Key benchmark indices trimmed gains and hit fresh intraday low after hovering within a narrow range in afternoon trade. At 13:20 IST, the barometer index, the S&P BSE Sensex, was up 114.24 points or 0.41% at 27,950.74. The gains for the Nifty 50 index were lower than the Sensex's gains in percentage terms. The Nifty was up 28.40 points or 0.33% at 8,569.80. The Sensex was currently hovering below the psychologically important 28,000 mark after having regained that mark earlier during the session. Firmness in global stocks supported gains on the domestic bourses.
The Sensex rose 76.07 points, or 0.27% at the day's low of 27,912.57 in afternoon trade. The index rose 177 points, or 0.64% at the day's high of 28,013.50 in morning trade. The Nifty rose 14.90 points, or 0.17% at the day's low of 8,556.30 in afternoon trade. The index rose 45.70 points, or 0.53% at the day's high of 8,587.10 in morning trade.
The market breadth, indicating the overall health of the market, was strong. On BSE, 1,560 shares rose and 983 shares fell. A total of 159 shares were unchanged. The BSE Mid-Cap index was currently up 0.23%, underperforming the Sensex. The BSE Small-Cap index was currently up 0.6%, outperforming the Sensex.
In overseas markets, European stocks edged higher in early traded led by a rally in ARM shares after Softbank tabled a $32 billion offer for the UK semiconductor giant and as investors digest a number of geopolitical events including the failed coup in Turkey. 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 winning 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.
Realty stocks rose. DLF (up 0.32%), D B Realty (up 2.49%), Sobha (up 0.2%), Indiabulls Real Estate (up 0.68%), Unitech (up 8.89%), Housing Development & Infrastructure (HDIL) (up 1.52%), and Oberoi Realty (up 0.18%) edged higher. Godrej Properties declined 0.37%.
Shares of public sector banks were mixed. Punjab National Bank (up 0.04%), State Bank of India (SBI) (up 0.78%), and Union Bank of India (up 1.82%) edged higher. Bank of Baroda (down 0.06%), Canara Bank (down 0.16%), and Bank of India (down 0.04%) declined.
Shares of private sector banks gained. HDFC Bank (up 0.74%), Kotak Mahindra Bank (up 0.73%), Yes Bank (up 0.06%), and IndusInd Bank (up 1.42%) edged higher.
ICICI Bank rose 1.94% after the bank said that its subsidiary company, ICICI Prudential Life Insurance Company, has filed a draft red herring prospectus with the Securities and Exchange Board of India for a public offer of up to 18.13 crore equity shares of ICICI Prudential Life Insurance Company, representing approximately 12.65% of its equity share capital, for cash, through an offer for sale by ICICI Bank. The offer includes a proposed reservation of up to 1.81 crore equity shares or 10% of the offer for individual and Hindu Undivided Family (HUF) shareholders of ICICI Bank. The announcement was made during market hours today, 18 July 2016.
Axis Bank rose 1.87% 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.
IDFC Bank rose 2.91% after the Reserve Bank of India (RBI) allowed foreign investors to enhance investment in the company from the existing 24% to 46%. RBI on Friday, 15 July 2016 notified that foreign institutional investors (FIIs)/registered foreign portfolios investors (RFPIs) can now enhance investment from existing 24% to 46% of the paid up capital of IDFC Bank under the portfolio investment scheme (PIS). The RBI further notified that the total foreign investment from all sources i.e. foreign institutional investors (FII)/registered foreign portfolios investors (RFPIs)/foreign direct investment (FDI)/non-resident Indians (NRI)/persons of Indian origin (PIO)/American depository receipts (ADR)/Global depository receipts (GDR)/ in IDFC Bank shall not exceed 46%. The RBI has stated that IDFC 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 by FIIs/RFPIs. The purchases could be made through primary market and stock exchanges.
Jindal Poly Films rose 0.83% after the company commissioned 7th Biaxially oriented polypropylene (BOPP) films production line of 41,000 tonnes per annum (TPA) increasing the India BOPP capacity to 2.51 lakh TPA at its Nasik, Maharashtra location. This is a part of Rs 1000 crore capital expenditure plans announced earlier by the company. This is in addition to coating and metalising capacities commissioned in the financial year ended 31 March 2016 (FY 2016). The global BOPP capacity now stands at 4.66 lakh TPA, the company added. The announcement was made on Saturday, 16 July 2016.
LT Foods jumped 6.58% after the company said it has acquired 817 Elephant brand of rice through its UK subsidiary to further strengthen its existing presence in Canada, USA and Israel. The announcement was made on Saturday, 16 July 2016.
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