A range bound movement was witnessed as key benchmark indices hovered in green in mid-morning trade. At 11:15 IST, the barometer index, the S&P BSE Sensex, was up 176.89 points or 0.71% at 25,129.63. The 50-unit Nifty 50 index was up 52.15 points or 0.69% at 7,656.50. The Sensex was currently trading above the psychological 25,000 mark after regaining that level in intraday trade.
The Sensex jumped 191.22 points or 0.76% at the day's high of 25,143.96 in mid-morning trade, its highest level since 7 January 2016. The barometer index rose 35.53 points or 0.14% at the day's low of 24,988.27 in early trade. The Nifty rose 58.20 points or 0.76% at the day's high of 7,662.55 in mid-morning trade, its highest level since 7 January 2016. The index rose 13.35 points or 0.17% at the day's low of 7,617.70 in early trade.
The market sentiment was positive after the latest data showed that foreign portfolio investors (FPIs) made heavy purchases of Indian stocks during the previous trading session. FPIs bought shares worth a net Rs 1712.62 crore on Friday, 18 March 2016, as per provisional data released by the stock exchanges. The Sensex had risen 275.37 points or 1.12% to settle at 24,952.74 on that day.
The market breadth indicating the overall health of the market was strong. On BSE, 1,338 shares rose and 812 shares fell. A total of 131 shares were unchanged. The BSE Mid-Cap index was currently up 0.9%. The BSE Small-Cap index was currently up 1.07%. Both these indices outperformed the Sensex.
In overseas stock markets, Chinese stocks edged higher after authorities signaled a loosening stance toward margin trading, the practice of using borrowed money to buy shares. In mainland China, the Shanghai Composite was currently up 2.01%. In Hong Kong, the Hang Seng index was currently up 0.16%. US stocks closed higher during the previous trading session on Friday, 18 March 2016, extending the rally that followed the Federal Reserve's accommodative policy decision during the week.
Index heavyweight and housing finance major HDFC advanced 1.14% to Rs 1,140.45. The stock hit high of Rs 1,149.50 and low of Rs 1,131 so far during the day.
Capital goods stocks gained. Bharat Electronics (up 2.89%), ABB India (up 1.31%), BEML (up 0.58%), Crompton Greaves (up 0.63%), Siemens (up 0.89%) and Thermax (up 0.65%) gained. Bharat Heavy Electricals (Bhel) fell 0.75%.
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Index heavyweight and engineering and construction major L&T advanced 1.94% to Rs 1,222.55. The stock hit high of Rs 1,226.40 and low of Rs 1,194.25 so far during the day.
Realty stocks gained on renewed buying. DLF (up 1.68%), Prestige Estates Projects (up 7.76%), Indiabulls Real Estate (up 1.61%), Housing Development and Infrastructure (up 1.8%), D B Realty (up 1.94%), Unitech (up 2.56%), Sobha (up 5.66%), Godrej Properties (up 2.66%), and Omaxe (up 0.26%) gained. Oberoi Realty shed 0.1%.
VA Tech Wabag rose 5.08% after the company announced that it has secured orders worth Rs 5000 crore in the year ending 31 March 2016 so far, its highest ever order intake in a single financial year. The announcement was made during market hours today, 21 March 2016. The Exim Bank of India funded Polgahawela water treatment plant order has been brought into the company's firm order book, following the signing of the loan agreement between the Water Board of Sri Lanka and Exim Bank of India earlier this month, VA Tech Wabag said. The order worth $108 million is the second order secured from Sri Lanka by the company through buyers' credit, VA Tech Wabag said in a statement.
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