Key benchmarks hit fresh intraday high

Key benchmark indices extended intraday gains and hit fresh intraday high in early afternoon trade. At 12:20 IST, the barometer index, the S&P BSE Sensex, was up 89.87 points or 0.31% at 29,499.39. The Nifty 50 index was currently up 24.90 points or 0.27% at 9,125.70. Positive global cues and robust inflow from foreign portfolio investors in Indian equities yesterday, 28 March 2017, boosted investors' sentiment.

The Sensex rose 125.52 points, or 0.43% at the day's high of 29,535.04 in early afternoon trade, its highest intraday level since 24 March 2017. The index rose 29.90 points, or 0.10% at the day's low of 29,439.42 in morning trade. The Nifty rose 35.30 points, or 0.39% at the day's high of 9,136.10 in early afternoon trade, its highest intraday level since 21 March 2017. The index fell 8.30 points, or 0.09% at the day's low of 9,109.10 in morning trade.

Among secondary barometers, the BSE Mid-Cap index was currently up 0.28%, underperforming the Sensex. The BSE Small-Cap index was currently up 0.48%, outperforming the Sensex.

The market breadth, indicating the overall health of the market, was positive. On BSE, 1,308 shares rose and 1,209 shares fell. A total of 202 shares were unchanged.

Pharmaceutical shares edged lower. Cadila Healthcare (down 0.98%), Alkem Laboratories (down 0.92%), Strides Shasun (down 0.54%), Piramal Enterprises (down 0.48%), Aurobindo Pharma (down 0.43%), Divi's Laboratories (down 0.43%), Sun Pharmaceutical Industries (down 0.29%), Glenmark Pharmaceuticals (down 0.17%), Dr Reddy's Laboratories (down 0.15%), GlaxoSmithKline Pharmaceuticals (down 0.08%) and Wockhardt (down 0.01%), edged lower. Cipla (up 0.05%) and IPCA Laboratories (up 2.60%), edged higher.

Capital goods shares were mixed. AIA Engineering (up 3.08%), ABB India (up 2.05%), Jindal Saw (up 1.11%), Siemens (up 0.9%), SKF India (up 0.84%), GE T&D India (up 0.53%), Lakshmi Machine Works (up 0.42%), BEML (up 0.25%), Praj Industries (up 0.25%) and Bharat Heavy Electricals (up 0.03%), edged higher. Reliance Defence and Engineering (down 0.08%), Crompton Greaves (down 0.26%), Thermax (down 0.3%), Havells India (down 0.44%), Bharat Electronics (down 1.01%) and Punj Lloyd (down 1.01%), edged lower.

Engineering and construction company L&T was up 1.22% to Rs 1,564.55 after the company announced during trading hours today, 29 March 2017, that the power transmission & distribution business of L&T Construction recently bagged major orders worth Rs 2400 crore in the domestic and international markets.

Berger Paints India rose 2.32% to Rs 235.60 as major promoter U K Paints India increased stake in a rejig of promoter holding via bulk deal mechanism on the stock exchanges.

KSD Family Trust sold 65 lakh shares of Berger Paints India at Rs 232 per share in a bulk deal on the BSE on 28 March 2017. GBS Dhingra Family Trust sold 65 lakh shares. U K Paints India bought the entire 1.30 crore shares. U K Paints India controlled 48.77% stake, KSD Family Trust held 1.53% and GBS Dhingra Family Trust owned 1.28% stake in Berger Paints India end December 2016.

On the economic front, the government has listed the Goods and Services Tax (GST) Bills for discussion and passage in the Lok Sabha today, 29 March 2017. Eight hours have been allocated by the Speaker for the discussion on the bills. Finance Minister Arun Jaitley had tabled the four GST-related bills - the Central Goods and Service Tax (CGST), Integrated Goods and Service Tax (IGST), Union Territories-GST (UT GST) and GST Compensation Bills - in Lok Sabha yesterday, 28 March 2017.

Overseas, Asia markets were mostly higher, following gains in US equities on the back of a strong consumer confidence survey with markets awaiting the formal move by the UK to start an historic split with the European Union.

US markets rose yesterday, 28 March 2017, after the Consumer Board Consumer Confidence Index hit 125.60 in March, up from 116.1 in February, and the strongest reading since 2001.

British Prime Minister Theresa May will file formal Brexit divorce papers today, 29 March 2017, pitching the United Kingdom into the unknown and triggering years of uncertain negotiations that will test the endurance of the European Union, the media reported.

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