Key benchmark indices hovered in positive zone in early afternoon trade. At 12:30 IST, the barometer index, the S&P BSE Sensex, was up 111.43 points or 0.38% at 29,279.11. The Nifty 50 index was up 37.25 points or 0.41% at 9,067.70. Positive Asian stocks underpinned sentiment.
Domestic stocks edged higher in early trade on positive Asian stocks. Key benchmark indices extended intraday gains in morning trade. Indices garnered further gains in mid-morning trade on steady buying in index pivotals.
The BSE Mid-Cap index was up 0.79%. The BSE Small-Cap index was up 0.92%. Both these indices outperformed the Sensex.
The broad market depicted strength. There were almost two gainers for every loser on BSE. 1,665 shares rose and 867 shares fell. A total of 163 shares were unchanged.
NTPC rose 1.37% after the company said that 20 megawatts (MW) of Bhadla Solar Power Project has been commissioned. With this, the commissioned capacity of Bhadla Solar Power Project, NTPC and NTPC group has become 205 MW, 41927 MW and 48893 MW respectively.
Seperately, NTPC said that second unit of 250 MW of Bongaigaon Thermal Power Project (3 X 250 MW) has been commissioned. With this, the commissioned capacity of Bongaigaon Thermal Power Project, NTPC and NTPC group has become 500 MW, 42177 MW and 49143 MW respectively.
Auto stocks gained on renewed buying. Tata Motors (up 2.57%), Maruti Suzuki India (up 0.36%), Mahindra & Mahindra (M&M) (up 0.02%), Escorts (up 1.15%), Bajaj Auto (up 0.49%), Hero MotoCorp (up 1.37%) and Ashok Leyland (up 0.4%) gained. Eicher Motors (down 1.15%) and TVS Motor Company (down 1.38%) fell.
FMCG stocks saw mixed trend. Godrej Consumer Products (up 1.39%), Colgate-Palmolive (India) (up 0.41%), Dabur India (up 0.26%), Marico (up 2.03%), Tata Global Beverages (up 1.89%), Jyothy Laboratories (up 0.27%), Bajaj Corp (up 1.36%) rose.
Britannia Industries (down 0.93%), GlaxoSmithkline Consumer Healthcare (down 0.26%), Hindustan Unilever (down 0.5%), Nestle India (down 0.55%), Procter & Gamble Hygiene and Health Care (down 0.36%) fell.
Sunil Hitech Engineers rose 8.16% after the company said it won a road project worth Rs 982 crore in Maharashtra on hybrid annuity mode. The construction of the 67.2 km road also include 2 new road under bridges (ROBs), 6 underpasses, 4 major bridges, 26 minor bridges and 2 new bypasses. The company will be signing the concession agreement soon. The construction period is 2.5 years. The announcement was made during trading hours today, 23 March 2017.
Gufic Biosciences jumped 7.13% after the company said its board will meet on 3 April 2017, to consider amalgamation of Gufic Lifesciences with the company. The announcement was made after market hours yesterday 22 March 2017.
Overseas, Asian stocks were trading higher with focus now on a crucial congressional vote on US healthcare reform later in the day. US stocks rebounded yesterday, 22 March 2017 after posting the biggest decline since October as technology stocks posted strong gains.
Investors are focusing on progress of US President Donald Trump's pro-growth policies as Republican lawmakers and Trump struggled to garner support for controversial healthcare legislation scheduled for a vote in the House of Representatives today, 23 March 2017. Losing or delaying the vote would bruise investors' confidence in Trump's legislative ability and his ability to keep his big promises to business.
US stocks had rallied after the November 2016 presidential election, on bets that the pro-growth Trump agenda would be quickly pushed by a Republican Party with majorities in both chambers of Congress.
Markets will also be keenly awaiting cues from the US Fed this week with Chair Janet Yellen due to speak later today. The Fed raised its benchmark lending rate a quarter point last week and continued to project two more increases this year.
On the economic front, sales of previously-owned homes tumbled in February as the housing market remains choked by tight inventory. Existing-home sales were at a 5.48 million seasonally-adjusted annual rate last month, the National Association of Realtors said yesterday, 22 March 2017.
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