Key benchmark indices garnered further gains in mid-morning trade on steady buying in index pivotals. At 11:30 IST, the barometer index, the S&P BSE Sensex, was up 117.20 points or 0.4% at 29,284.88. The Nifty 50 index was up 35.40 points or 0.39% at 9,065.85. Positive Asian stocks underpinned sentiment.
Domestic stocks edged higher in early trade on positive Asian stocks. Key benchmark indices extended intraday gains in morning trade.
The BSE Mid-Cap index was up 0.84%. The BSE Small-Cap index was up 0.98%. Both these indices outperformed the Sensex.
The broad market depicted strength. There were more than two gainers against every loser on BSE. 1,633 shares rose and 760 shares fell. A total of 155 shares were unchanged.
Metal and mining stocks gained on bargain hunting after the recent slide. Vedanta (up 1.55%), JSW Steel (up 0.48%), Tata Steel (up 0.48%), Steel Authority of India (Sail) (up 0.73%), National Aluminium Company (up 0.27%), Hindustan Zinc (up 2.82%), Jindal Steel & Power (up 0.72%), Hindalco Industries (up 0.03%), NMDC (up 1.12%) and Hindustan Copper (up 2.05%) edged higher.
Copper edged higher in the global commodities market. High Grade Copper for March 2017 delivery was currently up 0.11% at $2.6335 per pound on the COMEX.
Realty stocks gained. Sobha (up 10.23%), DLF (up 1.06%), Indiabulls Real Estate (up 1.05%), Housing Development and Infrastructure (up 2.28%), D B Realty (up 0.95%), Unitech (up 0.88%), Godrej Properties (up 0.56%) and Oberoi Realty (up 1.14%) gained. Parsvnath Developers (down 0.85%) and Prestige Estates Projects (down 0.56%) fell.
Som Distilleries & Breweries surged 14.13% after the company announced that it has started the supply of Black Fort beer to Karnataka. The response from consumers and the trade is very encouraging, it said. The company expects to get a considerable market share in the short term. Further, the company will be launching out its mainline brands next month in Karnataka. The announcement was made after market hours yesterday, 22 March 2017.
Sadbhav Infrastructure Projects rose 7.13% after the company said it has been declared lowest bidder for a road project by National Highway Authority of India on 22 March 2017. The project cost is Rs 1071 crore and construction period is 910 days from appointment date. As per the RFP documents, Letter of Award (LoA) shall be provided by NHAI within 60 days from the bid due date (February 15, 2017). The announcement was made after market hours yesterday, 22 March 2017.
Overseas, most Asian stocks were trading higher with focus now on a crucial congressional vote on US healthcare reform later in the day. US stocks rebounded yesterday, 22 March 2017 after posting the biggest decline since October as technology stocks posted strong gains.
Investors are focusing on progress of US President Donald Trump's pro-growth policies as Republican lawmakers and Trump struggled to garner support for controversial healthcare legislation scheduled for a vote in the House of Representatives today, 23 March 2017. Losing or delaying the vote would bruise investors' confidence in Trump's legislative ability and his ability to keep his big promises to business.
US stocks had rallied after the November 2016 presidential election, on bets that the pro-growth Trump agenda would be quickly pushed by a Republican Party with majorities in both chambers of Congress.
Markets will also be keenly awaiting cues from the US Fed this week with Chair Janet Yellen due to speak later today. The Fed raised its benchmark lending rate a quarter point last week and continued to project two more increases this year.
On the economic front, sales of previously-owned homes tumbled in February as the housing market remains choked by tight inventory. Existing-home sales were at a 5.48 million seasonally-adjusted annual rate last month, the National Association of Realtors said yesterday, 22 March 2017.
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