Broad market depicts strength

After holding positive zone in morning trade, key benchmark indices extended gains in mid-morning trade. At 11:16 IST, the barometer index, the S&P BSE Sensex, was up 249.45 points or 1% at 25,149.91. The Nifty 50 index was up currently up 76.45 points or 1.01% at 7,673.45. The Sensex retained the psychologically important 25,000 mark after surpassing that mark after opening with upward gap. Strong global cues boosted investors' sentiment. World stocks rose as investors welcomed the latest signal from the US Federal Reserve that it would move slowly to raise interest rates in the US.

The Sensex jumped 256.18 points, or 1.03% at the day's high of 25,156.64 in mid-morning trade, its highest level since 28 March 2016. The index rose 154.96 points, or 0.62% at the day's low of 25,055.42 in morning trade. The Nifty rose 77.05 points, or 1.01% at the day's high of 7,674.05 in mid-morning trade, its highest level since 28 March 2016. The index rose 46.45 points, or 0.61% at the day's low of 7,643.45 in morning trade.

The broad market depicted strength. There were almost three gainers against every loser on BSE. 1,581 shares rose and 534 shares fell. A total of 104 shares were unchanged. The BSE Mid-Cap index was currently up 1.18%. The BSE Small-Cap index was currently up 1.41%. Both these indices outperformed the Sensex.

In overseas stock markets, Asian stocks edged higher tracking overnight gains in US shares as investors welcomed the latest signal from the US Federal Reserve that it would move slowly to raise interest rates in the US. US stocks edged higher yesterday, 29 March 2016, after Federal Reserve chairwoman Janet Yellen in a speech in New York reiterated a need to proceed cautiously in lifting interest rates in the backdrop of weaker-than-expected growth overseas and a cloudy US inflation outlook.

HDFC dropped 1.21% to Rs 1,114.10 after the stock turned ex-dividend for interim dividend of Rs 3 per share for the year ending 31 March 2016 (FY 2016). Before turning ex-dividend, the stock offered a dividend yield of 0.26% based on the closing price of Rs 1,127.70 yesterday, 29 March 2016.

NMDC declined 0.91% to Rs 98.30 after the stock turned ex-dividend for interim dividend of Rs 1.50 per share for the year ending 31 March 2016 (FY 2016). Before turning ex-dividend, the stock offered a dividend yield of 1.51% based on the closing price of Rs 99.20 yesterday, 29 March 2016.

Adani Ports and Special Economic Zone (APSEZ) rose 1.77% after the company said it has raised Rs 500 crore from issue of non-convertible debentures on private placement basis. The announcement was made at the fag end of the trading session yesterday, 29 March 2016.

Most pharmaceutical stocks edged higher. Piramal Enterprises (up 6.69%), Lupin (up 3.42%), Sun Pharmaceutical Industries (up 1.98%), Strides Shasun (up 1.89%), IPCA Laboratories (up 1.19%), Aurobindo Pharma (up 0.96%), Cadila Healthcare (up 0.89%), Divi's Laboratories (up 0.78%), Wockhardt (up 0.63%), Dr Reddy's Laboratories (up 0.50%), Cipla (up 0.33%) and GlaxoSmithKline Pharmaceuticals (up 0.04%), edged higher. Alkem Laboratories (down 1.56%) and Glenmark Pharmaceuticals (down 1.92%) edged lower.

Realty shares were in demand. Parsvnath Developers (up 3.90%), DLF (up 3.28%), D B Realty (up 3.12%), Sunteck Realty (up 2.75%), Oberoi Realty (up 2.68%), Sobha (up 2.62%), Housing Development and Infrastructure (HDIL) (up 2.54%), Peninsula Land (up 2.34%), Anant Raj (up 2.19%), Prestige Estates Projects (up 1.92%), Indiabulls Real Estate (up 1.78%), Unitech (up 1.65%), Godrej Properties (up 1.30%) and Phoenix Mills (up 0.86%), edged higher. Mahindra Lifespace Developers was down 1.12%.

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