Key benchmark indices closed with divergent trend after a highly volatile trading session. The barometer index, the S&P BSE Sensex, rose 27.75 points or 0.09% to settle at 32,186.41. The Nifty 50 index fell 13.75 points or 0.14% to settle at 10,079.30. Index heavyweight Reliance Industries (RIL) hit a record high level in intraday trade. The Sensex gained for fifth day in a row while the Nifty snapped 4-day gains today, 13 September 2017.
Trading was volatile throughout the day. Key benchmark indices, which opened lower, gradually rose to hit their fresh intraday highs in mid-afternoon highs. The indices, which were unable to sustain at higher levels, wiped off day`s gains and hit fresh intraday low in late trade. The BSE Sensex, however, bounced back at the fag end of the trading sessions, while the Nifty ended lower.
The Sensex rose 27.75 points or 0.09% to settle at 32,186.41. The Sensex rose 189.64 points, or 0.59% at the day`s high of 32,348.30 in mid-afternoon trade, its highest intraday level since 8 August 2017. The index fell 31.89 points, or 0.10% at the day`s low of 32,126.77 in late trade.
The Nifty 50 index fell 13.75 points or 0.14% to settle at 10,079.30. The Nifty rose 38.40 points, or 0.38% at the day`s high of 10,131.45 in mid-afternoon trade, its highest intraday level since 2 August 2017. The index fell 29.90 points, or 0.30% at the day`s low of 10,063.15 in late trade.
Among secondary barometers, the BSE Mid-Cap index fell 0.69%. The BSE Small-Cap index fell 0.59%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was weak. On BSE, 1,595 shares fell and 1,009 shares rose. A total of 161 shares were unchanged.
The total turnover on BSE amounted to Rs 3560.94 crore, lower than turnover of Rs 3762.51 crore registered during the previous trading session.
Among the sectoral indices on BSE, the BSE Bankex (up 0.17%), the BSE Healthcare index (up 1.15%) and the BSE Energy index (up 0.24%) outperformed the Sensex. The BSE Materials index (down 0.97%), the BSE FMCG index (down 1.03%) and the BSE Oil & Gas index (down 1.7%) underperformed the Sensex.
Index heavyweight Reliance Industries (RIL) rose 3.13% at Rs 849.10. The stock hit a record high of Rs 859.25 in intraday today, 13 September 2017.
Private bank stocks saw mixed trend. HDFC Bank (up 0.46%), Axis Bank (up 0.66%) and IndusInd Bank (up 0.04%) gained. Yes Bank (down 0.56%), Kotak Mahindra Bank (down 0.23%) and RBL Bank (down 1.01%), fell.
ICICI Bank rose 0.21%. The bank said that the Committee of Executive Directors of the bank at its meeting held yesterday, 12 September 2017 has approved the proposal for fund raising by way of issuance of Basel III compliant unsecured subordinated perpetual Additional Tier 1 Bonds. The announcement was made after market hours yesterday, 12 September 2017.
PSU bank stocks rose. Syndicate Bank (up 2.47%), Andhra Bank (up 0.57%), Punjab National Bank (up 0.99%), Bank of Baroda (up 1.55%), Canara Bank (up 0.58%), Bank of India (up 2.51%) and Union Bank of India (up 1.34%) gained. IDBI Bank (down 1.42%) fell.
State Bank of India fell 0.05%. The bank said that the price band of the initial public offer 12 crore shares of its subsidiary, SBI Life Insurance has been fixed at Rs 685 to Rs 700 per share. The announcement was made after market hours yesterday, 12 September 2017.
State-run power firm NTPC fell 0.59% at Rs 168.90. NTPC announced during trading hours today, 13 September 2017, that Unit 2 of 660 megawatts (MW) of Mouda Super Thermal Station, Stage-II (2 X 660 MW) will be declared on commercial operation from 18 September 2017. Further, Unit 1 of 660 MW of Solapur Super Thermal Station (2 X 660 MW) will be declared on commercial operation from 25 September 2017. With this, the commercial capacity of NTPC would become 42892 MW and that of NTPC Group would cross 50 GW and become 50108 MW.
