Key benchmark indices trimmed gains in the morning trade after a strong opening on higher Asian stocks. At 10:22 IST, the barometer index, the S&P BSE Sensex rose 85.89 points or 0.26% at 33,118.98. The Nifty 50 index advanced 18.80 points or 0.19% at 10,173.
Overseas, Asian stocks edged higher on news of potential US tariff exemptions. US stocks closed well off session lows yesterday, 7 March 2018 after the White House hinted Canada and Mexico could be exempt from tariffs proposed by President Donald Trump.
In Europe, the European Central Bank's (ECB) monetary policy statement is due later today, 8 March 2018. The central bank is expected to be cautious to prevent any unwanted tightening of financing conditions amid mounting global insecurities, especially in the wake of recent tariffs announcement by the US President.
Closer home, the breadth, indicating the overall health of the market, turned negative from positive. On the BSE, 1,427 shares declined and 727 shares advanced. A total of 102 shares were unchanged.
Key telecom stocks were mixed after the Union Cabinet yesterday, 7 March 2018 approved two key measures in telecom sector to facilitate investments, consolidation in the sector and enhancing ease of doing business. Idea Cellular was up 0.38% while Reliance Communications dropped 0.99%.
The measures include restructuring the deferred payment liabilities of spectrum auction of telecom service providers and revising the limit of the cap for spectrum holding for telecom service providers. The overall spectrum cap is revised from the current limit of 25% to 35%. The current intra-band cap is removed. Instead, there is a cap of 50% on the combined spectrum holding in the sub-1 GHz bands (700 MHz, 800 MHz and 900 MHz bands). There will be no cap for individual or combined spectrum holding in above 1 GHz band.
Bharti Airtel advanced 1.05% after the company scheduled a board meeting on 12 March 2018, to consider enablement from board to opportunistically raise funds through various debt instruments including issuance of non-convertible debentures (NCDs). The announcement was made after market hours yesterday, 7 March 2018.
Auto stocks also witnessed a mixed trend. Ashok Leyland (up 2.2%), Eicher Motors (up 0.29%) and Maruti Suzuki India (up 0.09%) edged higher. Tata Motors (down 1.09%) and Bajaj Auto (down 0.26%) declined.
Mahindra & Mahindra (M&M) rose 0.06% after the company launched an all new tractor platform in the high power category, ranging from 60 HP to 75 HP tractors. Tractors based on this platform will be introduced over a period of time, beginning with the launch of the Swaraj 963FE. The Swaraj 963FE will be available across Swaraj's wide network of 875 dealers, at a starting price of Rs 7.40 lakh ex-showroom. The announcement was made after market hours yesterday, 7 March 2018.
Hero MotoCorp dropped 0.37%. The company introduced the new 'Super Splendor' across markets in the country. Aimed at further bolstering its dominant leadership in the domestic motorcycle market, the new Super Splendor is priced at Rs 57,190 (Ex-Showroom Delhi). Targeted at young professionals, the new Super Splendor offers best-in-class performance and convenience. This is in addition to the trust, reliability and fuel efficiency that are distinct to the Splendor brand, the company said. The announcement was made after market hours yesterday, 7 March 2018.
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