A bout of volatility was witnessed as key benchmark indices trimmed gains soon after extending gains in afternoon trade. At 13:19 IST, the barometer index, the S&P BSE Sensex, was up 100.14 points or 0.41% at 24,777.51. The 50-unit Nifty 50 index was up 40.15 points or 0.53% at 7,552.70. Gains in global stocks supported the upmove for the two key benchmark indices.
The market breadth indicating the overall health of the market was negative. On BSE, 1,266 shares fell and 1,095 shares rose. A total of 175 shares were unchanged. The BSE Mid-Cap index was currently up 0.03%. The BSE Small-Cap index was currently up 0.13%. Both these indices underperformed the Sensex.
In overseas stock markets, most Asian stocks edged higher on stronger currencies relative to the US dollar. A broad based weakness in the dollar aided gains in Asian currencies on the heels of the US Federal Reserve slashing its projections for rate increases to two in 2016 from an earlier projection of four after keeping rates unchanged at the conclusion of a two-day monetary policy review on Wednesday, 16 March 2016. Fewer US interest rates hikes could support demand for emerging-market assets because investors have less incentive to draw out money from risky assets in their search for higher yields in the US.
Chinese stocks edged higher after Chinese authorities guided the yuan stronger against the dollar. In mainland China, the Shanghai Composite index ended 1.73% higher. In Hong Kong, the Hang Seng index was currently up 0.56%. US stocks edged higher yesterday, 17 March 2016, as energy, materials and industrials sectors rose sharply, helped by soaring commodity prices.
Shares of IT major TCS rose 2.48% to Rs 2,410.05 after a foreign brokerage reportedly reiterated its 'outperform' rating on the stock. According to reports, the brokerage retained its outperform rating after the TCS management demonstrated the company's capabilities and investments in the digital services business at an analyst meeting held yesterday, 17 March 2016. The foreign brokerage is convinced about the management bandwidth to steer the company at a time when technology is fast evolving, reports added.
Capital goods shares were mixed. Alstom T&D India (down 2.42%), Reliance Defence and Engineering (down 1.72%), Havells India (down 0.99%), AIA Engineering (down 0.88%), BEML (down 0.79%), Thermax (down 0.76%), ABB India (down 0.67%), Punj Lloyd (down 0.67%), SKF India (down 0.39%), Jindal Saw (down 0.37%) and ALSTOM India (down 0.3%), edged lower. Suzlon Energy (up 0.07%), Larsen & Toubro (up 0.32%), Praj Industries (up 0.42%), Crompton Greaves (up 0.64%), Lakshmi Machine Works (up 0.99%), Siemens (up 1.38%) and Bharat Electronics (up 2.16%), edged higher.
State-run Bharat Heavy Electricals (Bhel) was up 1.13% at Rs 112.10. The company announced during trading hours today, 18 March 2016, that it will announce its flash results for the year ending 31 March 2016 on 7 April 2016.
Most FMCG shares declined. Jyothy Laboratories (down 1.15%), Hindustan Unilever (down 0.98%), Marico (down 0.51%), Procter & Gamble Hygiene & Health Care (down 0.26%), Nestle India (down 0.24%), Britannia Industries (down 0.21%), Bajaj Corp (down 0.13%), Dabur India (down 0.12%) and GlaxoSmithKline Consumer Healthcare (down 0.03%), edged lower. Godrej Consumer Products (up 0.43%), Colgate Palmolive (India) (up 1.93%) and Tata Global Beverages (up 2.24%), edged higher.
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