Key benchmark indices were hovering near flat line in early trade. At 9:19 IST, the barometer index, the S&P BSE Sensex, was down 14.80 points or 0.04% at 33,121.38. The Nifty 50 index was up 5.80 points or 0.06% at 10,161.05.
Among secondary barometers,the BSE Mid-Cap index was up 0.03%. The BSE Small-Cap index was up 0.06%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On BSE, 607 shares rose and 572 shares fell. A total of 50 shares were unchanged.
Overseas, most Asian shares were trading higher after the US Federal Reserve raised interest rates for the first time this year. US stocks ended a volatile session slightly lower on Wednesday after the Federal Reserve delivered its sixth interest-rate increase since the end of 2015 and signaled it still expects to deliver two more before the end of the year.
The Fed raised overnight rates by 25 basis points, in line with market expectations. Central bank officials also raised their GDP forecast. Fed officials also released their projections for the federal funds rate, which remained unchanged for 2018. The central bank, however, raised its 2019 forecast, saying it sees the benchmark rate at 2.9%, up from a 2.7% projection released in December.
In US, the current-account deficit rose by 26% in the fourth quarter, widening to $128.20 billion from a revised $101.5 billion in the third quarter. Existing-home sales ran at a seasonally adjusted annual pace of 5.54 million in February.
Back home, Sun Pharmaceutical Industries (Sun Pharma) was up 1.92%. The company announced that the United States Food and Drug Administration (FDA) has approved ILUMYA (tildrakizumab-asmn) for the treatment of adults with moderate-to-severe plaque psoriasis who are candidates for systemic therapy or phototherapy. The announcement was made after market hours yesterday, 21 March 2018.
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Majesco was up 1.11%. The company announced that an India health insurer, part of a leading diversified financial services group in India, implemented Majesco Distribution Management (MDM) as the foundation of their distribution transformation. MDM is a standalone, modern solution that enables insurance carriers to manage the entire distribution landscape with comprehensive business capabilities. The announcement was made after market hours yesterday, 21 March 2018.
Axis Bank was down 0.30%. The bank issued a clarification after market hours yesterday, 21 March 2018 to media reports referring to a bank guarantee issued by the bank to certain telecom companies. Axis Bank said that the bank guarantee has been issued by the bank on behalf of Bharti Airtel. Telecom Disputes Settlement and Appellate Tribunal (TDSAT), vide its order dated 9 January 2018 has required the bank guarantee to be returned. Axis Bank has been informed that the TDSAT order is operative. The bank is seeking clarification from TDSAT on the matter, and will comply with all directions.
Axis Bank clarified that the bank has non-fund based exposure of Rs 9222 crore to the telecom sector as of 31 December 2017, of which approximately 97% is to clients rated AA or better. The bank also informed that it has no exposure to Aircel.
Dilip Buildcon was up 1.53%. The company has been declared L-1 bidder by the National Highways Authority of India for a new EPC project valued at Rs 677.07 crore in Uttar Pradesh. The announcement was made after market hours yesterday, 21 March 2018.
Shriram Transport Finance Company was down 0.64%. The company said that its allotment committee allotted 1,850 non-convertible debentures (NCDs) aggregating to Rs 185 crore on private placement basis. The announcement was made after market hours yesterday, 21 March 2018.
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