Key benchmark indices hovered in a narrow range with small losses in afternoon trade. At 13:15 IST, the barometer index, the S&P BSE Sensex, was down 8.24 points or 0.02% at 33,827.50. The Nifty 50 index dropped 11.95 points or 0.11% at 10,398.95.
Key indices drifted lower in early trade tracking negative Asian stocks. Indices reversed initial declines and turned positive in morning trade. Volatility ruled the roost in mid-morning trade as the key benchmark indices hit fresh intraday low in negative zone. Indices pared some intraday losses and hovered in a narrow range in negative zone so far.
Among secondary indices, the S&P BSE Mid-Cap index rose 0.68%. The S&P BSE Small-Cap index advanced 0.92%. Both these indices outperformed the Sensex.
The breadth, indicating the overall health of the market, was strong. On the BSE, 1,582 shares advanced and 919 shares declined. A total of 140 shares were unchanged.
IT stocks were mixed. Persistent Systems was up 0.39%.
Wipro gained 0.77% after the company announced a strategic partnership with Trintech to deliver digital solutions that help simplify and automate business finance functions at enterprises. Trintech is a leading global provider of integrated, cloud-based Record to Report (R2R) finance software solutions for the office of finance. The announcement was made after market hours yesterday, 14 March 2018.
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IT major Infosys rose 0.48%. Infosys announced that it will open its next technology and innovation hub in Hartford, Connecticut and hire 1,000 American workers in the state by 2022. The Connecticut Technology and Innovation Hub will have a special focus on insurance, healthcare and manufacturing. It will bring Infosys closer to its Connecticut clients and serve as the global hub for Infosys' InsurTech and HealthTech efforts. The announcement was made after market hours yesterday, 14 March 2018.
Infosys' investment in Connecticut is a continuation of the company's commitment to accelerate innovation for American enterprise by amplifying top local talent with the best global talent and shrink the IT skills gap in the marketplace.
HCL Technologies (down 0.51%), Tech Mahindra (down 0.48%) and TCS (down 0.42%) edged lower.
Capital goods stocks advanced. BEML (up 1.49%), Bharat Electronics (up 1.19%), Bhel (up 0.87%), Siemens (up 0.34%) and Thermax (up 0.19%) gained. ABB India (down 0.26%) and L&T (down 0.23%) declined.
Havells India rose 1.62% after the company announced an agreement with South Korean major Hyundai Electric & Energy Systems Co. for manufacturing of magnetic contactor. Under the agreement, Hyundai Electric will provide technology know-how and grant a license to manufacture, and market magnetic contactors under Havells brand. The magnetic contactor market in India is presently estimated to be Rs 1200 crore and growing at 6-8% annually. Havells through this partnership expects to garner an additional market share of 8% in the next 3 years by entering in new market segments that require higher specifications. Havells India would also manufacture magnetic contactors for Hyundai Electric. The announcement was made after market hours yesterday, 14 March 2018.
Suzlon Energy rose 1.91% after the company announced that it has completed the commissioning of 340 megawatts solar power turnkey projects across sites in Telangana, Rajasthan and Maharashtra. Suzlon Energy said that the projects of 340 megawatts (MW) have been executed over a period of time, concluding in Q4 March 2018. The company has completed delivery of its entire solar order book with the commissioning of aforesaid projects. The announcement was made during market hours today, 15 March 2018.
Praj Industries rose 3.48% after the company appointed Shishir Joshipura as Chief Executive Officer and Managing Director for a period of five years with effect from 2 April 2018. The announcement was made during market hours today, 15 March 2018.
Meanwhile, the Indian economy is set to revert to its trend growth rate of 7.5% in the coming years as it bottoms out from the impact of the Goods and Services Tax (GST) and demonetization, a World Bank report released yesterday, 14 March 2018 showed. India's GDP growth is projected to reach 6.7% in 2017-18 and accelerate to 7.3% and 7.5% in 2018-19 and 2019-20 respectively.
While services will continue to remain the main driver of economic growth; industrial activity is poised to grow, with manufacturing expected to accelerate following the implementation of the GST, and agriculture will likely grow at its long-term average growth rate, the report said.
Overseas, Asian markets saw mixed trend. US stocks fell yesterday, 14 March 2018 after lackluster retail sales figures fanned concern that consumer spending is cooling. US president Donald Trump reportedly planned to impose fresh tariffs on China, intensifying concerns of a global trade war. Larry Kudlow, a free trade advocate, is set to replace Gary Cohn as White House economic adviser. Cohn resigned last week after losing his fight against tariffs on steel and aluminum imports.
In economic data, the producer-price index showed wholesale inflation rose 0.2% in February, down from the 0.4% advance in January. US retail sales fell 0.1% in February, the third straight monthly decline. However, sales grew 0.3% if autos and gas are stripped out.
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