Key indices pares gains in early afternoon trade. At 12:23 IST, the barometer index, the S&P BSE Sensex, was up 113.70 points or 0.3% at 38,347.11. The Nifty 50 index was up 29.10 points or 0.25% at 11,512.35. FMCG stocks rose.
Local indices drifted higher in early trade on buying demand in index pivotals. Key benchmark indices hovered near day's high in morning trade. Firmness prevailed on the bourses in mid-morning trade.
The S&P BSE Mid-Cap index was up 0.86%. The S&P BSE Small-Cap index was up 0.33%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1211 shares rose and 1189 shares fell. A total of 158 shares were unchanged.
Axis Bank gained 1.23%. Axis Bank's board will consider FY19 results on 25 April 2019. The announcement was made during market hours today, 27 March 2019.
NTPC fell 0.54%. NTPC has launched and priced an issue of 3.75% U.S.D 450,000,000 notes due 2024 on 26 March 2019. The Notes carry a coupon of 3.75% per annum payable semi-annually. The Notes are expected to be settled by 3 April 2019. The Notes will mature on 3 April 2024 and all principal and interest payments will be made in U.S. Dollars. The announcement was made during market hours today, 27 March 2019.
FMCG stocks rose. GlaxoSmithkline Consumer Healthcare (up 1.04%), Colgate-Palmolive (India) (up 1.08%), Britannia Industries (up 0.1%), Hindustan Unilever (up 0.73%), Marico (up 0.35%), Nestle India (up 1.98%), Tata Global Beverages (up 1.02%), Procter & Gamble Hygiene and Health Care (up 2.09%), Jyothy Laboratories (up 0.35%) and Bajaj Consumer Care (up 0.47%) rose. Dabur India (down 1.21%) and Godrej Consumer Products (down 0.51%) fell.
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Overseas, Asian stocks were trading mixed after US stocks finished broadly higher on Wall Street. U.S. stocks closed higher Tuesday as the energy and financial sectors buoyed the market, but main indexes came off their intraday highs on tepid housing and consumer-confidence data as well as lingering uncertainties over global growth and Brexit.
U.S.-China trade negotiations resumed, reigniting some optimism that the high-stakes dispute was coming to a close. Cabinet-level trade negotiations between Beijing and Washington were scheduled to kick off, with U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin due in China later this week to help conclude long-running discussions between the world's two largest economies.
Investors were also monitoring Brexit, after U.K. lawmakers decided late Monday to wrest control of the process of leaving the European Union away from Prime Minister Theresa May in a move that will prompt a series of votes this week aimed at easing legislative gridlock. A disorderly exit from the EU by Britain could unsettle global benchmarks.
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