco) slumped 7.4% after net profit dropped 51.67% to Rs 121.23 crore on 4.47% decline in total income to Rs 1982.92 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 14 December 2016.
Overseas, most European stocks were trading higher in early trade today, 15 December 2016, after the Federal Reserve raised interest rates for the first time in a year and as investors eyed the Bank of England's monetary policy decision due later in the trading session.
Asian stock markets edged lower as the dollar strengthened sharply and investors digest the Federal Reserve's first interest rate rise this year and its hawkish rate outlook for 2017. Higher interest rates in US would attract foreign investments from emerging markets towards the US.
US stocks ended a volatile session lower yesterday, 14 December 2016, as investors grappled with the prospect of a faster pace of rate increases in 2017 than had been previously forecast.
The Federal Reserve raised its key short-term rate yesterday, 14 December 2016, on the expected lines, but it also forecast three rate increases in 2017, compared with the two that had been anticipated at its previous meeting in September. The increase was unanimous and modest, raising the Fed's key interest rate by a quarter point, from a range of 0.25 to 0.5% to a range of 0.5 to 0.75%.
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