Key benchmark indices recovered after trimming gains in afternoon trade. At 13:18 IST, the barometer index, the S&P BSE Sensex, was up 143.88 points or 0.58% at 25,096.62. The 50-unit Nifty 50 index was up 40.95 points or 0.54% at 7,645.30. The Sensex was currently trading above the psychological 25,000 mark after regaining that level in intraday trade.
The market sentiment was positive after the latest data showed that foreign portfolio investors (FPIs) made heavy purchases of Indian stocks during the previous trading session. FPIs bought shares worth a net Rs 1712.62 crore on Friday, 18 March 2016, as per provisional data released by the stock exchanges. The Sensex had risen 275.37 points or 1.12% to settle at 24,952.74 on that day.
The market breadth indicating the overall health of the market was positive. On BSE, 1,347 shares rose and 1,097 shares fell. A total of 159 shares were unchanged. The BSE Mid-Cap index was currently up 0.76%. The BSE Small-Cap index was currently up 0.9%. Both these indices outperformed the Sensex.
In overseas stock markets, Chinese stocks edged higher after authorities signaled a loosening stance toward margin trading, the practice of using borrowed money to buy shares. In mainland China, the Shanghai Composite settled 2.16% higher. In Hong Kong, the Hang Seng index was currently up 0.02%. US stocks closed higher during the previous trading session on Friday, 18 March 2016, extending the rally that followed the Federal Reserve's accommodative policy decision during the week.
Bharat Heavy Electricals (Bhel) dropped 1.24%. The company announced commissioning of second 270 megawatts (MW) coal-based power generating unit in Punjab. The unit was commissioned at the 540 MW Goindwai Sahib coal-fired thermal power project of GVK Power & Infra, located in Goindwai Sahib in Tarn Taran district near Amritsar, Punjab. The first unit was commissioned in February 2016. The announcement was made during market hours today, 21 March 2016.
Asian Paints edged lower on reports that a domestic brokerage has reiterated its 'reduce' rating on the stock citing expensive valuations. The stock was off 2.3%. The brokerage reportedly said in a latest research note that its channel checks suggest that the company has cut prices across its decorative paints portfolio by around a weighted average of 3%, which could lead to 3% to 5% cut in 2017-18 EPS estimate.
Shares of most power generation and power distribution companies gained. NHPC (up 0.45%), Tata Power Company (up 0.51%), Adani Power (up 2.15%), Power Grid Corporation of India (up 0.48%), and Reliance Power (up 0.53%) gained. NTPC (down 0.43%), Torrent Power (down 0.33%) and Reliance Infrastructure (down 0.13%) declined.
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IT stocks edged lower. HCL Technologies (down 0.61%), Infosys (down 0.36%), Tech Mahindra (down 0.74%) and Wipro (down 0.31%) edged lower. TCS rose 0.24%.
Lupin extended previous session's sharp losses triggered by speculation that widely followed investor Rakesh Jhunjhunwala is selling some of his stake. The stock dropped 2.11% to Rs 1,526. The stock hit low of Rs 1,502.20 in intraday trade, which is also a 52-week low for the stock. The stock had lost 6.9% to settle at Rs 1,558.90 during the previous trading session on Friday, 18 March 2016. Jhunjhunwala held 1.65% stake in Lupin as per the shareholding pattern as on 31 December 2015.
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