Key indices hovered in the positive terrain with modest gains in early afternoon trade as firmness in global stocks supported gains on the bourses. At 12:20 IST, the barometer index, the S&P BSE Sensex, gained 97.66 points or 0.32% at 33,708.28. The Nifty 50 index rose 34.50 points or 0.33% at 10,423.25.
The market opened higher and traded with modest gains so far during the session.
The S&P BSE Mid-Cap index rose 0.81%. The S&P BSE Small-Cap index gained 1.28%. Both these indices outperformed the Sensex.
The broad market depicted strength. There were almost three gainers for every loser on BSE. 1,800 shares rose and 658 shares fell. A total of 142 shares were unchanged.
Capital goods stocks gained. Bharat Heavy Electricals (Bhel) (up 0.9%), Havells India (up 0.2%), ABB India (up 1.96%), Bharat Electronics (up 1.21%), BEML (up 3.58%), L&T (up 0.07%), Thermax (up 0.81%), and Siemens (up 0.88%) gained.
Realty stocks also rose in firm market. DLF (up 0.67%), D B Realty (up 0.58%), Sobha (up 0.32%), Indiabulls Real Estate (up 1.06%), Unitech (up 3.37%), NBCC (up 1.35%), Godrej Properties (up 1.94%), Housing Development & Infrastructure (HDIL) (up 0.38%), and Oberoi Realty (up 0.81%) edged higher.
Tech Mahindra gained 0.51% after the company said that Supreme Court of India has refused to entertain Enforcement Directorate (ED)'s special leave petition seeking prosecution of the company. The announcement was made during market hours today, 19 December 2017.
Enforcement Directorate (ED) had filed a special leave petition (SLP) before the Supreme Court of India, challenging the single judge order of High Court for Telangana and Andhra Pradesh, quashing the criminal proceedings initiated by ED against Tech Mahindra, seeking prosecution under the provisions of Prevention of Money Laundering Act (PMLA).
In effect, Tech Mahindra stands absolved of any criminal liability for alleged money laundering under the provisions of PMLA. Certified copy of the order is awaited.
Yes Bank gained 0.1% after the bank said that expansion of renewable energy power generation across India will be supported by a new $400 million joint initiative backed by the European Investment Bank and Yes Bank. The announcement was made during market hours today, 19 December 2017. Yes Bank will manage the new co-financing programme for construction of new solar power plants and wind farms across the country.
Confidence Petroleum India rose 4.01% after the company said it commissioned two new auto LPG dispensing stations in Tamil Nadu. The announcement was made during trading hours today, 19 December 2017. With the addition of two new auto LPG dispensing stations in Tamil Nadu, now total 114 auto LPG dispensing stations of Confidence Petroleum India are in operation across India.
Overseas, most Asian stocks gained after a record-setting session on Wall Street on bets that US lawmakers would pass sweeping tax legislation. Japan's government revised up its growth projections for the current and next fiscal years, forecasting the economy to expand 1.9% and 1.8% respectively on the back of steady improvement in domestic demand, the Cabinet Office said.
US stocks closed at all-time highs yesterday, 18 December 2017, as investors eagerly awaited a vote on a bill that would cut corporate taxes. A slew of corporate deals also helped lift sentiment.
Congress is reportedly expected to vote as early as today, 19 December 2017, on a plan that would slash the federal corporate tax rate to 21% from 35%. Passing the bill would mark a big legislative win for Republicans, who have been pushing to revamp the US tax code for most of 2017.
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