Key benchmark indices remained firm in mid-morning trade as firmness in Asian stocks boosted sentiment. At 11:20 IST, the barometer index, the S&P BSE Sensex rose 211.90 points or 0.62% at 34,367.85. The Nifty 50 index gained 63.70 points or 0.61% at 10,564.60.
Indices opened higher on firm global cues. Stocks extended gains and hit fresh intraday high in morning trade. The market held firm in mid-morning trade.
Among secondary indices, the S&P BSE Mid-Cap index rose 0.24%. The S&P BSE Small-Cap index gained 0.01%. Both these indices underperformed the Sensex.
The breadth, indicating the overall health of the market, was turned negative from positive in mid-morning trade. On the BSE, 1,278 shares fell and 1,226 shares rose. A total of 109 shares were unchanged.
IT stocks gained. Tech Mahindra was up 0.51%, HCL Technologies 0.62%, Infosys 2/39%, and TCS 0.57%. However, Wipro fell 0.34%.
Telecom stocks were mixed. Bharti Airtel fell 0.16%, Tata Teleservices (Maharashtra) 0.15%, and Reliance Communications dropped 0.85%. Idea Cellular gained 0.47% and MTNL rose 0.2%.
Shares of Bharti Infratel gained 2%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.
Nestle India gained 3.69% after net profit surged 59.58% to Rs 311.83 crore on 10.45% increase in total income to Rs 2652.55 crore in Q4 December 2017 over Q4 December 2016. The results were announced after market hours yesterday, 14 February 2018. The board of directors of Nestle India has recommended a final dividend of Rs 23 per share for the year ended 31 December 2017.
Punjab National Bank skidded 5.9% to Rs 137.20, with the stock extending yesterday's losses triggered by the bank detecting a $1771.69 million fraud at a single branch in Mumbai. The bank made the announcement before trading hours yesterday, 14 February 2018. Shares of PNB slumped 9.81% to settle at Rs 145.80 yesterday, 14 February 2018.
The bank had announced that it has detected some fraudulent and unauthorised transactions (messages) in one of its branch in Mumbai for the benefit of a few select account holders with their apparent connivance. Based on these transactions, other banks appear to have advanced money to these customers abroad. In the bank these transactions are contingent in nature and liability arising out of these on the bank shall be decided based on the law and genuineness of underlying transactions. The quantum of such transactions is $1771.69 million (approximately). The matter is already referred to law enforcement agencies to examine and book the culprits as per law of the land. The bank said it is committed to clean and transparent banking.
On the macro front, the government will announce inflation data based on wholesale price index (WPI) for January 2018 today, 15 February 2018. Wholesale prices in India rose by 3.58% year-on-year in December of 2017.
Overseas, Asian stocks gained taking cues from the rally on Wall Street overnight following the release of stronger-than-expected US inflation data. The consumer price index in US rose 0.5% last month, topping the forecast. Other economic data released overnight included US retail sales for the month of January, which missed expectations. Retail sales decreased 0.3% last month.
It is a shortened week for greater China markets, with mainland China markets remaining closed from 15 to 21 February 2018 and Hong Kong markets shut from 16 to 19 February 2018 for the Lunar New Year. Markets in South Korea, Taiwan and Vietnam are closed today for the Lunar New Year holiday.
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