Key benchmark indices hovered with modest gains in early afternoon trade. At 12:25 IST, the barometer index, the S&P BSE Sensex rose 179.04 points or 0.54% at 33,212.13. The Nifty 50 index advanced 51.70 points or 0.51% at 10,205.90. Power generation and power distribution stocks mostly nudged higher. Pharma stocks declined.
Key indices started the session on a strong footing on positive Asian stocks as worries surrounding trade war eased on reports US President Donald Trump's import tariff plan may spare select countries from much of the impact. Indices trimmed gains in morning trade. Later, indices came off the day's low and traded with modest gains so far.
The S&P BSE Mid-Cap index rose 0.18%. The S&P BSE Small-Cap index advanced 0.04%. Both these indices underperformed the Sensex.
The breadth, indicating the overall health of the market, was weak. On the BSE, 1,565 shares declined and 935 shares advanced. A total of 128 shares were unchanged.
Power generation and power distribution stocks mostly nudged higher. Reliance Infrastructure (up 2.39%), Jaiprakash Power Ventures (up 1.57%), Power Grid Corporation of India (up 1.11%), Reliance Power (up 0.64%), NTPC (up 0.61%) and Torrent Power (up 0.45%) gained. Adani Power (down 4.71%), CESC (down 0.7%) and NHPC (down 0.19%) edged lower.
Tata Power Company was down 0.06%. The company's gross electricity generation increased 3% at 4,647 million units in February 2018 over February 2017. The announcement was made during market hours today, 8 March 2018.
Pharma stocks declined. Sun Pharmaceutical Industries (down 1.86%), Aurobindo Pharma (down 0.46%), Dr Reddy's Laboratories (down 0.27%) and Cipla (down 0.18%) edged lower. Cadila Healthcare (up 0.95%) and Divis Laboratories (up 0.08%) edged higher.
Lupin advanced 0.53% after the company entered into an agreement with CSIR-National Chemical Laboratory, Pune and Department of Science and Technology, Delhi, for conducting research on a continuous purification process development of a biosimilar monoclonal antibody therapeutic. The announcement was made during market hours today, 8 March 2018.
Overseas, Asian stocks were mixed amid news of potential US tariff exemptions. US stocks closed well off session lows yesterday, 7 March 2018 after the White House hinted Canada and Mexico could be exempt from tariffs proposed by President Donald Trump.
In Europe, the European Central Bank's (ECB) monetary policy statement is due later today, 8 March 2018. The central bank is expected to be cautious to prevent any unwanted tightening of financing conditions amid mounting global insecurities, especially in the wake of recent tariffs announcement by the US President.
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