Strong buying demand in index pivotals propelled the key indices to fresh intraday high in mid-afternoon trade. At 14:28 IST, the barometer index, the S&P BSE Sensex, was up 377.30 points or 0.99% at 38,510.18. The Nifty 50 index was up 119.15 points or 1.04% at 11,564.20.
The market sentiment was boosted by data showing that foreign funds and domestic funds, both, were net buyers of Indian stocks yesterday, 27 March 2019. The trading activity on that day showed that the foreign portfolio investors (FPIs) bought shares worth a net Rs 1,481.11 crore yesterday, 27 March 2019, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 134.92 crore yesterday, 27 March 2019, as per provisional data.
The Nifty was trading above the 11,500 mark. Key indices nudged higher in early trade on buying demand in index pivotals. Stocks extended gains in morning trade. Indices hovered in positive zone in mid-morning trade. Benchmarks extended gains and hit fresh intraday high in afternoon trade. Stocks moved up further in afternoon trade.
Trading could be volatile as traders roll over positions in the F&O segment from the near month March 2019 series to April 2019 series. The March 2019 F&O contracts expire today, 28 March 2019.
The S&P BSE Mid-Cap index was up 0.72%. The S&P BSE Small-Cap index was up 0.77%.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1573 shares rose and 923 shares fell. A total of 149 shares were unchanged.
HCL Technologies (up 3.25%), State Bank of India (up 2.53%), Sun Pharmaceutical Industries (up 2.24%), Yes Bank (up 2.02%) and ICICI Bank (up 1.54%) edged higher from the Sensex pack.
Larsen & Toubro rose 0.36%. Larsen & Toubro after the company said its construction arm has secured significant contracts from clients across different states in India. The announcement was made during trading hours today, 28 March 2019.
Subros rose 4.60% after the company said it will acquire certain assets of Zamil Air Conditioners India. Subros, in line with its long term plan and strategic intent to expand business in home AC domain, had initiated manufacturing and business development activities in this segment during past few years. The announcement was made made during trading hours today, 28 March 2019.
Overseas, European shares edged higher on Thursday as signs of progress in U.S.-China trade talks offset nerves over global growth and Britain's chaotic path towards leaving the European Union.
Asian stocks were trading lower as investors watched the continuing trade talks between the U.S. and China. The Trump administration and Chinese officials are about to hold their eighth round of trade talks in Beijing with several tough issues unresolved, including a timetable for lifting tariffs and a way to enforce any agreement.
U.S. stocks on Wednesday bounced off session lows but finished in the red as sentiment remained sensitive to mounting signs of slowing global growth, reflected in falling bond yields on the heels of increasingly dovish central banks.
On the U.S.-China trade front, U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin are set to resume negotiations with their Chinese counterparts in Beijing on Thursday, in a bid to strike a deal on trade.
In economic data, the U.S. trade deficit narrowed in January to a five-month low of $51.1 billion versus $59.9 billion in December.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)