Key benchmark indices hovered in a narrow range in positive zone in afternoon trade. At 13:15 IST, the barometer index, the S&P BSE Sensex, was up 170.35 points or 0.58% at 29,746.09. The Nifty 50 index was up 40.85 points or 0.44% at 9,222.30. Domestic bourses bucked weak trend witnessed in most of the European and Asian markets.
Market held firm after extending initial gains after witnessing a positive opening.
The BSE Mid-Cap index rose 0.32%, underperforming the Sensex. The BSE Small-Cap index advanced 0.63%, outperforming the Sensex.
The breadth, indicating overall health of the market, was strong. On BSE, 1,655 shares rose and 1,056 shares fell. A total of 123 shares were unchanged.
Among sectoral stocks, pharma counter witnessed a mixed trend. Wockhardt (up 1.24%), Divi's Laboratories (up 0.62%), Lupin (up 0.58%), Dr Reddy's Laboratories (up 0.22%) and Sun Pharmaceutical Industries (up 0.09%) edged higher.
Ipca Laboratories (down 1.48%), Cipla (down 0.9%), Alkem Laboratories (down 0.85%), GlaxoSmithkline Pharmaceuticals (down 0.79%) and Aurobindo Pharma (down 0.09%) edged lower.
FMCG shares advanced. Bajaj Corp (up 2.38%), Dabur India (up 0.54%), Britannia Industries (up 0.45%), Colgate-Palmolive (India) (up 0.36%), Marico (up 0.32%) and Hindustan Unilever (up 0.03%) edged higher.
Procter & Gamble Hygiene and Health Care (down 0.28%), Nestle India (down 0.26%) and Godrej Consumer Products (down 0.1%) edged lower.
Goodluck India rose 4.11% after the company announced that it is coming up with new manufacturing facility for its existing line of business in Gujarat. The announcement was made after market hours yesterday, 10 April 2017.
The company's existing manufacturing capacity is 2.30 lakh MTPA and presently running at optimal capacity utilization. The proposed manufacturing facility of about 72,000 MTPA will add in the company's total production capacity, Goodluck India said.
The proposed manufacturing facility is coming up at company's already owned land in Gujarat with the total investment of Rs 74 crore which will be met by debt and internal accruals/promoters contribution. The plant is expected to be commissioned by April 2018, the company said.
Overseas, European and Asian stocks declined as rising tensions in the Middle East and political uncertainty in Europe kept investors on edge, underpinning safe assets such as the yen, gold and treasuries.
The upcoming French presidential election and the heightened tensions in the Middle East following the US strikes on Syria have left investors nervous even as a raft of global data over recent months have pointed to a steadily improving global economy.
In France, polls for many weeks have been showing centrist Emmanuel Macron and far-right leader Marine Le Pen on track to top the first round of voting on 23 April and go through to a 7 May runoff.
US stocks closed fractionally higher yesterday, 10 April 2017, amid geopolitical tensions while investors looked ahead to the start of earnings season.
Federal Reserve Chairwoman Janet Yellen indicated yesterday that the era of extremely stimulative monetary policy was coming to an end. In a public discussion at the University of Michigan, Yellen said the Fed was moving away from its efforts to revive a recession-scarred economy and focusing instead on maintaining the gains of the past few years.
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