The market trimmed gains in early afternoon trade as profit booking emerged at higher levels. At 12:20 IST, the barometer index, the S&P BSE Sensex, was up 233.83 points or 0.71% at 33,230.59. The Nifty 50 index was up 65.60 points or 0.65% at 10,189.95. The Sensex was trading above the psychological 33,000 mark. Positive trend in other Asian indices boosted sentiment in domestic market. Cement and telecom shares rose.
The market hit fresh intraday high in mid-morning trade after opening in positive terrain. Key indices trimmed gains in early afternoon trade. The Sensex rose 358.17 points, or 1.09% at the day's high of 33,354.93 in mid-morning trade, its highest level since 16 March 2018. The index rose 94.06 points, or 0.29% at the day's low of 33,090.82 in early trade. The Nifty rose 102.95 points, or 1.02% at the day's high of 10,227.30 in mid-morning trade, its highest level since 16 March 2018. The index rose 48.85 points, or 0.48% at the day's low of 10,173.20 in early trade.
Among secondary barometers, the BSE Mid-Cap index was up 0.80%. The BSE Small-Cap index was up 0.79%. Both these indices outperformed the Sensex.
The market breadth was strong. On BSE, 1,473 shares rose and 960 shares fell. A total of 161 shares were unchanged.
Overseas, Asian shares were trading higher after recent losses amidst caution ahead of a key US Federal Reserve policy meeting outcome. US stocks ended higher Tuesday, led by strong gains in the energy sector as the overall market reclaimed some lost ground from the previous day, when tech shares fell sharply.
The US Federal Reserve started a two-day monetary policy meeting yesterday, 20 March 2018. The outcome of the meeting will be announced later in the global day today, 21 March 2018, with new Chair Jerome Powell set to give his first news conference.
Back home, cement shares were in demand. UltraTech Cement (up 2.58%), Ambuja Cements (up 0.95%) and ACC (up 0.88%), edged higher.
Grasim Industries was up 0.47%. Grasim has exposure to cement sector through its holding in UltraTech Cement.
Most telecom shares rose. Bharti Airtel (up 3.46%), Idea Cellular (up 1.75%), MTNL (up 1.29%) and Reliance Communications (up 0.43%), edged higher.
Tata Teleservices (Maharashtra) was down 1.92%. Telecom tower infrastructure provider Bharti Infratel was down 0.86%
Steel Strips Wheels rose 0.35% after the company announced bagging of exports order for supply of steel wheels for UK Aftermarket. Total order covers supplies of approx. 7,000 wheels in a period of 30 days. Wheels will be dispatched from the company's Chennai & Dappar plant from this month onwards. This order further augments SSWL's strong presence in the extremely competitive UK Aftermarket for steel wheels. The announcement was made during market hours today, 21 March 2018.
Transport Corporation of India rose 2.26% after the company announced acquisition of a new ship to increase capacity in the West coast of India. The announcement was made after market hours yesterday, 20 March 2018.
Transport Corporation of India said that the company's division, TCI Seaways, has announced capacity addition and business expansion of its domestic coastal shipping business through acquisition of another vessel in the West coast of India. The total investment made in the acquisition of the new ship is about Rs 48.80 crore. The financing for this new ship has been done through internal accruals and loan from banks. The new ship with a dead weight tonnage (DWT) 26262 can hold 766 containers (TEUs and FEUs). Each container with a carrying capacity of 30 tonne will be plying in the West-South coast corridor.
On the economic front, investment bank Goldman Sachs reportedly downgraded its forecasts for India's economy on Tuesday, 20 March 2018, in the wake of a more than $2 billion fraud at Punjab National Bank, warning it could spark tighter regulation of the banking sector that would constrain credit growth. Goldman Sachs lowered its real GDP forecast on India till March 2019 to 7.6% from 8% earlier. For the current fiscal ending 31 March, it forecasts the Indian economy to grow 6.6%.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
RECOMMENDED FOR YOU