Gains in index heavyweights HDFC Bank and ITC helped the two key benchmark indices extend gains in mid-afternoon trade. At 14:18 IST, the barometer index, the S&P BSE Sensex, was up 102.06 points or 0.4% at 25,440.64. The Nifty 50 index was currently up 29.15 points or 0.38% at 7,764.35. The market may remain volatile during the remaining one hour or so of the trading session as traders roll over positions in the futures & options (F&O) segment from the near month March 2016 series to April 2016 series. The March 2016 derivatives contracts are set to expire today, 31 March 2016.
The Sensex rose 141.04 points, or 0.56% at the day's high of 25,479.62 in morning trade, its highest level since 6 January 2016. The index rose 2.89 points, or 0.01% at the day's low of 25,341.47 in early trade. The Nifty rose 42.40 points, or 0.55% at the day's high of 7,777.60 in morning trade, its highest level since 6 January 2016. The index fell 9.70 points, or 0.13% at the day's low of 7,725.50 in early trade.
The market breadth indicating the overall health of the market was positive. On BSE, 1,245 shares rose and 1,164 shares fell. A total of 173 shares were unchanged. The BSE Mid-Cap index was currently up 0.46%. The BSE Small-Cap index was currently up 0.47%. Both these indices outperformed the Sensex.
In overseas stock markets, European stocks edged lower as investors remained cautious ahead of the release of euro zone inflation data due later in the day. Asian stocks witnessed a mixed trend. US stocks extended gains for the third day yesterday, 30 March 2016, although shares ended well off their day's highs amid a dip in crude oil prices. Sentiment was underpinned by data from payroll firm ADP showing slightly stronger than expected private sector job growth in March.
Capital goods shares were mixed. Havells India (up 3.47%), ABB India (up 2.90%), Bharat Electronics (up 2.68%), Thermax (up 0.55%), Punj Lloyd (up 0.44%), AIA Engineering (up 0.28%), Crompton Greaves (up 0.21%), Alstom T&D India (up 0.15%) and Suzlon Energy (up 0.07%), edged higher. Siemens (down 0.1%), Jindal Saw (down 0.13%), ALSTOM India (down 0.18%), BEML (down 0.42%), Lakshmi Machine Works (down 0.53%), SKF India (down 0.84%), Bharat Heavy Electricals (down 0.91%), Praj Industries (down 1.1%) and Reliance Defence and Engineering (down 1.63%) edged lower.
Index heavyweight and engineering & construction major L&T was down 0.47% at Rs 1,221. The stock hit a high of Rs 1,229.80 and a low of Rs 1,216 so far during the day. The company today, 31 March 2016, announced that its construction arm won orders worth Rs 2271 crore across its various businesses.
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Shares of housing finance companies declined. Can Fin Homes (down 0.97%), GRUH Finance (down 0.97%), Indiabulls Housing Finance (down 0.84%), HDFC (down 0.53%) and LIC Housing Finance (down 0.01%), edged lower. Dewan Housing Finance Corporation was up 2.10%.
Telecom stocks edged higher. MTNL (up 3.75%), Idea Cellular (up 1.70%), Tata Teleservices (Maharashtra) (up 0.59%) and Bharti Airtel (up 0.03%) edged higher. Reliance Communications was down 0.50%.
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