Gains in stocks of private sector banks, cement firms and index heavyweights Infosys and Reliance Industries (RIL) led upmove for key benchmark indices. The barometer index, the S&P BSE Sensex, rose 138.72 points or 0.56% to 24,797.95, as per the provisional closing data. The gains for the 50-unit Nifty 50 index were higher in percentage terms than those for the Sensex. The Nifty rose 46.50 points or 0.62% to 7,531.80, as per the provisional closing data.
The Sensex and the Nifty, both, hit their highest levels in more than five weeks as the two key benchmark indices extended gains in late trade. After hovering in negative zone until afternoon trade, the two key benchmark indices reversed direction later, taking cues from gains in European stocks. The European Central Bank (ECB) is widely expected to announce further easing at a monetary policy meeting tomorrow, 10 March 2016, in a bid to boost low inflation and support economic recovery in the euro zone. Expectations are that the ECB will cut its deposit rate further into negative zone from current minus 0.3% and increase its bond-purchase program by euro 10 billion to euro 70 billion a month.
The Sensex jumped 161.53 points or 0.66% at the day's high of 24,820.76 in late trade, its highest level since 2 February 2016. The index fell 207.63 points, or 0.84% at the day's low of 24,451.60 in early trade, its lowest level since 3 March 2016. The Nifty 50 index rose 53.70 points or 0.72% at the day's high of 7,539 in late trade, its highest level since 2 February 2016. The index fell 61 points, or 0.81% at the day's low of 7,424.30 in early trade, its lowest level since 3 March 2016.
The market breadth indicating the overall health of the market turned positive from negative in late trade. On BSE, 1,386 shares rose and 1,202 shares fell. A total of 129 shares were unchanged. The BSE Mid-Cap index provisionally rose 0.94%, outperforming the Sensex. The BSE Small-Cap index provisionally rose 0.04%, underperforming the Sensex.
The total turnover on BSE amounted to Rs 2665 crore, lower than turnover of Rs 4898.05 crore registered during the previous trading session.
Index heavyweight Reliance Industries (RIL) rose 1.49% to Rs 1042.50. The stock hit a high of Rs 1,044 and a low of Rs 1,017.35 in intraday trade.
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Hindustan Unilever (HUL) rose 1.51% to Rs 840.05 after the company announced that the company and Pond's HLL ex-Mercury Employees Welfare Association, representing the ex-employees of the former thermometer factory in Kodaikanal, have reached a settlement with regard to dispute over economic rehabilitation after closure of this factory. The Memorandum of Settlement reached was recorded in an order passed by the Madras High Court. As part of the agreement, HUL, with an objective to ensure long term well being of its former workers, has agreed to provide ex gratia payments to 591 former workers/association members and their families towards livelihood enhancement projects and skill enhancement programs. The employees have agreed to withdraw the petition they had filed in February 2006 in the Madras High Court.
HUL said that the other key aspect on the matter relates to soil remediation within the factory site. HUL has submitted the Detailed Project Report (DPR) to Tamil Nadu Pollution Control Board (TNPCB) in August 2015 and is awaiting consent, HUL said.
Maruti Suzuki India (MSIL) rose 4% at Rs 3,600 after the company announced the launch of its first compact urban sport utility vehicle (SUV), Vitara Brezza, at a striking price point. The introductory price for the base variant of Vitara Brezza is Rs 6.99 lakh ex-showroom Delhi and Rs 7.35 lakh ex-showroom Mumbai. With Vitara Brezza, MSIL is now present across all critical segments of the passenger vehicle market, the company said in a statement. The announcement was made after market hours yesterday, 8 March 2016.
In a separate announcement, the company during trading hours today, 9 March 2016, said that after the overwhelming success of Baleno in India, Suzuki Motor Corporation, parent company of Maruti Suzuki India, launched 'Made in India' Baleno in Japan today, 9 March 2016. Baleno is manufactured only in India at Maruti Suzuki's Manesar facility in Haryana. Since its launch, Maruti Suzuki has sold over 38,000 units of Baleno cars in domestic market. Baleno will be exported to more than 100 countries.
Index heavyweight and housing finance major HDFC fell 1.4% to Rs 1,130. The stock hit a high of Rs 1,147 and a low of Rs 1,107.30 in intraday trade.
Index heavyweight and cigarette major ITC fell 0.39% to Rs 320. The stock hit a high of Rs 320.75 and a low of Rs 313 in intraday trade.
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