Key benchmark indices were trading higher in early trade. At 9:22 IST, the barometer index, the S&P BSE Sensex, was up 18.90 points or 0.07% at 25,356.46. The Nifty 50 index was was up 2.40 points or 0.03% at 7,718.90. The stock market was shut on Thursday, 24 March 2016, on account of Holi and again on Friday, 25 March 2016, on account of Good Friday.
The market breadth indicating the overall health of the market was strong. On BSE, 715 shares rose and 402 shares fell. A total of 91 shares were unchanged. The BSE Mid-Cap index was currently up 0.13%. The BSE Small-Cap index was currently up 0.20%. Both these indices outperformed the Sensex.
In the overseas market, most Asian stock markets were trading higher today, 28 March 2016, after an upward revision in US gross domestic product data stoked expectations for a steady recovery in the world's largest economy. US market ended on quiet note on Thursday, 24 March 2016, with concerns about the outlook for interest rates following comments from St. Louis Federal Reserve President James Bullard. Bullard said the relatively minor downgrades to the Fed's economic outlook suggest the next rate hike 'may not be far off provided that the economy evolves as expected.' Sentiments remained down-beat with the Labor Department releasing a report showing a modest increase in initial jobless claims in the week ended 19 March 2016. The initial jobless claims edged up to 265,000, an increase of 6,000 from the previous week's downwardly revised level of 259,000.
US market was closed on Friday, 25 March 2016, due to the observance of Good Friday. Meanwhile. on Friday, 25 March 2016, data showed that the US economy grew at a 1.4% seasonally adjusted annual rate in the fourth quarter, compared with a previous estimate for 1% growth.
Tata Motors was down 0.64%. The company issued clarification after market hours on Wednesday, 23 March 2016 that workmen at its Sanand plant in Gujarat have called off the strike and resumed duty from 23 March 2016 and normalcy has been restored. Sanand is one of company's six plants in India and manufactures Nano and new hatchback car, Tiago. The company issued clarification after news report suggesting around 422 permanent workers had gone on strike at Sanand from 22 February 2016, demanding the re-instatement of 28 suspended workers.
Reliance Communications (RCom) was up 0.77%. The company announced that based on the good progress made so far, it has extended the exclusivity period with Maxis Communications Berhad (MCB) and Sindya Securities and Investments, the shareholders of Aircel by 60 days to 22 May 2016, to consider the potential combination of the Indian wireless business of RCom and Aircel. The deal if happens could mutually derive the expected substantial benefits of in-country consolidation, including opex and capex synergies and revenue enhancement. The discussions are non-binding in nature. Any transaction is subject to completion of due diligence, definitive documentation and regulatory, shareholders' and other third party approvals. Hence, there is no certainty that any transaction will result. The announcement was made after market hours on Wednesday, 23 March 2016.
NTPC was up 0.51%. The company announced on 25 March 2016 that the unit-4 of 195 megawatts (MW) of Muzaffarpur Thermal Power Station of Kanti Bijlee Utpadan Nigam, a subsidiary company of NTPC has been commissioned on 24 March 2016. With this, the total installed capacity of Muzzafarpur Thermal Power Station has become 610 MW and the total installed capacity of NTPC group has become 45993 MW. The market remained closed on 24 and 25 March 2016 on account of holidays.
Most IT shares edged higher. Infosys (up 1.88%), Persistent Systems (up 1.67%), TCS (up 1.32%), Wipro (up 1.30%), Tech Mahindra (up 1.01%), Hexaware Technologies (up 0.73%) and HCL Technologies (up 0.41%), edged higher. MindTree (down 0.1%), Oracle Financial Services Software (down 0.22%) and MphasiS (down 1.58%), edged lower.
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