Trading for the day began on an upbeat note as the key benchmark indices drifted higher in early trade on buying demand in index pivotals. At 9:28 IST, the barometer index, the S&P BSE Sensex, was up 266.25 points or 0.74% at 36,239.96. The Nifty 50 index was up 73.35 points or 0.68% at 10,908.65.
The S&P BSE Mid-Cap index was up 1.13%. The S&P BSE Small-Cap index was up 1.14%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1023 shares rose and 219 shares fell. A total of 40 shares were unchanged.
Overseas, most Asian stocks were trading higher Wednesday. U.S. stocks closed lower Tuesday after weaving in and out of positive territory all session following Federal Reserve Chairman Jerome Powell's congressional testimony, during which he reiterated the central bank's wait-and-see approach.
Investors have been focused on U.S.-China trade developments after Trump in recent days indicated that he was willing to extend a March 2 deadline for increasing tariffs on some $200 billion in Chinese goods.
In economic data, Consumer confidence surged in February, rising for the first time in four months, as the Conference Board's consumer confidence index rose to 131.4, up from 121.7 in January.
Back home, ONGC rose 0.95%. ONGC's wholly owned subsidiary, ONGC Videsh, announced that Mozambique LNG1 Company, the jointly owned marketing entity of ONGC Videsh and joint venture partners of Mozambique Rovuma Offshore Area 1 project incorporated at Singapore, has entered into long-term LNG sale and purchase agreement (SPA) with with four international firms and a BPCL subsidiary. These latest deals build upon previously executed deals for long term offtake of LNG from Rovuma Offshore Area 1 project and take long-term sales to more than 9.5 MMTPA. The announcement was made after market hours yesterday, 26 February 2019.
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Tata Steel gained 1.31%. Tata Steel said that its committee of directors approved the issuing 40,000 unsecured, redeemable, rated, listed, nonconvertible debentures (NCDs) of face value Rs 10 lakh each, aggregating to Rs 4,000 crore, plus a green shoe option of up to Rs 1,000 crore. The NCDs will be allotted on 1 March 2019 and will mature on 1 March 2034. The announcement was made after market hours yesterday, 26 February 2019.
Max India lost 5.58%. Max India announced after market hours yesterday, 26 February 2019, that its board approved selling its 51% stake in Max Bupa Health Insurance Company (Max Bupa), to private equity firm, True North. The all cash transaction values Max Bupa at an enterprise value of Rs 1,001 crore and is subject to requisite regulatory approvals. The transaction will lead to a cash inflow of Rs 511 crore for Max India. The company intends to utilise the proceeds to invest in both existing and new business opportunities which are currently under evaluation.
MRF rose 1.2%. MRF announced after market hours yesterday, 26 February 2019, that the strike at its manufacturing plant at Tiruvottiyur, Chennai, Tamil Nadu has been called off by the workmen. The company had earlier stated that a large number of workmen had illegally gone on a strike with effect from 9 February 2019.
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