After a positive start amid initial volatility, key benchmark indices extended gains in morning trade on positive global cues. At 10:17 IST, the barometer index, the S&P BSE Sensex, rose 110.54 points or 0.33% at 33,462.11. The Nifty 50 index advanced 37.65 points or 0.37% at 10,280.30. Global stocks gained as fears of trade wars appear to subside after US President Donald Trump implemented steel and aluminum import tariffs that excluded Canada and Mexico.
The breadth, indicating the overall health of the market, was strong. On the BSE, 1,359 shares advanced and 685 shares declined. A total of 96 shares were unchanged.
Bharti Airtel advanced 1.58% after the company's announcement that a meeting of committee of directors is scheduled on 13 March 2018, to consider issue of listed, unsecured, rated, redeemable, non-convertible debentures (NCDs Series I and II) aggregating upto Rs 3000 crore on private placement basis. The announcement was made after market hours yesterday, 8 March 2018.
Filatex India advanced 2.88% after starting commercial production of synthetic yarn at Dahej unit. The company announced that the commercial production of expansion scheme for putting up additional manufacturing facilities for 190 tonnes per day (TPD) of Bright Polyester Fully Drawn Yarn and 85 TPD of Bright Chip at Dahej unit commenced on 7 March 2018. Further, commercial production of expansion scheme for putting up additional manufacturing facilities for 25 TPD of Bright Polyester Partially Oriented Yarns at Dahej unit also commenced on 7 March 2018. The announcement was made after market hours yesterday, 8 March 2018.
In political news, the Telugu Desam Party (TDP), ally of National Democratic Alliance (NDA), has pulled out its two ministers from the Narendra Modi cabinet yesterday, 8 March 2018, in protest against the injustice to Andhra Pradesh. However, the party decided to continue supporting the NDA. The action by the TDP, which has sixteen members in the Lok Sabha and six in Rajya Sabha, will have no impact on the stability of the Modi government which has sufficient numbers in Parliament but will be seen as a big political setback as TDP is the first pre-poll ally to pull out of the Centre in nearly four years.
Overseas, Asian stocks edged higher after moderate gains on Wall Street overnight following the implementation of US tariffs on steel and aluminum. Japan's central bank kept monetary settings unchanged today, 9 March 2018 and stuck to its upbeat view on the economy. In a widely expected move, the Bank Of Japan (BOJ) maintained its pledge of guiding short-term interest rates at minus 0.1% and the 10-year government bond yields around zero percent.
Trump signed a proclamation yesterday, 8 March 2018 authorizing the tariffs at 25% on steel imports and 10% on aluminium, the same level he promised when he revealed the plan on 1 March. The aluminium and steel import tariffs will take effect in 15 days, as per reports.
In Europe, the European Central Bank (ECB), at its monetary policy meeting yesterday, 8 March 2018, kept its broader policy unchanged. The central bank said it could still extend its 2.55 trillion euro ($3.16 trillion) bond purchase scheme beyond September if needed.
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