After trading lower in early trade, key benchmark indices edged higher in morning trade. At 10:18 IST, the barometer index, the S&P BSE Sensex, was up 48.48 points or 0.19% at 26,055.78. The Nifty 50 index was up 17.90 points or 0.22% at 7,980.55. The Sensex crossed the psychologically important 26,000 mark.
The Sensex rose 51.87 points, or 0.20% at the day's high of 26,059.17 in morning trade. The index fell 122.06 points, or 0.47% at the day's low of 25,885.24 in early trade. The Nifty rose 20.35 points, or 0.26% at the day's high of 7,983 in morning trade. The index fell 22.10 points, or 0.28% at the day's low of 7,940.55 in early trade.
The broad market depicted strength. There were almost two gainers against every loser on BSE. 1,178 shares rose and 613 shares fell. A total of 121 shares were unchanged. The BSE Mid-Cap index was currently up 0.67%. The BSE Small-Cap index was currently up 0.61%. Both these indices outperformed the Sensex.
In overseas markets, most Asian stocks edged lower as traders awaited policy decisions from the Federal Reserve and the Bank of Japan. The Bank of Japan (BOJ) holds a two-day monetary policy meeting today, 27 April 2016 and Thursday, 28 April 2016. Market participants are becoming more confident in their expectations of further easing from the Bank of Japan. The BOJ in January decided to begin charging 0.1% interest on some bank reserves parked with the institution, in a bid to kick-start the economy and pull it out of two decades of deflation.
US stocks closed with mixed results yesterday 26 April, with the Nasdaq turning lower ahead of tech earnings. Meanwhile, the S&P 500 and Dow Jones ended higher following a third straight day of losses. The US Federal Reserve holds a two-day policy meeting today, 26 April 2016 and tomorrow, 27 April 2016. As per market expectations, the Fed is likely to hold rates steady this week. The Fed statement could provide clues on the future path for interest rates.
Most metal shares edged higher. Jindal Steel & Power (up 4.91%), Hindustan Copper (up 1.83%), NMDC (up 1.27%), Steel Authority of India (up 0.76%), Hindustan Zinc (up 0.64%), Hindalco Industries (up 0.63%), Vedanta (up 0.47%), Bhushan Steel (up 0.24%) and Tata Steel (up 0.11%), edged higher. JSW Steel was down 0.3%.
Most realty shares rose. Sunteck Realty (up 3.19%), Oberoi Realty (up 2.78%), Phoenix Mills (up 1.22%), Godrej Properties (up 1.06%), Indiabulls Real Estate (up 0.62%), Anant Raj (up 0.57%), DLF (up 0.52%), Sobha (up 0.33%), D B Realty (up 0.21%) and Prestige Estates Projects (up 0.15%), edged higher. Unitech (down 0.2%), Parsvnath Developers (down 0.26%), Housing Development and Infrastructure (HDIL) (down 0.36%) and Mahindra Lifespace Developers (down 2.32%), edged lower.
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