Key indices extended gains and hit fresh intraday high in early afternoon trade. At 12:28 IST, the barometer index, the S&P BSE Sensex, was up 213.96 points or 0.56% at 38,346.84. The Nifty 50 index was up 69.60 points or 0.61% at 11,514.65. Realty stocks gained.
The market sentiment was boosted by data showing that foreign funds and domestic funds, both, were net buyers of Indian stocks yesterday, 27 March 2019. The trading activity on that day showed that the foreign portfolio investors (FPIs) bought shares worth a net Rs 1,481.11 crore yesterday, 27 March 2019, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 134.92 crore yesterday, 27 March 2019, as per provisional data.
Key indices nudged higher in early trade on buying demand in index pivotals. Stocks extended gains in morning trade. Indices hovered in positive zone in mid-morning trade.
Trading could be volatile as traders roll over positions in the F&O segment from the near month March 2019 series to April 2019 series. The March 2019 F&O contracts expire today, 28 March 2019.
The S&P BSE Mid-Cap index was up 0.66%. The S&P BSE Small-Cap index was up 0.74%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1523 shares rose and 800 shares fell. A total of 115 shares were unchanged.
Realty stocks gained. DLF (up 2.65%), Indiabulls Real Estate (up 2.23%), Housing Development and Infrastructure (up 0.59%), D B Realty (up 1.01%), Sobha (up 1.01%), Godrej Properties (up 2.37%), Prestige Estates Projects (up 1.83%), and Oberoi Realty (up 1.95%) gained.
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Mahindra & Mahindra Financial Services rose 1.02%. Mahindra & Mahindra Financial Services said that its board, pursuant to the offer made by National Housing Bank (NHB) vide their letter dated 11 March 2019, approved the acquisition of 1,18,91,511 equity shares of Rs 10 each of Mahindra Rural Housing Finance (MRHFL), a subsidiary of the company, at a premium of Rs 231.16, aggregating to Rs 286.78 crores from NHB. Consequently, the shareholding of the company in MRHFL will increase from 88.75% to 98.43% as and when the shares are acquired. The announcement was made after market hours yesterday, 27 March 2019.
Overseas, Asian stocks declined on Thursday following an overnight slip on Wall Street after the closely-watched 10-year Treasury yield touched its lowest in more than a year. U.S. stocks on Wednesday bounced off session lows but finished in the red as sentiment remained sensitive to mounting signs of slowing global growth, reflected in falling bond yields on the heels of increasingly dovish central banks.
On the U.S.-China trade front, U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin are set to resume negotiations with their Chinese counterparts in Beijing on Thursday, in a bid to strike a deal on trade.
In economic data, the U.S. trade deficit narrowed in January to a five-month low of $51.1 billion versus $59.9 billion in December. Data from China's National Bureau of Statistics, meanwhile, showed that profits at industrial firms fell by 14% in January and February, the largest decline since 2011.
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