Key benchmark indices extended intraday gains in afternoon trade. At 13:18 IST, the barometer index, the S&P BSE Sensex, was up 109 points or 0.41% at 26,501.76. The Nifty 50 index was currently up 34.85 points or 0.43% at 8,178. The Sensex rose 143.21 points or 0.54% at the day's high of 26,535.97 in afternoon trade, its highest level since 1 December 2016. The barometer index rose 16.01 points or 0.06% at the day's low of 26,408.77 in morning trade. The Nifty rose 40.85 points or 0.5% at the day's high of 8,184 in afternoon trade, its highest level since 1 December 2016. The index rose 6.75 points or 0.08% at the day's low of 8,149.90 in morning trade. Overseas, most Asian shares edged higher as investors covered short positions and looked to the upcoming policy meeting of the European Central Bank (ECB) for comfort after a referendum defeat tipped Italy into political turmoil. US stocks registered modest gains yesterday, 6 December 2016, with the Dow Jones Industrial Average finishing at an all-time high for a second day in a row. Back home, the market breadth, indicating the overall health of the market, was positive. On BSE, 1,434 shares rose and 994 shares fell. A total of 155 shares were unchanged. The BSE Mid-Cap index was currently up 0.38%. The BSE Small-Cap index was currently up 0.38%. Both these indices underperformed the Sensex. Bank stocks edged higher ahead of the outcome of a two-day meet of the monetary policy committee (MPC) of the Reserve Bank of India (RBI) today, 7 December 2016. Among public sector banks, Indian Bank (up 2.19%), IDBI Bank (up 1.17%), State Bank of India (up 0.93%), Punjab National Bank (up 0.93%), Bank of Baroda (up 0.83%) and Union Bank of India (up 0.63%) gained. Among private sector banks, Yes Bank (up 1.88%), RBL Bank (up 1.61%), HDFC Bank (up 0.82%), Kotak Mahindra Bank (up 0.48%) and IndusInd Bank (up 0.1%) edged higher. Axis Bank (down 0.18%) edged lower. It will be interesting to watch RBI's monetary policy stance this time in a scenario of government's recent historic move of demonetization of higher denomination notes and amid easing consumer inflation. RBI had cut policy rates by 25 basis points in its last meet in October. ICICI Bank was up 0.8%. The bank announced after market hours yesterday, 6 December 2016, that the committee of executive directors of the bank is scheduled to have a meeting on 9 December 2016, to consider fund raising in single/multiple tranches in any currency through public/private placement by way of issuances of debt instruments etc. for the remaining period of the financial year ending 31 March 2017 (FY 2017). Auto stocks gained. Eicher Motors (up 3.88%), TVS Motor Company (up 1.77%), Mahindra & Mahindra (up 1.47%), Tata Motors (up 1.36%), Hero MotoCorp (up 1.31%), Maruti Suzuki India (up 0.49%), Ashok Leyland (up 0.13%) and Bajaj Auto (up 0.31%) edged higher. Future Consumer was up 0.24% and LT Foods rose 5.06% after these firms along with Genoa Rice Mills (Genoa) entered into a joint venture (JV) agreement dated 6 December 2016, for undertaking the business of manufacturing, marketing, sales, sourcing and distribution of Sona Masoori/regional South Indian rice. Future Consumer and LT Foods each shall hold 50% of the paid-up share capital of Genoa. Future Consumer and LT Foods inter alia shall have the right to nominate two directors each, on the board of Genoa and they shall also have the right to vote on reserved matters as provided under the JV agreement. LT Foods and Genoa are not related to any of the promoter/promoter entities of Future Consumer. The JV agreement executed between Future Consumer, LT Foods and Genoa does not fall within the ambit of related party transactions. Powered by Capital Market - Live News |