Key benchmark indices extended early gains and hit fresh intraday high in morning trade. At 10:25 IST, the barometer index, the S&P BSE Sensex, was up 146.46 points or 0.5% at 29,478.62. The Nifty 50 index was up 39.25 points or 0.43% at 9,125.55. Gains in ICICI Bank, ITC and HDFC boosted sentiment on the domestic stocks.
Domestic stocks drifted higher in early trade on positive Asian stocks.
The BSE Mid-Cap index was up 0.4%, underperforming the Sensex. The BSE Small-Cap index was up 0.71%, outperforming the Sensex.
The broad market depicted strength. There were almost two gainers against every loser on BSE. 1,408 shares rose and 736 shares fell. A total of 136 shares were unchanged.
Overseas, Asian stocks were trading on a mixed note as markets maintained cautious optimism ahead of a planned final vote. US stocks closed slightly lower yesterday, 23 March 2017 as a delay in a closely watched health-care vote raised questions about the President Donald Trump's administration's ability to win passage of its ambitious legislative agenda.
The vote to dismantle the Affordable Healthcare Act, which was previously set for Thursday, is now expected to occur Friday. Traders see the success or failure of the legislation as a bellwether for Trump's ability to deliver on tax reform and infrastructure spending plans.
Also Read
Investors also grappled with mixed economic data. Filings for unemployment benefits rose to a seven-week high, while purchases of new homes increased in February to a seven-month high.
Back home, ICICI Bank (up 2.64%), ITC (up 1.42%) and Asian Paints (up 0.87%) edged higher from the Sensex pack.
Telecom stocks rose. Idea Cellular (up 0.33%), MTNL (up 1.63%), Tata Teleservices (Maharashtra) (up 0.89%) and Reliance Communications (up 0.66%) rose.
Shares of Bharti Infratel fell 0.53%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.
Bharti Airtel gained 1.39% after the company announced that it has entered into a definitive agreement with Tikona Digital Networks (Tikona) to acquire Tikona's 4G business including broadband wireless access (BWA) spectrum and 350 sites, in five telecom circles for about Rs 1600 crore.
The acquisition will be funded in the way of cash and debt. The indicative time period for the completion of the acquisition is up to 60 days. Airtel plans to roll-out high speed 4G services on the newly acquired spectrum in the five circles immediately after the closure of the transaction. The announcement was made after market hours yesterday, 23 March 2017.
Realty stocks gained. DLF (up 0.92%), Indiabulls Real Estate (up 0.55%), Housing Development and Infrastructure (up 0.19%), D B Realty (up 0.12%), Unitech (up 0.7%), Godrej Properties (up 1.41%), Prestige Estates Projects (up 2.71%), and Parsvnath Developers (up 0.08%) rose. Oberoi Realty (down 0.86%) fell.
Sobha lost 2.45% to Rs 356.70, with the stock sliding on profit booking after recent rally. Shares of Sobha had advanced 16.02% in the preceding three sessions to settle at Rs 365.70, from its close of Rs 315.20 on 20 March 2017.
Zuari Agro Chemicals rose 1.76% after the company said it acquired 3.22 crore shares of Nagarjuna Fertilizers and Chemicals from Zuari Global. Zuari Agro Chemicals said that the all-cash deal was struck at Rs 16.10 per share, aggregating to Rs 51.95 crore. The announcement was made after maket hours yesterday, 23 March 2017.
On the economic front, India's current account deficit (CAD) at US$ 7.9 billion (1.4% of GDP) in Q3 of 2016-17, was higher than US$ 7.1 billion (1.4% of GDP) in Q3 of 2015-16 and US$ 3.4 billion (0.6% of GDP) in the preceding quarter. The data was released by government after market hours yesterday, 23 March 2017.
Despite a slightly lower trade deficit on a year-on-year (y-o-y) basis, the CAD widened primarily on account of a decline in net invisibles receipts. Net services receipts moderated on a y-o-y basis, primarily owing to the fall in earnings from software, financial services and charges for intellectual property rights.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content