Key benchmark indices traded with small gains in early afternoon trade. At 12:23 IST, the barometer index, the S&P BSE Sensex, was up 39.80 points or 0.13% at 29,950.02. The Nifty 50 index was up 18.60 points or 0.2% at 9,256.45. The Sensex was trading below the psychologically important 30,000 level which it had hit at the onset of session.
The market sentiment was subdued amid lacklustre trading in Asian stocks. The BSE Mid-Cap index was up 0.44%. The BSE Small-Cap index advanced 1.1%. Both these indices outperformed the Sensex.
The breadth, indicating the overall health of the market, was strong. On the BSE, 1,909 shares rose and 792 shares declined. A total of 122 shares were unchanged.
IT stocks also declined. TCS (down 0.55%), Infosys (down 0.94%), HCL Technolgies (down 0.83%) and Tech Mahindra (down 0.28%) declined. Wipro (up 0.15%) edged higher.
Metal stocks advanced. Steel Authority of India (up 3.49%), JSW Steel (up 3.17%), Hindalco Industries (up 2.32%), Tata Steel (up 2.26%), NMDC (up 1.68%), National Aluminium Company (up 1.33%), Jindal Steel & Power (up 1.22%), Hindustan Zinc (up 0.48%) and Vedanta (up 0.27%) edged higher.
Gufic Biosciences surged 4.53% after the company announced that its board at a meeting held on Monday, 3 April 2017, approved the amalgamation of Gufic Lifesciences with the company. The share exchange ratio shall be approved by the board of directors based on the valuation report of an expert to be obtained in due course and the effective date of amalgamation shall also be decided by the board. The announcement was made after market hours on Monday, 3 April 2017.
Overseas, Asian stocks were mixed. US stock markets closed with small gains yesterday, 4 April 2017, ahead of a key meeting between President Donald Trump and Chinese President Xi Jinping on Thursday and Friday.
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