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Markets trade firm ahead of Economic Survey

The Sensex is higher by 153 points at 28,900 and the Nifty has gained 51 points at 8,735

SI Reporter  |  Mumbai 

Benchmark indices continue to trade higher amid choppy trades ahead of Economic Survey for 2015-16 which will be released by the government today.

Economic Survey reviews the developments in the Indian economy over the previous 12 months, summarizes the performance on major development programmes, and highlights the policy initiatives of the government and the prospects of the economy in the short to medium term.

By 10.25 AM, the Sensex is higher by 153 points at 28,900 and the Nifty has gained 51 points at 8,735.

Among broader markets, BSE Midcap and Smallcap indices are outperforming the large counetrparts and are up 0.9% each. Market breadth in BSE remains strong with 1,341 advances against 661 declines.

The rupee weakened by 10 paise to 61.85 against the US dollar in early trade today at the Interbank Foreign Exchange due to rise in the Greenback's value against other currencies overseas.

ASIAN MARKETS

Asian shares pulled further away from a five-month high on Friday as a sharp pullback in crude oil prices dampened risk appetite, though Japanese stocks crawled to a fresh 15-year peak after the dollar surged against the yen overnight.

The dollar's strength followed upbeat US data, which tilted expectations back toward an early interest rate hike by the Federal Reserve.

MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.3% after advancing to a five-month high on Wednesday.

GAINERS & LOSERS

BSE Capital Goods, Metal and Realty indices are up 2-3% followed by counters like Auto, Banks, Healthcare and Power, all gaining by 1% each. However, BSE FMCG index has slipped over 1%.

The main gainers on the Sensex are Tata Power, L&T, Sesa Sterlite, Coal India, Hindalco, M&M and BHEL.

Tata Power announced after market hours yesterday that its Strategic Engineering Division (Tata Power SED), in a consortium with L&T, is one of the two down-selected Development Agencies for Ministry of Defence's prestigious "MAKE" Program "Battlefield Management System (BMS)". Tata Power SED is the lead of the consortium. Tata Power and L&T have gained between 2-3%.

On the losing side, ITC, GAIL, Dr Reddy’s Labs, TCS and NTPC have slipped 0.3-2.3%.

GAIL after market hours yesterday said its board of directors at a meeting held today, 26 February 2015, approved payment of interim dividend of Rs 3 per equity share for the year ending 31 March 2015. The company has fixed 3 March 2015 as record date for the purpose of payment of interim dividend.

NTPC Ltd has informed the BSE about the commencement of commercial operations of Unit-III 500-Mw Vallur thermal power project.

Among other shares, Minda Industries has surged 5% to Rs 623 on BSE after the company said it has entered into a joint venture with a Kosei Group company for manufacturing and supply of alloy wheels for passenger vehicles.

Shares of Rolta India and Bharat Electronics have rallied by up to 11% on the Bombay Stock Exchange (BSE) in early morning trade after these companies on Thursday announced that the ministry of defence had selected their consortium as a development agency for the battlefield management system (BMS) project worth over Rs 50,000 crore.

First Published: Fri, February 27 2015. 10:25 IST
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