Shares turn range bound

Key benchmarks were hovering in a narrow range with small gains in afternoon trade. At 13:22 IST, the barometer index, the S&P BSE Sensex was up 85.19 points or 0.25% at 33,831.97. The Nifty 50 index was up 38.60 points or 0.37% at 10,397.45. The Sensex was hovering below the 34,000 level. It had crossed that level in early trade.

Key indices opened the session on a stronger footing on firm global cues. Later, indices trimmed gains. Global stocks gained as worries about a potential trade war waned in the aftermath of US President Donald Trump's tariff announcement on steel and aluminum.

Among secondary indices, the S&P BSE Mid-Cap index advanced 0.71%, outperforming the Sensex. The S&P BSE Small-Cap index rose 0.19%, underperforming the Sensex.

The breadth, indicating the overall health of the market, was positive. On the BSE, 1,261 shares advanced and 1,255 shares declined. A total of 159 shares were unchanged.

Most power generation stocks rose. Torrent Power (up 2.27%), Reliance Infrastructure (up 2.23%), Jaiprakash Power Ventures (up 1.72%), JSW Energy (up 1.07%), GMR Infrastructure (up 0.81%), NTPC (up 0.40%), NHPC (up 0.36%), Adani Power (up 0.32%), Reliance Power (up 0.24%) and Tata Power (up 0.06%), edged higher. CESC was down 0.43%.

State-run Coal India was down 0.49%. State-run Power Grid Corporation of India was down 0.1%.

Most cement shares were trading higher. UltraTech Cement (up 1.43%) and ACC (up 0.25%), edged higher. Ambuja Cements was down 0.30%.

Grasim Industries was up 0.32%. Grasim has exposure to cement sector through its holding in UltraTech Cement.

Overseas, Asian stocks rallied, tracking gains in the US and Europe in the last session as concerns over a potential trade war faded.

US stocks rose yesterday, 5 March 2018, erasing earlier losses, as worries about a potential trade war waned. US President Donald Trump announced tariffs on steel and aluminum that sparked fears of a trade war.

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