Key benchmark indices trimmed intraday gains in mid-afternoon trade as mixed cues from Europe and Asian market triggered profit booking at higher levels. At 14:24 IST, the barometer index, the S&P BSE Sensex, was up 186.69 points or 0.57% at 33,183.45. The Nifty 50 index was up 42.50 points or 0.42% at 10,166.85. The Sensex was trading above the psychological 33,000 mark.
Most sugar stocks rose after the government yesterday, 20 March 2018, scrapped the 20% export duty on sugar in a bid to lift its domestic price. Auto shares were mixed.
The market hit fresh intraday high in mid-morning trade after opening in positive terrain. Key indices trimmed gains in mid-afternoon trade. The Sensex rose 358.17 points, or 1.09% at the day's high of 33,354.93 in mid-morning trade, its highest level since 16 March 2018. The index rose 94.06 points, or 0.29% at the day's low of 33,090.82 in early trade. The Nifty rose 102.95 points, or 1.02% at the day's high of 10,227.30 in mid-morning trade, its highest level since 16 March 2018. The index rose 25.60 points, or 0.25% at the day's low of 10,149.95 in mid-afternoon trade.
Among secondary barometers, the BSE Mid-Cap index was up 0.42%. The BSE Small-Cap index was up 0.44%. Both these indices underperformed the Sensex.
The market breadth was positive. On BSE, 1,364 shares rose and 1,226 shares fell. A total of 162 shares were unchanged.
Most sugar stocks rose after the government yesterday, 20 March 2018, scrapped the 20% export duty on sugar in a bid to lift its domestic price. Balrampur Chini Mills (up 7.85%), KCP Sugar & Industries Corporation (up 3.91%), Dwarikesh Sugar Industries (up 3.24%), Dhampur Sugar Mills (up 1.74%), Triveni Engineering & Industries (up 1.69%), Rana Sugars (up 1.42%), EID Parry (India) (up 0.94%), Sakthi Sugars (up 0.84%), DCM Shriram Industries (up 0.41%) and Bajaj Hindusthan Sugar (up 0.21%), edged higher. Shree Renuka Sugar (down 0.32%), Simbhaoli Sugars (down 1.91%) and Empee Sugars and Chemicals (down 4.91%), edged lower.
Government on 20 March 2018 scrapped the 20% export duty on sugar in a bid to boost overseas sales of the commodity and lift its domestic price. The country is facing surplus production of the sweetener. Industry body Indian Sugar Mills Association (ISMA) has revised India's 2017-18 sugar production estimate to 29.5 million tonnes from its second advance estimate of 26.1 million tonnes. Last month, the government doubled import duty on sugar to 100% to keep a check on falling prices. Sugar marketing year runs from October to September.
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Auto shares were mixed. Maruti Suzuki India (up 1.33%), Escorts (up 0.95%), Mahindra & Mahindra (up 0.75%) and Bajaj Auto (up 0.07%), edged higher. Hero MotoCorp (down 0.72%), Tata Motors (down 0.88%), TVS Motor Company (down 1.07%) and Eicher Motors (down 1.51%), edged lower.
Ashok Leyland was up 1.41% after the company said it bagged orders for 2100 buses from The Institute of Road Transport (IRT), Tamil Nadu. The announcement was made during trading hours today, 21 March 2018.
Overseas, most European and Asian stocks were trading lower as investors focused on the US Federal Reserve after it kicked off its March meeting in the previous session.
US stocks ended higher Tuesday, led by strong gains in the energy sector as the overall market reclaimed some lost ground from the previous day, when tech shares fell sharply.
The US Federal Reserve started a two-day monetary policy meeting yesterday, 20 March 2018. The outcome of the meeting will be announced later in the global day today, 21 March 2018, with new Chair Jerome Powell set to give his first news conference.
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