Key benchmark indices advanced in early trade buoyed by firmess in Asian bourses and overnight rally on Wall Street. The barometer index, the S&P BSE Sensex was currently trading above the psychological 28,000 level after closing tad below that level during the previous trading session. The Sensex was currently up 96.12 points or 0.34% at 28,071.98. The market breadth indicating the overall health of the market was strong with more than two gainers against every loser on BSE.
State Bank of India advanced after the bank said that the Executive Committee of the Central Board (ECCB) yesterday, 30 March 2015, authorised divestment of SBI's stake in SBI Life Insurance by upto 10%. Sesa Sterlite advanced after the company said that the shareholders of the company, inter-alia have approved by requisite majority, the name change of the company from its present name - Sesa Sterlite to Vedanta.
In overseas markets, Asian markets were higher today, 31 March 2015 after Beijing unleashed new policy moves to rejuvenate a wobbly property market. US stocks closed sharply higher yesterday, 30 March 2015, with the main indexes booking solid gains for the second straight session, driven by dovish comments from China's central-bank chief as well as a continued flurry of deal announcements.
Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net Rs 240.34 crore yesterday, 30 March 2015, as per provisional data. Domestic institutional investors (DIIs) bought shares worth a net Rs 651.67 crore yesterday, 30 March 2015, as per provisional data.
At 9:20 IST, the S&P BSE Sensex was up 96.12 points or 0.34% at 28,071.98. The index gained 112.53 points at the day's high of 28,088.39 in early trade. The index rose 50.41 points at the day's low of 28,026.27 in early trade.
The CNX Nifty was up 19.20 points or 0.23% at 8,511.50. The index hit a high of 8,527.90 in intraday trade. The index hit a low of 8,505.05 in intraday trade.
The BSE Mid-Cap index was up 45.36 points or 0.43% at 10,604.88. The BSE Small-Cap index was up 78.88 points or 0.73% at 10,874.28. Both these indices outperformed the Sensex.
The market breadth indicating the overall health of the market was strong with more than two gainers against every loser. On BSE, 823 shares gained and 322 shares fell. A total of 41 shares were unchanged.
Sesa Sterlite rose 1.75% at Rs 192.20. Sesa Sterlite announced after market hours yesterday, 30 March 2015, that the shareholders of the company, inter-alia have approved by requisite majority, the name change of the company from its present name - Sesa Sterlite to Vedanta, through Postal Ballot Results announced yesterday, 30 March 2015. Sesa Sterlite is the Indian subsidiary of London listed Vedanta Resources Plc which is a globally diversified natural resources company.
The name change will enable the company to position itself strategically, create much greater value and align our businesses to a unified messaging, Sesa Sterlite said. Tom Albanese, Group CEO, Vedanta, said that the company wants to strengthen the linkage between the global business and global stakeholders, which reflects the company's commitment to creating value through a growing portfolio of global operations. The planned change in name of the company will have no impact on the operations of subsidiary companies Cairn India, Hindustan Zinc (HZL) and Bharat Aluminium Co. (BALCO) and the divisions of Sesa Sterlite, it added.
State Bank of India (SBI) dropped 0.34% at Rs 267 after the bank before market hours today, 31 March 2015 said that the Executive Committee of the Central Board (ECCB) yesterday, 30 March 2015, authorised divestment of SBI's stake in SBI Life Insurance by upto 10%.
NTPC fell 0.81% at Rs 146.30. NTPC said after market hours yesterday, 30 March 2015 that it debuted into hydro generation. Unit no. 2 of 200 megawatts (MW) of Koldam Hydro Power Project has been commissioned yesterday, 30 March 2015, NTPC said. With this, the total installed capacity of Koldam Hydro Power Project has become 200 MW and the total installed capacity of NTPC group crosses 44 GW and has become 44,003 MW.
Asian markets were higher today, 31 March 2015 after Beijing unleashed new policy moves to rejuvenate a wobbly property market. Key indices in China, Japan, Hong Kong, Taiwan, South Korea, and Indonesia were up 0.11% to 0.94%. In Singapore, the Straits Time was off 0.14%.
According to a statement on the People's Bank of China's website, the required down payment for second homes was lowered to 40% from 60%. In addition, select homeowners who have held a property for two years or more will be exempted from a sales tax, the finance ministry reportedly announced.
US stocks closed sharply higher yesterday, 30 March 2015, with the main indexes booking solid gains for the second straight session, driven by dovish comments from China's central-bank chief as well as a continued flurry of deal announcements.
Meanwhile, Fed Vice Chairman Stanley Fischer yesterday, 30 March 2015, suggested stress tests and certain capital requirements to contain the risks within the non-bank lending sector, while acknowledging there is little the central bank can do to impose such restrictions. Fischer offered a framework to more tightly regulate the lending activities of hedge funds, mutual funds and other non-bank entities - often referred to as shadow banks - though he was careful to show that he was offering suggestions and not potential central bank rules.
The influential monthly US nonfarm payroll data is due on Friday, 3 April 2015. The US government will announce the payroll report for March 2015 on 3 April 2015.
The US stock market is closed on Friday, 3 April 2015, on account of Good Friday.
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