Key benchmark indices were trading higher in early trade. At 9:18 IST, the barometer index, the S&P BSE Sensex, was up 39.09 points or 0.13% at 29,570.52. The Nifty 50 index was up 3.75 points or 0.04% at 9,147.55.
The market may remain volatile as traders roll over positions in the futures & options (F&O) segment from the near month March 2017 series to April 2017 series. The near month March 2017 derivatives contract expire today, 30 March 2017.
On the economic front, India took a big leap forward in rolling out the goods and services tax (GST) after the Lower House of Parliament gave its nod to four supplementary Bills. Their passage will allow the government to prepare for the 1 July 2017, launch of the single levy that will replace multiple central and state taxes.
Among secondary barometers,the BSE Mid-Cap index was currently up 0.37%. The BSE Small-Cap index was currently up 0.54%. Both these indices outperformed the Sensex.
The broad market depicted strength. There were more than three gainers against every loser on BSE. 924 shares rose and 256 shares fell. A total of 57 shares were unchanged.
Reliance Industries (RIL) was up 0.71%. Pursuant to the sale agreements signed by Reliance Exploration & Production DMCC (REPDMCC), an indirect wholly owned subsidiary of RIL and TOTAL, for the sale of the entire 76% interest held by REPDMCC in the Mauritius-incorporated Gulf Africa Petroleum Corporation (GAPCO), REPDMCC, TOTAL and GAPCO have obtained requisite regulatory approvals, consents and successfully completed the sale transaction.
GAPCO is a holding company with operating subsidiaries in Tanzania, Kenya and Uganda which are primarily engaged in petroleum product import, and trading, storage, distribution, marketing, supply and transportation of oil products in East Africa. Since the acquisition of 76% equity interest in GAPCO by REPDMCC in 2007, GAPCO has significantly grown and is one of leading petroleum marketing company in East Africa owning retail outlets as well as onshore and offshore terminals. REPDMCC's sale of its interest in GAPCO is pan of a joint transaction, wherein REPDMCC as well as the minority shareholder have sold their entire respective holdings in GAPCO for cash. The announcement was made after market hours yesterday, 29 March 2017.
Bharti Airtel was down 0.26%. The company announced that it has completed sale of 11.32% stake in its mobile tower arm Bharti Infratel to its wholly-owned subsidiary Nettle Infrastructure. Post the inter-se transfer, Bharti Airtel will hold 50.33% while Nettle will hold 11.32% in Bharti Infratel. The announcement was made after market hours yesterday, 29 March 2017.
Also Read
Punjab National Bank (PNB) was up 0.64%. The bank announced that it has raised Rs 250 crore through unsecured, subordinated, fully paid-up, non-convertible, Basel III compliant, perpetual debt instruments (series X) in the nature of debentures for inclusion in additional tier I capital. The coupon rate is 9.21% payable annually. The announcement was made after market hours yesterday, 29 March 2017.
Overseas, Asian stocks were trading lower despite a positive lead from Wall Street as investors reassessed the outlook for monetary policy at the European Central Bank.
The tech-heavy Nasdaq closed higher for a fourth straight session Wednesday, while the Dow industrials finished lower, as stock investors digested hawkish comments from Federal Reserve speakers and a drop in US gasoline inventories bolstered the energy sector. The Nasdaq Composite Index climbed 22.41 points, or 0.4%, to finish at 5,897.55. The Dow Jones Industrial Average fell 42.18 points, or 0.2%, to close at 20,659.32.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content