The domestic equity barometers were trading with strong gains in early trade, tracking positive global cues. The Nifty traded above the 17,150 mark. All the sectoral indices on the NSE were in the green with metal, PSU bank and media stocks gaining the most.
At 09:30 IST, the barometer index, the S&P BSE Sensex, was up 496.02 points or 0.86% to 58,396.21. The Nifty 50 index gained 124.05 points or 0.73% to 17,167.35.
In the broader market, the S&P BSE Mid-Cap index added 0.67% while the S&P BSE Small-Cap index rose 1.03%.
The market breadth was strong. On the BSE, 2,121 shares rose and 553 shares fell. A total of 78 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 3,086.96 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,121.94 crore in the Indian equity market on 14 March, provisional data showed.
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Cipla rose 0.38%. The company and its wholly owned subsidiaries, Cipla (EU), UK and Meditab Holdings, Mauritius, have entered into a Share Purchase Agreement with Africa Capitalworks SSA 3 for sale of 51.18% stake held in Cipla Quality Chemical Industries (CQCIL), Uganda. Subsequent to the sale, CQCIL will cease to be a subsidiary of the company.
TVS Motor Company gained 0.64%. The board of directors of the company approved the allotment of 12,500 Listed, Rated, Unsecured, Redeemable, Floating rate, Non-Convertible Debentures of the face value of Rs. 1 lakh each, aggregating to Rs. 125 crores, through private placement.
RailTel Corporation of India rallied 3.04%. The company has received the work order from Centre for Development of Advanced Computing (C-DAC) for Supply, Installation, Integration, Testing and Commissioning of IT infrastructure in green field Data Centre at New Delhi and Bengaluru along with Training and Support amounting to Rs. 287.57 crore (including taxes).
PNC Infratech advanced 3.09%. PNC Infratech has been declared the L1 (Lowest) bidder for a Highway Project from Pachmon village to Anarbansalea village, 'Package 6' under Bharatmala Pariyojana in Bihar on Hybrid Annuity Mode from NHAI with a Bid Project Cost of Rs. 1260 crore.
Numbers to Watch:
The yield on India's 10-year benchmark federal paper rose to 7.386 from 7.378 in previous trading session.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.3525, compared with its close of 82.37 during the previous trading session
MCX Gold futures for 5 April 2023 settlement declined 0.15% to Rs 57,395.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.13% to 103.47.
The United States 10-year bond yield advanced 0.83% to 3.666.
In the commodities market, Brent crude for May 2023 settlement rose 99 cents or 1.28% to $78.44 a barrel.
Global Markets:
Asian stocks were trading higher on Wednesday after bank stocks on Wall Street rebounded on optimism of contagion risk from Silicon Valley Bank being contained.
China's industrial output rose 2.4% in the January to February period, official data showed. Retail sales rose 3.5% for the same period. The People's Bank of China kept the rate on 481 billion yuan of one-year medium-term lending facility loans at 2.75%.
US stocks bounced back on Tuesday as largely on-target inflation data and easing jitters over contagion in the banking sector cooled expectations regarding the size of the rate hike at the Federal Reserve's policy meeting next week.
Underlying US consumer prices rose in February by the most in five months. The consumer price index, excluding food and energy, increased 0.5% last month and 5.5% from a year earlier, according to Bureau of Labor Statistics data out Tuesday. The overall CPI climbed 0.4% in February and 6% from a year earlier.
Moody's Investors Service on Tuesday revised its outlook on the US banking system to "negative" from "stable", citing heightened risks for the sector after the rapid unraveling of SVB Financial Group fueled fears of contagion. Moody's also said it was expecting the Federal Reserve to continue tightening monetary policy, in contrast to some others who are expecting the bank collapses this month to reshape the trajectory for interest rate hikes.
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