Key benchmark indices extended intraday gains in morning trade led by gains in index heavyweights Reliance Industries and L&T. At 10:30 IST, the barometer index, the S&P BSE Sensex, was up 98.16 points or 0.34% at 29,265.84. The Nifty 50 index was up 27.05 points or 0.3% at 9,057.50. Positive Asian stocks underpinned sentiment.
Domestic stocks edged higher in early trade on positive Asian stocks.
The BSE Mid-Cap index was up 0.8%. The BSE Small-Cap index was up 0.9%. Both these indices outperformed the Sensex.
The broad market depicted strength. There were more than two gainers against every loser on BSE. 1,545 shares rose and 635 shares fell. A total of 126 shares were unchanged.
Overseas, Asian stocks were trading higher with focus now on a crucial congressional vote on US healthcare reform later in the day. US stocks rebounded yesterday, 22 March 2017 after posting the biggest decline since October as technology stocks posted strong gains.
Investors are focusing on progress of US President Donald Trump's pro-growth policies as Republican lawmakers and Trump struggled to garner support for controversial healthcare legislation scheduled for a vote in the House of Representatives today, 23 March 2017. Losing or delaying the vote would bruise investors' confidence in Trump's legislative ability and his ability to keep his big promises to business.
US stocks had rallied after the November 2016 presidential election, on bets that the pro-growth Trump agenda would be quickly pushed by a Republican Party with majorities in both chambers of Congress.
Markets will also be keenly awaiting cues from the US Fed this week with Chair Janet Yellen due to speak later today. The Fed raised its benchmark lending rate a quarter point last week and continued to project two more increases this year.
On the economic front, sales of previously-owned homes tumbled in February as the housing market remains choked by tight inventory. Existing-home sales were at a 5.48 million seasonally-adjusted annual rate last month, the National Association of Realtors said yesterday, 22 March 2017.
Back home, capital goods stocks edged higher on renewed buying. L&T (up 1.63%), BEML (up 2.07%), Bharat Electronics (up 1.75%), ABB India (up 0.71%), Punj Lloyd (up 0.55%), Siemens (up 0.64%) and Thermax (up 1.42%) rose. Bharat Heavy Electricals (Bhel) (down 0.17%) fell.
Telecom stocks rose. Idea Cellular (up 0.71%), MTNL (up 2.49%), Tata Teleservices (Maharashtra) (up 0.5%), Bharti Airtel (up 0.09%) and Reliance Communications (up 0.53%) rose.
Shares of Bharti Infratel rose 0.11%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.
Delta Corp rose 1.31% after the company said its board approved a proposal to raise Rs 750 crore by issuing equity shares or other permissible securities through qualified institutional placements (QIPs). The announcement was made after market hours yesterday, 22 March 2017.
Dilip Buildcon rose 2.32% after the company said it signed a pact with Shrem Infraventure for execution of Tuljapur-Ausa road project. The announcement was made after market hours yesterday, 22 March 2017.
Dilip Buildcon received a letter of award by National Highways Authority of lndia (NHAI) for four-laning Tuljapur - Ausa (including Tuliapur Bypass) road project under NHDP Phase IV on Hybrid Annuity Mode in Maharashtra.
Dilip Buildcon has signed an Memorandum of Understanding (MoU) with Shrem Infraventure to set up a special purpose vehicle (SPV) for execution of the road project. Shrem Infraventure to hold 49% stake in the SPV and Dilip Buildcon to hold the remaining 51% stake. Shrem will acquire the remaining 51% on completion of two years of commercial operation from the date of commencement.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)