Key benchmark indices were trading with positive bias in morning trade. At 10:18 IST, the barometer index, the S&P BSE Sensex, was up 61.92 points or 0.21% at 29,484.31. The Nifty 50 index was up 18.55 points or 0.2% at 9,154.95. Positive Asian stocks boosted sentiment on the domestic bourses.
Key benchmark indices edged higher in early trade on positive Asian stocks.
The broad market depicted strength. There were more than two gainers against every loser on BSE. 1,561 shares rose and 677 shares fell. A total of 83 shares were unchanged.
Overseas, Asian stocks were trading higher after Bank of Japan's (BOJ) Governor Haruhiko Kuroda maintained an accommodative monetary policy and on optimism for a US tax overhaul. US stocks closed higher yesterday, 20 April 2017 on rising expectations for first-quarter corporate profits.
Speaking a week before the BOJ monetary policy, Governor Haruhiko Kuroda said that the Bank of Japan will continue with very accommodative monetary policy and maintain the current pace of asset purchases for some time. While Japan's economy is doing better than thought a few months ago, the inflation rate is still quite sluggish, Kuroda said in New York yesterday, 20 April 2017.
Markets are awaiting several economic indicators from Europe later in the session, including Eurozone manufacturing and services figures for April and British retail sales for March, to be followed by US manufacturing and services data for April and existing home sales for March.
Back home, Cement stocks saw mixed trend. Ambuja Cements (down 0.19%) fell. Shree Cement (up 0.06%) and UltraTech Cement (up 0.32%) rose.
ACC fell 0.75% ahead of its Q1 results today, 21 April 2017.
Grasim Industries was down 1.8%. Grasim has exposure to the cement sector through its holding in UltraTech Cement.
Realty stocks gained. Indiabulls Real Estate (up 1.38%), Housing Development and Infrastructure (up 4.07%), D B Realty (up 2.09%), Unitech (up 0.69%), Sobha (up 0.88%), Godrej Properties (up 0.71%), Prestige Estates Projects (up 2.25%), DLF (up 0.87%), and Parsvnath Developers (up 1.62%) rose. Oberoi Realty (down 1.83%) fell.
Diamond Power Infrastructure lost 4.01% after the company reported consolidated net loss of Rs 305.55 crore in Q4 March 2017, higher than net loss of Rs 205.56 crore in Q4 March 2016. Net sales fell 72.85% to Rs 192.28 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 20 April 2017.
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