Key benchmark indices regained strength and traded with small gains in mid-afternoon trade as European stocks edged higher in early trade. At 14:25 IST, the barometer index, the S&P BSE Sensex rose 64.91 points or 0.19% at 34,365.38. The Nifty 50 index gained 23 points or 0.22% at 10,562.75.
Indices opened higher on firm Asian stocks. The market soon pared gains and swung between the gains and losses near the flat line in morning trade. Indices traded with small gains in mid-morning trade but soon trimmed gains and hovered near the flat line till afternoon trade. Stocks regained strength and traded with small gains in mid-afternoon trade as European stocks gained.
Among secondary indices, the S&P BSE Mid-Cap index rose 0.77%. The S&P BSE Small-Cap index gained 0.79%. Both these indices outperformed the Sensex.
The breadth, indicating the overall health of the market, was positive. On the BSE, 1,561 shares rose and 1,194 shares dropped. A total of 133 shares were unchanged.
Auto stocks were mixed. Mahindra & Mahindra (M&M) was up 0.6%, Ashok Leyland 3.9%, and Eicher Motors added 0.85%. Maruti Suzuki India was down 0.39%, Hero MotoCorp 0.72%, Bajaj Auto 0.46% and TVS Motor Company declined 0.19%.
Pharma stocks were also mixed. Cipla was up 0.64%, Glenmark Pharmaceuticals 0.37%, Divi's Laboratories 1.49%, Wockhardt 2.15%, and Piramal Enterprises gained 2.21%. Lupin was down 0.74%, FDC 1.29%, Ipca Laboratories 0.18% and Dr Reddy's Laboratories dropped 0.03%.
Prism Cement rose 2.27% after the company reported net profit of Rs 14.85 crore in Q3 December 2017 compared with net loss of Rs 47.02 crore in Q3 December 2016. The result was announced during trading hours today, 14 February 2018.
GPT Infraprojects gained 1.77% after the company said that it has bagged an order valued Rs 129 crore from Eastern Railway for construction of new rail bridge in West Bengal. The contract completion period is 24 months. The company has current orders in hand of nearly Rs 2089 crore including cumulative order inflow of Rs 673 crore in the current financial year. The announcement was made during market hours today, 14 February 2018.
On the macro front back home, industrial production continued to record strong growth for second straight month at 7.1% in December 2017 over December 2016, while the growth figure for November 2017 has revised upwards to 8.8% from 8.4% reported earlier. The manufacturing sector's production surged 8.4% in December 2017, supporting overall growth in industrial production. The mining output growth also improved 1.2% in December 2017, while the electricity generation moved up 4.4% in December 2017, contributing to the improvement in overall industrial production growth in December 2017.
The all-India general inflation based on consumer price index (CPI) eased to 5.07% in January 2018 compared with 5.21% in December 2017. The corresponding provisional inflation rate for rural area was 5.21% and urban area 4.93% in January 2018 as against 5.27% and 5.09% in December 2017. The core CPI inflation was flat at 5% in January 2018 compared with 4.98% in December 2017. The cumulative CPI inflation was lower at 3.43% in April-January FY2018 compared with 4.68% in April-January FY2017. Inflation and IIP data were announced after market hours on Monday, 12 February 2018.
Overseas, European stocks gained. Economic activity in Germany eased a little toward the end of 2017, but the economy remained on its path of solid growth, owing to booming global demand for premium engineering goods. In the fourth quarter, gross domestic product grew at a quarterly clip of 0.6%, or an annualized rate of 2.5%, the Federal Statistical Office said.
Most Asian stocks gained after slightly firmer lead from Wall Street, which recorded a third consecutive day of gains in the last session. Meanwhile, fourth-quarter Japan gross domestic product data released showed the economy grew at an annualized 0.5%, below a median forecast.
It will be a shortened week for greater China markets, with mainland China markets closing from 15 to 21 February 2018 and Hong Kong markets shut from 16 to 19 February 2018 for the Lunar New Year. Other regional markets, including South Korea, Taiwan and Singapore, will also finish the week early due to the holiday.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
