Telecom stocks gain

A bout of volatility was witnessed as key benchmark indices extended gains after trimming intraday gains. At 10:16 IST, the barometer index, the S&P BSE Sensex, was up 207.37 points or 0.86% at 24,450.35. The 50-unit Nifty 50 index was currently up 59.35 points or 0.81% at 7,428.20. The two key benchmark indices have hovered in positive zone so far during the trading session after opening with an upward gap.

Data showing substantial purchases of Indian stocks by foreign portfolio investors (FPIs) during the previous trading session boosted sentiment on the domestic bourses. FPIs bought stocks worth a net Rs 1437.50 crore yesterday 2 March 2016, as per provisional data released by the stock exchanges. The Sensex had risen almost 2% yesterday, 2 March 2016, mirroring a rally in Asian stocks.

The Sensex hit its highest level in more than three weeks when it rose 266.20 points or 1.09% at the day's high of 24,509.18 in early trade. The barometer index rose 140.30 points or 0.57% at the day's low of 24,383.28 in morning trade. The Nifty, too, hit its highest level in more than three weeks when it rose 76.85 points or 1.04% at the day's high of 7,445.70 in early trade. The index rose 37.20 points or 0.5% at the day's low of 7,406.05 in morning trade.

In overseas stock markets, Asian markets edged higher, extending previous trading session's rally. US stocks closed slightly higher yesterday, 2 March 2016, helped by gains in energy stocks on rise in oil prices.

Closer home, the market breadth indicating the overall health of the market was strong. On BSE, 1,107 shares rose and 704 shares fell. A total of 79 shares were unchanged. The BSE Mid-Cap index was currently up 0.16%. The BSE Small-Cap index was currently up 0.54%. Both these indices underperformed the Sensex.

IT stocks edged higher. Infosys (up 1.31%), Wipro (up 0.98%), HCL Technologies (up 0.26%), Tech Mahindra (up 0.8%) and TCS (up 0.8%) rose. Oracla Financial Services Software (down 0.41%) edged lower.

Telecom stocks gained. Bharti Airtel (up 1.78%), Idea Cellular (up 1.22%), Reliance Communications (up 0.27%), Tata Teleservices (Maharashtra) (up 0.66%) and Mahanagar Telephone Nigam (up 1.17%) edged higher.

Maruti Suzuki India was off 0.17% at Rs 3,605.60. The stock hit a high of Rs 3,647 and a low of Rs 3,594.40 so far during the day. The company today, 3 March 2016, announced that the ex-showroom prices of its models would go up in the range of Rs 1,441 to Rs 34,494 across its models following the levy of infrastructure cess on automobiles in Union Budget 2016-17. As smart hybrid models (Ciaz SHVS and Ertiga SHVS) are exempt from the infrastructure cess, there is no change in the prices of these models, the company said. The announcement was made during market hours today, 3 March 2016.

Finance minister Arun Jaitley in the Union Budget 2016-17 early this week, imposed infrastructure cess of 1% on small petrol, LPG, CNG cars, 2.5% on diesel cars of certain capacity and 4% on other higher engine capacity vehicles and SUVs.

HDFC rose 1.71% at Rs 1,119.10 after the company announced that it has filed term sheet for issuing secured redeemable non-convertible debentures worth Rs 2000 crore on private placement basis. HDFC said that the coupon rate on debentures is 8.75% per annum. The tenor of the debentures is five years, with redemption date being 4 March 2021. The issue opens and closes on the same day on 4 March 2016. The object of the issue is to augment long term resources of the company, HDFC said. The proceeds of the issue would be utilized for financing/refinancing the housing finance business requirements of the company. The announcement was made after market hours yesterday, 2 March 2016.

NBCC rose 2.22% at Rs 929.95 after the company said that its board of directors will meet on 11 March 2016 to consider a stock split proposal. The announcement was made after market hours yesterday, 2 March 2016.

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