Key benchmark indices hovered with small gains in a positive zone in early afternoon trade. At 12:28 IST, the barometer index, the S&P BSE Sensex, was up 58.51 points or 0.17% at 34,453.57. The Nifty 50 index was up 17 points or 0.16% at 10,565.70. Auto and metal & mining stocks saw mixed trend. Local stocks were boosted by positive Asian stocks.
Domestic stocks drifted higher in early trade tracking positive Asian stocks. Stocks turned volatile in morning trade as the key equity benchmark indices regained positive zone soon after hitting an intraday low in negative zone. Key benchmark indices extended gains and hit fresh intraday high in mid-morning trade.
The S&P BSE Mid-Cap index was up 0.23%. The S&P BSE Small-Cap index was up 0.21%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,266 shares rose and 1,132 shares fell. A total of 140 shares were unchanged.
Auto stocks saw mixed trend. Tata Motors (up 0.39%), Maruti Suzuki India (up 0.23%), Eicher Motors (up 0.02%), Bajaj Auto (up 0.29%) and TVS Motor Company (up 0.34%) rose.
Hero MotoCorp (down 0.29%), Escorts (down 0.73%), Mahindra & Mahindra (M&M) (down 0.97%) and Ashok Leyland (down 0.37%) fell.
Metal and mining stocks saw mixed trend. Vedanta (up 1.19%), JSW Steel (up 0.32%), Tata Steel (up 0.32%), National Aluminium Company (up 2.37%) and Hindustan Zinc (up 1.34%) rose.
Steel Authority of India (Sail) (down 0.32%), Jindal Steel & Power (down 0.85%), Hindalco Industries (down 1.21%), NMDC (down 0.72%) and Hindustan Copper (down 0.14%) edged lower.
Copper edged higher in the global commodities market. High Grade Copper for May 2018 delivery was currently up 0.78% at $3.0135 per pound on the COMEX.
Virinchi jumped 9.42% after the company said it has signed a multi-product 5-year contract with Advance America Inc, the largest company in USA in the alternate finance industry, to deliver, maintain and host lending management software 'QFund' for a period of 5 years. QFund is the flagship lending management system developed by Virinchi for the alternate finance industry in the USA. The announcement was made after market hours yesterday, 17 April 2018.
Astrazeneca Pharma India rose 6.68% after leading global science-led biopharmaceutical company AstraZeneca announced its decision of further investing $90 million over the next 5 years in India. The announcement was made following the signature of the bilateral innovation partnership for a sustainable future between Sweden and India. The announcement was made after market hours yesterday, 17 April 2018.
This investment commitment will span across AstraZeneca's diverse footprint in India with an aim to strengthen its manufacturing, clinical operations, patient safety & regulatory science, IT services and commercial operations. Furthermore this investment will support scientific data generation, quality manufacturing, science talent development and collaborative development of innovative solutions to improve the standard of care of non-communicable diseases in India.
Overseas, Asian stocks rose as an encouraging US earnings season underscored resilient growth. Japan's exports edged up in March, on strong demand for cars and equipment to make semiconductors, data from Japan's finance ministry showed. Exports rose 2.1% from a year ago, on a rebound in demand after a lull last month. The increase helped Japan log a 10.8% rise in exports for the business year ended March, the first annual rise in three years.
US stocks rallied yesterday, 17 April 2018 amid better-than-expected earnings from industry heavyweights, adding to evidence that the strengthening economy is lifting corporate profits. Meanwhile, a lack of escalation in the trade tensions between China and the US has also emboldened investors.
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