Benchmarks trim gains; state-run banks advance

The market came off day's high in mid-morning trade. At 11:20 IST, the barometer index, the S&P BSE Sensex, was up 210.57 points or 0.60% at 35,563.18. The Nifty 50 index was up 64.80 points or 0.61% at 10,669.15. Positive cues from other Asian stocks boosted investors sentiment.

The market opened higher and hit fresh intraday high in morning trade. Indices trimmed gains in mid-morning trade.

Among secondary barometers, the BSE Mid-Cap index was up 0.35%. The BSE Small-Cap index was up 0.58%.

The market breadth, indicating the overall health of the market, was strong. On BSE, 1309 shares rose and 660 shares fell. A total of 111 shares were unchanged.

Shares of Anil Ambani Group companies declined on reports that the Supreme Court (SC) found Anil Ambani guilty of contempt and said that the Reliance Group companies had no intention of adhering to the payment schedule for outstanding dues to Ericsson AB. Reliance Communications (down 8.42%), Reliance Capital (down 6.98%), Reliance Infrastructure (down 6.1%), Reliance Naval and Engineering (down 4.23%), Reliance Power (down 1.38%) and Reliance Nippon Life Asset Management (down 0.49%), edged lower.

According to reports, SC has given Reliance Communications four weeks to clear the Rs 450-crore dues to Ericsson. The court also said that Chairman Anil Ambani could face three months in jail if Ericsson's dues are not cleared, reports added.

PSU banks advanced on reports that the government may infuse capital in select state-run banks. Corporation Bank (up 4.29%), Central Bank of India (up 3.32%), Indian Bank (up 2.98%), Allahabad Bank (up 2.88%), Punjab & Sind Bank (up 2.01%), Syndicate Bank (up 1.91%), IDBI Bank (up 1.53%), Dena Bank (up 1.48%), Canara Bank (up 1.32%), Punjab National Bank (up 1.29%), State Bank of India (up 1.26%), Bank of Maharashtra (up 1.14%), Union Bank of India (up 1.02%), Bank of Baroda (up 0.93%), Vijaya Bank (up 0.88%), Bank of India (up 0.8%), Andhra Bank (up 0.64%), United Bank of India (up 0.6%) and UCO Bank (up 0.58%), edged higher.

Realty shares were in demand. Unitech (up 4.24%), Parsvnath Developers (up 3.24%), Peninsula Land (up 2.38%), Anant Raj (up 2%), Housing Development and Infrastructure (HDIL) (up 1.80%), Godrej Properties (up 1.62%), Phoenix Mills (up 0.78%), Prestige Estates Projects (up 0.66%), Oberoi Realty (up 0.63%), Mahindra Lifespace Developers (up 0.50%), Indiabulls Real Estate (up 0.28%), Sunteck Realty (up 0.27%), Omaxe (up 0.14%) and Sobha (up 0.12%), edged higher. DLF (down 0.03%) and D B Realty (down 0.23%), edged lower.

Overseas, most Asian shares traded higher on Wednesday after US-China trade talks resumed. Investors also awaited the release later on Wednesday of minutes from the US Federal Reserve's January policy-setting meeting, where policymakers took a dovish turn, effectively signaling no further rate hikes.

US stock indices held steady above the break-even line after opening lower on Tuesday. US President Donald Trump reportedly said Tuesday that trade talks with China are going well, adding the current March deadline is not a "magical date." Both countries have until then to come up with a deal. Otherwise, additional US tariffs on Chinese products could take effect. Trump indicated last week, however, he would be willing to push back the deadline.

Representatives from the US and China are meeting in Washington this week to resume trade negotiations, with high level discussions set to happen later in the week, the White House said Monday. US is reportedly seeking to secure a pledge from China that it will not devalue its yuan currency as part of a trade deal.

Powered by Capital Market - Live News