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BSE Mid-Cap, Small-Cap index under-perform Sensex

Post Published on : 22-06-2017

After thumping fresh intraday high in early hours of daylight trade, the key benchmark indices held firm in afternoon trade. At 13:25 IST, the barometer index, the S&P BSE Sensex, was up 191.96 points or 0.61% at 31,475.60. The Nifty 50 index was up 48.95 points or 0.51% at 9,682.55. Bank stocks rose. Most FMCG stocks fell. The Sensex hit record high level in early hours of daylight trade. The Nifty hit its highest intraday level in more than two weeks in early hours of daylight trade. The Sensex rose 239.23 points, or 0.76% at the day's high of 31,522.87 in early afternoon trade, its record high level. The index rose 53.32 points, or 0.17% at the day's low of 31,336.96 in morning trade. The Nifty rose 65.25 points, or 0.68% at the day's high of 9,698.85 in early hours of daylight trade, its highest level since 6 June 2017. The index rose 8.75 points, or 0.09% at the day's low of 9,642.35 in morning trade. Along with secondary barometers, the BSE Mid-Cap index was up 0.3%. The BSE Small-Cap index was up 0.44%. Both these indices underperformed the Sensex. The market breadth, representative the overall health of the market, was positive. On BSE, 1,418 shares rose and 1,084 shares fell. A total of 143 shares were unchanged. Bank stocks rose. between PSU bank stocks, State Bank of India (SBI) (up 1.31%), Punjab National Bank (up 0.62%), Dena Bank (up 0.88%), Bank of Baroda (down 0.15%), Canara Bank (up 0.3%), IDBI Bank (up 0.97%), Bank of India (up 0.22%) and Union Bank of India (up 0.99%) rose. Surrounded by private bank stocks, Yes Bank (up 2.22%), HDFC Bank (up 0.31%), Kotak Mahindra Bank (up 0.79%), RBL Bank (up 0.85%), ICICI Bank (up 0.17%), Axis Bank (up 0.83% and IndusInd Bank (up 0.25%) gained. Federal Bank rose 1.03% to Rs 119.50. The bank said that a committee convention will be held on or after 27 June 2017 to consider the issue price of qualified institutional placement. The announcement was made after market hours yesterday, 21 June 2017. QIP opened on 21 June 2017 and floor price of Rs 117.04 per share has been fixed. Most FMCG stocks fell. Godrej Consumer Products (down 2.93%), Marico (down 0.38%), Tata Global Beverages (down 1.27%), Procter & Gamble Hygiene and Health Care (down 0.33%), Jyothy Laboratories (down 1.14%), Bajaj Corp (down 1.09%) and Colgate-Palmolive (India) (down 0.23%) fell. Britannia Industries (up 0.41%), GlaxoSmithkline Consumer Healthcare (up 0.19%), Dabur India (up 0.14%), Nestle India (up 0.26%) rose. Hindustan Unilever fell 1.93% to Rs 1,102 after the stock turned ex-dividend today, 22 June 2017, for final dividend of Rs 10 per share for the year ended 31 March 2017. Before turning ex-dividend, the stock offered a dividend yield of 0.89% based on the closing price of Rs 1,123.70 yesterday, 21 June 2017. IDFC advanced 1.59% after the central bank lifted curbs on foreign investment ceiling in the company. The Reserve Bank of India (RBI) yesterday, 21 June 2017 notified that the foreign shareholding by foreign institutional investors (FIIs)/foreign portfolio investors (FPIs) in IDFC have gone below the prescribed FII/FPI investment limit. Hence, the restrictions placed on the purchase of shares by FII/FPI of IDFC are withdrawn with immediate effect. Overseas, European stocks were trading lower as shares from the oil and gas sector fell as crude prices languished in a bear market. Late Thursday, UK Prime Minister Theresa May is expected in Brussels to present Britain's plans for European Union citizens living in the UK as part of Brexit negotiations. Most Asian shares edged higher as crude oil prices inched up after hitting a 10-month low during the night. In US, the S&P 500 and Dow industrials ended slightly lower overnight, weighed down by losses in the energy sector as oil prices continued to slide. But the Nasdaq Composite posted moderate gains thanks to a surge in biotechnology shares. The S&P 500 index closed with a loss of 1.42 points, or less than 0.1%, at 2,435.61. The Dow Jones Industrial Average lost 57.11 points, or 0.3%, to 21,410.03. The Nasdaq Composite Index bucked the trend, closing 45.92 points, or 0.7%, higher at 6,233.95.

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