After regaining positive zone in early afternoon trade, key benchmark indices extended gains in afternoon trade. At 13:16 IST, the barometer index, the S&P BSE Sensex was up 110.01 points or 0.45% at 24,733.35. The gains for the 50-unit Nifty 50 index were lower in percentage terms than those for the Sensex. The Nifty was currently up 24.10 points or 0.32% at 7,510.25.
The Sensex rose 194.46 points or 0.78% at the day's high of 24,817.80 in mid-morning trade. The barometer index fell 71.08 points or 0.28% at the day's low of 24,552.26 in early afternoon trade. The Nifty rose 57.80 points or 0.77% at the day's high of 7,543.95 in morning trade. The index fell 25.55 points or 0.34% at the day's low of 7,460.60 in early afternoon trade.
In overseas stock markets, Asian stocks edged higher reversing initial decline as investors digested fresh easing from the European Central Bank (ECB). US stocks closed slightly lower yesterday, 10 March 2016, under pressure from low oil prices and concerns about the effectiveness of monetary policy following the announcements from ECB.
The ECB delivered a surprise package of measures to kick start Europe's economy by cutting its main interest rates and expanding its massive bond-buying program. The ECB cut the bank's key lending rate to zero from 0.05% and cut its bank deposit rate, from minus 0.3% to minus 0.4%. It also announced it would expand the size of its monthly bond purchases to 80 billion euros from its current level of 60 billion euros beginning in April 2016 and expand the scope of those purchases to include investment-grade, euro-denominated, nonbank corporate bonds.
Closer home, the market breadth indicating the overall health of the market was negative. On BSE, 1,331 shares declined and 1,005 shares rose. A total of 143 shares were unchanged. The BSE Mid-Cap index was currently up 0.1%. The BSE Small-Cap index was currently down 0.11%. Both these indices underperformed the Sensex.
Auto stocks edged higher. Eicher Motors (up 1.11%), TVS Motor Company (up 1.02%), Maruti Suzuki India (up 0.6%), Bajaj Auto (up 0.26%), Ashok Leyland (up 0.62%) and Tata Motors (up 0.1%) rose. Mahindra & Mahindra (down 0.24%) edged lower.
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Hero MotoCorp rose 0.06% after the company said that it has inaugurated Hero Global Centre of Innovation and Technology with an investment of Rs 850 crore in Jaipur, Rajasthan. The announcement was made after market hours yesterday, 10 March 2016.
Aviation stocks were mostly higher. InterGlobe Aviation (up 3.45%) and Jet Airways (India) (up 0.43%) rose. SpiceJet (down 0.7%) declined.
Dr Reddy's Laboratories rose 0.87% at Rs 3,212 after the company announced entering into a strategic collaboration agreement with TR-Pharm for manufacture and commercialization of a portfolio of biosimilar drugs in Turkey. A total of three products will be registered and subsequently commercialized as part of this agreement by TR-Pharm in Turkey. TR-Pharm will also manufacture the drug substance and drug product upon completion of its facility investment, Dr Reddy's Lab said in a statement. The partnership will enable Dr Reddy's to widen the global footprint of its biosimilar business. The announcement was made during market hours today, 11 March 2016.
Welspun Corp rose 2.95% at Rs 96 after the company said that it has won an order for supply of 2 lakh metric tonnes pipes for an offshore project in the Middle East. Welspun Corp said that with the addition of the order, current order book of the company has crossed 11.36 lakh metric tonnes worth Rs 6500 crore. The announcement was made before market hours today, 11 March 2016.
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