Key benchmark indices were hovering in a narrow range with small gains in afternoon trade. At 13:19 IST, the barometer index, the S&P BSE Sensex, rose 112.28 points or 0.34% at 33,463.85. The Nifty 50 index advanced 40.45 points or 0.39% at 10,283.10. Global stocks gained as fears of trade wars appear to subside after US President Donald Trump implemented steel and aluminum import tariffs that excluded Canada and Mexico.
Key indices started the session on a positive note on firm global cues. Indices extended gains in morning trade. Later, the indices hovered in a narrow range in positive terrain so far.
The breadth, indicating the overall health of the market, was positive. On the BSE, 1,270 shares advanced and 1,241 shares declined. A total of 132 shares were unchanged.
Most FMCG shares rose. Marico (up 2.13%), Dabur India (up 1.85%), Jyothy Laboratories (up 1.55%), GlaxoSmithKline Consumer Healthcare (up 1.49%), Colgate Palmolive (India) (up 1.44%), Bajaj Corp (up 0.68%), Britannia Industries (up 0.31%) and Hindustan Unilever (up 0.31%), edged higher. Procter & Gamble Hygiene & Health Care (down 0.01%), Tata Global Beverages (down 0.33%), Nestle India (down 0.46%) and Godrej Consumer Products (down 0.87%), edged lower.
Pharma shares were mixed. Piramal Enterprises (up 3.16%), IPCA Laboratories (up 1.91%), Aurobindo Pharma (up 1.76%), Strides Shasun (up 1.18%), Dr Reddy's Laboratories (up 0.52%), Lupin (up 0.48%) and Divi's Laboratories (up 0.10%), edged higher. Cadila Healthcare (down 0.04%), Alkem Laboratories (down 0.18%), Sun Pharmaceutical Industries (down 0.27%), Cipla (down 0.46%), Wockhardt (down 0.46%), Glenmark Pharmaceuticals (down 0.86%) and GlaxoSmithKline Pharmaceuticals (down 1.28%), edged lower.
Sadbhav Infrastructure Project rose 1% after the company announced that the company has received letter of award from National Highways Authority of India (NHAI) for new hybrid annuity project under NHDP Phase-IV in Karnataka. The project is for four laning of Tumkur - Shivamogga section in Karnataka. The bid price for project is Rs 933.82 crore and the project construction period is 730 days from appointed date. The announcement was made during trading hours today, 9 March 2018.
In political news, the Telugu Desam Party (TDP), ally of National Democratic Alliance (NDA), has pulled out its two ministers from the Narendra Modi cabinet yesterday, 8 March 2018, in protest against the injustice to Andhra Pradesh. However, the party decided to continue supporting the NDA. The action by the TDP, which has sixteen members in the Lok Sabha and six in Rajya Sabha, will have no impact on the stability of the Modi government which has sufficient numbers in Parliament but will be seen as a big political setback as TDP is the first pre-poll ally to pull out of the Centre in nearly four years.
Overseas, Asian stocks edged higher after moderate gains on Wall Street overnight following the implementation of US tariffs on steel and aluminum. Japan's central bank kept monetary settings unchanged today, 9 March 2018 and stuck to its upbeat view on the economy. In a widely expected move, the Bank Of Japan (BOJ) maintained its pledge of guiding short-term interest rates at minus 0.1% and the 10-year government bond yields around zero percent.
Trump signed a proclamation yesterday, 8 March 2018 authorizing the tariffs at 25% on steel imports and 10% on aluminium, the same level he promised when he revealed the plan on 1 March. The aluminium and steel import tariffs will take effect in 15 days, as per reports.
In Europe, the European Central Bank (ECB), at its monetary policy meeting yesterday, 8 March 2018, kept its broader policy unchanged. The central bank said it could still extend its 2.55 trillion euro ($3.16 trillion) bond purchase scheme beyond September if needed.
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