Key indices retain positive zone

A range bound movement was witnessed as key benchmark indices hovered in green in mid-morning trade. At 11:19 IST, the barometer index, the S&P BSE Sensex, was up 53.50 points or 0.22% at 24,699.98. The Nifty was up 16.95 points or 0.23% at 7,502.30. The market breadth indicating the overall health of the market was strong. On BSE, 1,373 shares rose and 835 shares fell. A total of 126 shares were unchanged. The BSE Mid-Cap index was currently up 0.29%. The BSE Small-Cap index was currently up 0.63%. Both these indices outperformed the Sensex.

In overseas stock markets, markets in Asia lost ground, stepping back from their recent rally, with weak China trade data weighing on the sentiment. China's Shanghai Composite was currently down 1.55%. Hong Kong's Hang Seng index was currently off 0.79%. China's February exports fell 25.4% in dollar terms, while imports fell 13.8%. The drop in exports was the largest on-year drop since 2009. US stocks eked out small gains yesterday, 7 March 2016, partly due to a jump in oil prices.

Power generation stocks were in demand. CESC (up 2.28%), Reliance Infrastructure (up 2.04%), Jaiprakash Power Ventures (up 1.72%), Torrent Power (up 1.38%), JSW Energy (up 0.86%), NHPC (up 0.72%), Tata Power (up 0.51%), Adani Power (up 0.17%), GMR Infrastructure (up 0.08%) and NTPC (up 0.08%) edged higher. Reliance Power was down 0.11%.

Cement shares edged higher. ACC (up 0.41%), Ambuja Cements (up 0.42%) and UltraTech Cement (up 1.45%), edged higher.

Grasim Industries was up 0.34%. Grasim has exposure to cement sector through its holding in UltraTech Cement.

Ashok Leyland was down 0.64%. The company announced during trading hours today, 8 March 2016, that its board of directors approved the proposal to delist the global depository receipts (GDRs) of the company from the London Stock Exchange. The underlying shares arising out of GDRs are listed with BSE and NSE.

Meanwhile, as per the monthly data released by Association of Mutual Funds In India (AMFI), net inflow into equity mutual funds totaled Rs 2522 crore in February 2016, lower than the inflow of Rs 2914 crore in January 2016. The net inflow into balanced funds totaled Rs 941 crore in February 2016, which was higher than inflow of Rs 880 crore in January 2016. Balanced funds invest the money in a combination of equity and debt, with majority of the investment going into equity. The funds' investments range from 65% to 80% in equity and the rest in debt.

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