Tata Motors rose 0.67% to Rs 389.80 after the company said that group global wholesales including Jaguar Land Rover, rose 9% at 94,210 units in August 2017 over August 2016. The announcement was made after market hours yesterday, 12 September 2017.
Global wholesales of all Tata Motors` commercial vehicles and Tata Daewoo range rose 17% at 35,352 units in August 2017 over August 2016. Global wholesales of all passenger vehicles rose 5% at 58,858 units in August 2017 over August 2016. Global wholesales for Jaguar Land Rover (JLR) were 44,420 vehicles (JLR number for August 17 includes CJLR volumes of 7,026 units). Jaguar wholesales for the month were 10,978 vehicles, while Land Rover wholesales for the month were 33,442 vehicles. CJLR is a joint venture between JLR and Chery Automobiles and is an unconsolidated subsidiary for JLR.
Dr Reddy`s Laboratories gained 2.09% to Rs 2,210.10 after the company said that its wholly owned subsidiary has started phase II trials of cancer drug. The announcement was made after market hours yesterday, 12 September 2017.
Aurigene Discovery Technologies, a wholly owned subsidiary of Dr Reddy`s Laboratories, and Curis Inc., announced CA-170 program update following data presented at ESMO 2017. They announced plans to initiate a phase 2 trial of CA-170, a PDL 1-VISTA inhibitor to be conducted at sites in India. The announcement was made following the presentation of preliminary data from the initial 34 patients with cancer treated in the dose escalation stage of phase 1 trial of CA-170 at the European Society for Medical Oncology 2017 Congress by Aurigene`s collaborator and licensee of CA-170, Curis Inc., a biotechnology company focused on the development and commercialisation of innovative and effective therapeutics for the treatment of cancer. The trial has been conducted in the USA, South Korea and Spain.
Telecom major Bharti Airtel fell 0.96% to Rs 401. The company during trading hours today, 13 September 2017, announced a strategic partnership with SK Telecom, Korea`s largest telecommunications company, under which, Airtel will leverage SK Telecom`s expertise to build the most advanced telecom network in India.
The partnership will work across several areas including developing bespoke software to dramatically improve network experience, leveraging advanced digital tools including machine learning, big data and building customized tools to improvenetwork planning based on every customer`s device experience. The capacity to identify, monitor and deliver improvements to the network experience on an individual device basis will be a first in India, helped by SK Telecom`s global leadership in this area.
Capital First fell 1.06%. The Reserve Bank of India notified increase in the foreign investment limit from 24% to 50% in the company. The Reserve Bank of India made the announcement after market hours yesterday, 12 September 2017. The stock had gained 4.67% to Rs 808.30 yesterday, 12 September 2017.
The Reserve Bank of India notified that the foreign investment limit for investment by foreign institutional investors (FIIs)/ foreign portfolios investors (FPIs) in Capital First has increased from 24% to 50% of its paid up capital. Further, owing to the increase in the above investment limit, it is notified that the aggregate shareholding by FIIs/FPIs in Capital First has gone below the prescribed FIIs/FPIs investment limit for the company. Hence, the restrictions placed on the purchase of shares of the above company by FIIs/FPIs, was withdrawn with immediate effect.
On macro front, India`s industrial production rose 1.2% in July 2017 over July 2016, while snapping 0.2% decline for June 2017. The growth for June 2017 has been revised downwards to -0.2% from -0.1% reported earlier. The data was unveiled after market hours yesterday, 12 September 2017.
The all-India general consumer price index (CPI)-based inflation accelerated to 3.36% in August 2017, compared with 2.36% in July 2017. The data was unveiled after market hours yesterday, 12 September 2017.
Overseas, most European markets were trading higher. Most Asian stocks ended lower. All three major US stock indexes booked all-time closing highs on Tuesday, 12 September 2017. It marks the first time all three benchmarks finished at records on the same day since 26 July 2017. The Dow Jones Industrial Average rose 61.49 points, or 0.3%, to finish at 22,118.86. The S&P 500 added 8.37 points, or 0.3%, to close at 2,496.48. The Nasdaq Composite Index finished up 22.02 points, or 0.3%, at 6,454.28.
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