Trading for the week ended on a firm note as the key benchmark indices scored strong gains in a broad-based rally. The barometer index, the S&P BSE Sensex, surged 322.65 points, or 0.95%, to 34,142.15, as per the provisional closing data. The Nifty 50 index gained 108.35 points, or 1.04 %, to 10,491.05, as per the provisional closing data. The Sensex settled well above the psychological 34,000-mark after regaining that level in intraday trade. Domestic stocks were boosted by positive Asian stocks. Metal and mining stocks gained across the board.
The trading session was steady today, 23 February 2018 as the key equity benchmark indices kept on gaining ground as day's trading session progressed after a gap-up opening triggered by positive Asian stocks. On the contrary, volatility was intense yesterday, 22 February 2018 as traders rolled over positions in the F&O segment from the near month February 2018 series to March 2018 series. The February 2018 F&O contracts expired yesterday, 22 February 2018.
The S&P BSE Mid-Cap index provisionally rose 1.47%. The S&P BSE Small-Cap index provisionally gained 1.54%. Both these indices outperformed the Sensex.
The broad market depicted strength.
There were more than two gainers against every loser on BSE. 1,898 shares rose and 836 shares fell. A total of 150 shares were unchanged.
Metal and mining stocks gained across the board. Tata Steel (up 5.9%), Steel Authority of India (Sail) (up 3.99%), National Aluminium Company (up 3.99%), Hindustan Zinc (up 4.28%), Jindal Steel & Power (up 5.49%), Vedanta (up 2.42%), JSW Steel (up 3.07%), Hindalco Industries (up 2.5%), NMDC (up 3.23%) and Hindustan Copper (up 1.71%) edged higher.
L&T rose 1.13%. L&T Construction, the construction arm of L&T has won orders worth Rs 1266 crore across various business segments. The announcement was made during market hours today, 23 February 2018.
The Buildings & Factories business bagged orders worth Rs 928 crore from a government client to construct 284 residential towers of G+3 floors under the Prime Minister Awas Yojana Scheme in various locations of Krishna District of Andhra Pradesh. The business has also received additional orders from various ongoing projects. Also an order from the Mumbai Metro Rail Corporation (MMRC) worth Rs 338 crore has been bagged by Power Transmission & Distribution Business to be jointly executed with Transportation Infrastructure business.
M&M shed 0.12%. SmartShift today announced an intent to merge with Porter by Resfeber Labs, India's leading tech-enabled logistic solutions provider in the goods transportation space. Under the aegis of the merged identity, which would be called Mahindra SmartShift, both go-to market brands Porter and SmartShift will continue to service their respective customers and partner-drivers in order to optimise greater operational efficiency. The announcement was made during market hours today, 23 February 2018.
Mahindra would invest a sum of Rs 65 crore in the two entities which reinforces the group's commitment in this space. This merger will help both SmartShift and Porter to spread out to a pan India presence in the shared mobility space. Mahindra has been keen to invest in the shared mobility space as a part of its strategy to promote and participate in sustainable mobility solutions, including promoting load aggregation digital platforms.
SmartShift is an on-demand logistics provider. Porter aims to provide economical, efficient and reliable logistics solutions to its customers, while empowering partnered drivers, by utilising technology.
Overseas, European stocks were trading lower even as US index futures held on to firm gains, as investors continue to track developments in government bond markets amid one of the most sustained rises in borrowing costs for three decades. Trading of US index futures indicated that the Dow could jump 125 points at the open today, 23 February 2018.
Asian stocks rose as investors continue to debate the outlook for central bank policy normalization and the impact of higher bond yields. Meanwhile, Japan's core consumer price index rose for a 13th straight month in January, increasing by 0.9% from a year earlier, matching December's rate of growth, data from the Ministry of Internal Affairs and Communications showed today, 23 February 2018.
In US, the Dow and the S&P 500 closed higher while the Nasdaq slipped yesterday, 22 February 2018 as investors grappled with the threat from higher interest rates. On the data front, initial US jobless claims fell by 7,000 to 222,000 in the seven days ended 17 February 2018, marking the second lowest level since the end of the 2007-2009 recession.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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