Key indices come off session's lows

After trimming gains in morning trade, key benchmark indices came off session's lows in the mid-morning trade. At 11:15 IST, the barometer index, the S&P BSE Sensex rose 80.57 points or 0.24% at 33,113.66. The Nifty 50 index advanced 25.85 points or 0.25% at 10,180.05. Cement stocks dropped. Realty stocks were mixed.

Key indices started the session on a strong footing on positive Asian stocks as worries surrounding trade war eased on reports US President Donald Trump's import tariff plan may spare select countries from much of the impact. Indices trimmed gains in morning trade.

The S&P BSE Mid-Cap index fell 0.27%. The S&P BSE Small-Cap index declined 0.54%. Both these indices underperformed the Sensex.

The breadth, indicating the overall health of the market, was negative. On the BSE, 1,705 shares declined and 653 shares advanced. A total of 109 shares were unchanged.

Cement stocks dropped. ACC (down 1.53%), Grasim Industries (down 1.03%), UltraTech Cement (down 0.71%), Ambuja Cements (down 0.28%) and Shree Cement (down 0.13%) declined.

Realty stocks were mixed. HDIL (down 4.22%), Unitech (down 1.39%), Godrej Properties (down 1.15%) and DLF (down 0.67%) edged lower. Oberoi Realty (up 1.11%), Sobha (up 1.07%) and Indiabulls Real Estate (up 0.23%) edged higher.

KEC International rose 0.64% after the company said it secured new orders worth Rs 1378 crore across its businesses. The announcement was made before trading hours today, 8 March 2018.

Overseas, Asian stocks edged higher on news of potential US tariff exemptions. US stocks closed well off session lows yesterday, 7 March 2018 after the White House hinted Canada and Mexico could be exempt from tariffs proposed by President Donald Trump.

In Europe, the European Central Bank's (ECB) monetary policy statement is due later today, 8 March 2018. The central bank is expected to be cautious to prevent any unwanted tightening of financing conditions amid mounting global insecurities, especially in the wake of recent tariffs announcement by the US President.

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