Amid a bout of volatility, key benchmark indices re-entered positive terrain in early afternoon trade after briefly turning negative. At 12:17 IST, the barometer index, the S&P BSE Sensex, was up 18.57 points, or 0.08% at 24,641.91. The Nifty 50 index was up 2.60 points, or 0.03% at 7,488.75.
The Sensex fell 71.08 points, or 0.29% at the day's low of 24,552.26 in early afternoon trade. The index rose 194.46 points, or 0.79% at the day's high of 24,817.80 in mid-morning trade. The Nifty fell 25.55 points, or 0.34% at the day's low of 7,460.60 in early afternoon trade. The index rose 57.80 points, or 0.77% at the day's high of 7,543.95 in morning trade.
The market breadth indicating the overall health of the market turned negative from positive. On BSE, 1,300 shares fell and 949 shares rose. A total of 143 shares were unchanged. The BSE Mid-Cap index was currently down 0.01%. The BSE Small-Cap index was currently down 0.26%. Both these indices underperformed the Sensex.
Cement shares witnessed selling pressure. Ambuja Cements (down 0.7%), UltraTech Cement (down 0.52%) and ACC (down 0.43%), edged lower.
Grasim Industries was down 0.6%. Grasim has exposure to cement sector through its holding in UltraTech Cement.
Telecom stocks edged lower. MTNL (down 2.51%), Reliance Communications (down 1.86%), Idea Cellular (down 0.67%) and Bharti Airtel (down 0.42%), edged lower.
Tata Teleservices (Maharashtra) was up 0.33% to Rs 6.16.
Also Read
Dr Reddys Laboratories was up 0.75% at Rs 3,208.10. The company during trading hours today, 11 March 2016, announced strategic collaboration agreement with TR-Pharm for manufacturing and commercialisation of three biosimilar drugs in Turkey. TR-Pharm will also manufacture the drug substance and drug product upon completition of its facility investment.
Linde India gained 1.11% after the company announced that it has commissioned the first air separation unit in Odisha, which has started gas supplies to Tata Steel's steel works project at Kalinganagar. The announcement was made after market hours yesterday, 10 March 2016. It may be recalled that Linde India had entered into a long term gas supply contract with Tata Steel, for catering to the gases requirement at its Kalinganagar steel works project. The company had undertaken construction of two air separation units with a total capacity of 2,400 tonnes per day at Tata Steel's premises at Kalinganagar, Odisha for supply of gases to Tata Steel as well as for additional liquid products for merchant markets.
On a economic front, reforms took a front seat yesterday, 10 March 2016, with the government unshackling the oil & gas sector with a new exploration regime that allows a higher price of gas for new deep-sea fields. Besides, a Real Estate Bill to protect interests of buyers and bring more transparency to the sector was passed in the Rajya Sabha.
In the overseas market, Asian stocks were trading higher after initial slide. US market finished almost flat in frenetic trading yesterday, 10 March 2016, as investors dismissed new easing measures from the ECB. Earlier in the session, US stocks had been firmly higher, tracking a rally in Europe, fueled by stimulus measures from the ECB.
The European Central Bank (ECB) cut the bank's key lending rate to zero from 0.05% and pushed the rate on its deposit facility to minus 0.4% from minus 0.3%. It also announced it would expand the size of its monthly bond purchases to 80 billion euros ($86.86 billion) 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.
Powered by Capital Market - Live News