Key benchmark indices languished in negative zone in afternoon trade. At 13:23 IST, the barometer index, the S&P BSE Sensex, was down 31.32 points or 0.13% at 24,575.67. The losses for the 50-unit Nifty 50 index were higher in percentage terms than those for the Sensex. The Nifty was currently down 18.40 points or 0.25% at 7,457.20. The market breadth indicating the overall health of the market was positive. On BSE, 1,378 shares rose and 982 shares fell. A total of 139 shares were unchanged. The BSE Mid-Cap index was currently up 0.7%. The BSE Small-Cap index was currently up 0.46%. Both these indices outperformed the Sensex.
The Sensex hit its highest level in more than four weeks when it rose 112.06 points or 0.45% at the day's high of 24,719.05 at the onset of the trading session. The barometer index lost 75.19 points or 0.3% at the day's low of 24,531.80 in early trade. The Nifty hit its highest level in more than three weeks when it rose 30.30 points or 0.4% at the day's high of 7,505.90 at the onset of the trading session. The index lost 31.50 points or 0.42% at the day's low of 7,444.10 in early trade.
In overseas stocks markets, Asian markets edged higher after a batch of positive US economic data overnight. US stocks closed slightly higher yesterday, 3 March 2016, as oil prices stabilized. The latest data showed US factory orders rose in January after two straight monthly declines and the service sector index showed continued expansion.
Metal and mining stocks gained as copper prices rose in global commodity markets and as iron ore prices scaled fresh four-month highs buoyed by firmer steel prices in China and expectations that the Chinese government will launch more measures to stimulate the economy. Vedanta (up 5.6%), JSW Steel (up 1.6%), Tata Steel (up 0.66%), Steel Authority of India (Sail) (up 1.39%), National Aluminium Company (up 1.23%), Hindustan Zinc (up 1.7%), Jindal Steel & Power (up 0.32%), Hindalco Industries (up 1.13%), NMDC (up 2.27%), Hindustan Copper (up 1.34%) edged higher. China is the world's largest consumer of steel, copper and aluminum.
High Grade Copper for May 2016 delivery was currently up 1.11% at $2.233 per pound on the COMEX.
Chinese Premier Li Keqiang will on Saturday, 5 March 2016, outline the government budget and official gross domestic product (GDP) target for 2016 at the opening of the National People's Congress (NPC). Li will also release a five-year development plan. The annual plenary session begins in Beijing on 5 March 2016 and runs through 16 March 2016. The annual meeting is China's biggest political event and primarily serves as a rubberstamp to the annual budget and various government reports.
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Power generation stocks rose. JSW Energy (up 5.52%), Reliance Infrastructure (up 1.66%), Reliance Power (down 1.06%), NHPC (up 0.24%), Jaiprakash Power Ventures (up 2.36%) and Adani Power (up 0.51%) gained. Tata Power Company (down 1.18%), CESC (down 0.37%) and NTPC (down 1.09%) fell.
State-run coal-mining giant Coal India was up 1.65% at Rs 320.20. The stock hit a high of Rs 321.95 and a low of Rs 314.10 so far during the day.
AGC Networks surged 19.94% after the company announced that it has partnered with Intel Security for managed security services globally. The announcement was made after trading hours yesterday, 3 March 2016. CYBER-i, the cyber security division of AGC Networks, and Intel Security announced a strategic managed services provider partnership to offer outcome based managed security services across the globe. This will give the customers a credible solution designed to effectively and proactively prevent/monitor and respond to security incidents in their organizations, the company said in a statement.
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