Key benchmark indices extended gains and hit fresh intraday high in mid-morning trade. At 11:24 IST, the barometer index, the S&P BSE Sensex, was up 130.03 points or 0.38% at 33,949.53. The Nifty 50 index was up 47.95 points or 0.46% at 10,430.65. Most capital goods stocks rose. Cement stocks saw mixed trend. Domestic stocks were boosted by positive Asian stocks.
Domestic stocks edged higher in early trade tracking positive Asian stocks. Key benchmark indices hovered in positive zone in morning trade.
The S&P BSE Mid-Cap index was up 1.13%. The S&P BSE Small-Cap index was up 1.06%. Both these indices outperformed the Sensex.
The broad market depicted strength. There were more than two gainers against every loser on BSE. 1,752 shares rose and 617 shares fell. A total of 119 shares were unchanged.
Overseas, Asian stocks were trading higher as investors continue to debate the outlook for central bank policy normalization and the impact of higher bond yields. Meanwhile, Japan's core consumer price index rose for a 13th straight month in January, increasing by 0.9% from a year earlier, matching December's rate of growth, data from the Ministry of Internal Affairs and Communications showed today, 23 February 2018.
In US, the Dow and the S&P 500 closed higher while the Nasdaq slipped yesterday, 22 February 2018 as investors grappled with the threat from higher interest rates. On the data front, initial US jobless claims fell by 7,000 to 222,000 in the seven days ended 17 February 2018, marking the second lowest level since the end of the 2007-2009 recession.
Back home, TCS (down 1.22%), Infosys (down 1.1%) and Asian Paints (down 0.79%) edged lower from the Sensex pack.
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Most capital goods stocks rose. Bharat Heavy Electricals (Bhel) (up 1.64%), Praj Industries (up 2.12%), BEML (up 2.59%), ABB India (up 0.94%), Bharat Electronics (up 0.92%) and Punj Lloyd (up 0.49%) rose. Siemens (down 2.18%) and Thermax (down 0.15%) fell.
L&T fell 0.43%. L&T Construction, the construction arm of L&T has won orders worth Rs 1266 crore across various business segments. The announcement was made during market hours today, 23 February 2018.
The Buildings & Factories business bagged orders worth Rs 928 crore from a government client to construct 284 residential towers of G+3 floors under the Prime Minister Awas Yojana Scheme in various locations of Krishna District of Andhra Pradesh. The business has also received additional orders from various ongoing projects. Also an order from the Mumbai Metro Rail Corporation (MMRC) worth Rs 338 crore has been bagged by Power Transmission & Distribution Business to be jointly executed with Transportation Infrastructure business.
Cement stocks saw mixed trend. Shree Cement (up 2.19%) and ACC (up 0.45%) rose. UltraTech Cement (down 0.76%) and Ambuja Cements (down 0.33%) fell.
Grasim Industries was up 1.49%. Grasim has exposure to the cement sector through its holding in UltraTech Cement.
Merck gained 3.75% after net profit surged 40.22% to Rs 27.26 crore on 15.63% growth in total income to Rs 309.52 crore in Q4 December 2017 over Q4 December 2016. Merck's board recommended payment of dividend of Rs 15 per share for the year ended 31 December 2017. The results were announced after market hours yesterday, 22 February 2018.
Genus Paper & Boards hit an upper circuit limit of 5% at Rs 14.60 after the company said it entered into a non-binding memorandums of understanding (MoU) with the Government of Maharashtra to invest Rs 1050 crore for setting up of Kraft Paper manufacturing plant. The firm also entered into an MoU with the Government of Uttar Pradesh to invest Rs 600 crore for expansion of current manufacturing facility. The announcement was made after market hours yesterday, 22 February 2018.
The company will incur the investing amount within a period of 5 years from the date of application to the directorate of industries / relevant authorities after completion of all effective steps.
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