Nifty holds 8,600 amid choppy trades; Hero Motocorp up 3%
.jpg)
The barometer index, the S&P BSE Sensex, extended gains while the Nifty 50 index traded near the flat line in mid-morning trade. At 12:20 PM, the Sensex was up 55.53 points or 0.2% at 28,119.94.
The Nifty 50 index was currently up 8.80 points or 0.1% at 8,651.35. The Sensex rose 71.49 points, or 0.25% at the day's high of 28,136.10 in early trade. The index fell 40.25 points, or 0.14% at the day's low of 28,024.36 at the onset of trading session.
The Nifty rose 15.05 points, or 0.17% at the day's high of 8,657.60 in early trade. The index fell 16 points, or 0.19% at the day's low of 8,626.55 at the onset of trading session.
The market breadth indicating the overall health of the market was strong. On BSE, 1,370 shares rose and 819 shares fell. A total of 153 shares were unchanged. The BSE Mid-Cap index was currently up 0.61%. The BSE Small-Cap index was currently up 0.76%. Both these indices outperformed the Sensex.
In overseas stock markets, Asian shares witnessed a mixed trend after New York Fed President William Dudley said the Fed could raise interest rates as soon as September, prompting investors to pause after rallies in recent weeks. Chinese shares rose after leaders approved a plan to give foreign investors more access to Chinese equities through Hong Kong.
In mainland China, the Shanghai Composite index was currently up 0.06%. In Hong Kong, the Hang Seng index was currently up 0.27%. China's Cabinet announced approval of an initiative that would give foreign investors more access to Chinese stocks by linking exchanges in Hong Kong and the mainland city of Shenzhen.
US stocks eased from record highs yesterday, 16 August 2016, with the S&P 500 losing 0.55% as investors weighed hawkish comments by Federal Reserve officials against sharp gains for oil futures, a weakening dollar and fresh consumer-price data that showed US inflation remains tepid.
Dudley said a rate hike in September was possible, while Atlanta Fed President Dennis Lockhart said the US economy is likely strong enough for at least one rate increase before the end of 2016, with two a possibility.
Dudley cited evidence of wage gains and a tighter labor market that could boost inflation. Their comments came ahead of an annual meeting of central bankers from around the world in Jackson Hole, Wyoming, next week.
Auto stocks gained on renewed buying. Tata Motors (up 1.12%), Maruti Suzuki India (up 0.52%), Mahindra & Mahindra (M&M) (up 0.65%), TVS Motor Company (up 3.78%), Escorts (up 0.82%), and Ashok Leyland (up 0.35%) gained. Eicher Motors shed 0.32%.
Bajaj Auto gained 2.13% to Rs 2,937. The stock hit a high of Rs 2,948 in intraday trade so far, which is record high for the counter. The stock hit a low of Rs 2,878 so far during the day.
Hero MotoCorp advanced 3.06% after completion of realignment of business interest among Munjal family. Sunil Kant Munjal's resignation from the company's board of directors comes as his tenure as the Joint Managing Director of the company ended yesterday, 16 August 2016.
Hero MotoCorp (HMCL) announced on 28 July 2016 that Sunil Kant Munjal decided to step down as Joint Managing Director of the company as part of a realignment of business interest amongst the promoter Munjal family.
Realty stocks rose on renewed buying. DLF (up 0.79%), Indiabulls Real Estate (up 1.12%), Housing Development and Infrastructure (up 1.09%), D B Realty (up 1.44%), Unitech (up 9.2%), Sobha (up 1.69%), Godrej Properties (up 1.62%), Oberoi Realty (up 0.87%) and Parsvnath Developers (up 1.86%) rose. Prestige Estates Projects fell 0.69%.
Other Latest News
.webp)
The Supreme Court on Tuesday dismissed a petition seeking to revert to ballot paper voting in elections in the country.
"What happens is, when you win the election, EVMs (electronic voting machine) are not tampered. When you lose the election, EVMs are tampered (with)," remarked a bench of Justices Vikram Nath and P B Varale.
.webp)
The Bharatiya Janata Party (BJP) would not rush into announcing its chief ministerial candidate until the distribution of portfolios in the new Maharashtra government is finalised, party sources said on Tuesday.
The indications that the Mahayuti coalition's decision on who would become the next CM would be delayed emerged as the Governor on Tuesday morning asked Eknath Shinde to act as a caretaker chief minister after he tendered his resignation.
.webp)
Anurag Agrawal, Dean of Biosciences and Health Research at Ashoka University, in a conversation with Economic Times, has claimed that every resident of Delhi is developing lung damage as deadly smog continues to blanket the Capital city.
Upon being asked how many people will suffer from lung cancer in future because of poor AQI, the Ashoka University dean said that “every Delhi is developing some degree of lung damage.” People who have pre-existing diseases or sensitivity are more serious, but no one is immune to it, he added.
.webp)
India's Andhra Pradesh state is reviewing government files and will explore if it is possible to cancel a power supply contract linked to the Adani Group, whose billionaire founder has been indicted in the United States, a top official told Reuters.
US authorities have charged Gautam Adani and seven others with agreeing to pay bribes of $265 million to unnamed Indian government officials to obtain solar power-supply contracts in Odisha, Tamil Nadu, Chhattisgarh, Andhra Pradesh and the federal territory of Jammu and Kashmir, between 2021 and 2022.
.webp)
The board of directors of Hindustan Unilever (HUL) on Monday gave an in-principle approval to demerge the ice-cream business into an independent listed entity.
Subject to necessary approvals and procedures, shareholders of HUL will receive shares in the new entity in proportion to their shareholding in the company, HUL said in a release.
.webp)
.webp)
.webp)
.webp)
.webp)
