Key benchmark indices edged higher in early trade tracking gains in Asian markets. At 9:18 IST, the barometer index, the S&P BSE Sensex was up 198.82 points or 0.82% at 24,441.80. The gains for the 50-unit Nifty 50 index were lower in percentage terms than those for the Sensex. The Nifty was currently up 49.20 points or 0.67% at 7,418.05.
In overseas stock markets, Asian markets were mostly higher. US stocks closed slightly higher yesterday, 2 March 2016, after previous trading session's sharp rally.
Closer home, the market breadth indicating the overall health of the market was strong. On BSE, 841 shares rose and 263 shares fell. A total of 40 shares were unchanged. The BSE Mid-Cap index was currently up 0.28%. The BSE Small-Cap index was currently up 0.52%. Both these indices underperformed the Sensex.
Cement stocks rose. Shree Cement (up 1.91%), ACC (up 0.7%), Ambuja Cements (up 0.69%) and UltraTech Cement (up 0.65%) edged higher.
Grasim Industries was up 0.25%. Grasim has exposure to cement sector through its holding in UltraTech Cement.
The Union Budget 2016-17 is positive for the cement sector as government announced a slew of measures to boost infrastructure and investment in the country, with a focus on roads and highways. Total outlay for infrastructure for 2016-17 stands at Rs 2.21 lakh crore, which is increase of 22.5% over the current fiscal.
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TCS rose 0.19% at Rs 2,324 after the company announced that as a new member of the GE Digital Alliance Program created by GE Digital, it will develop innovative digital solutions that increase the productivity of mobile workforces and assets in motion by leveraging Predix, GE's cloud platform for the industrial internet. TCS and GE will work together to create an innovative industry solutions ecosystem by leveraging TCS' comprehensive business and digital expertise to enrich GE's Predix platform, TCS said. The announcement was made after market hours yesterday, 2 March 2016.
Adani Ports and Special Economic Zone (APSEZ) rose 0.73% at Rs 220.40. With reference to the media reports titled "Govt approves Adani Port's proposal to club 3 SEZs in Gujarat," Adani Ports and Special Economic Zone after market hours yesterday, 2 March 2016, clarified that the company has not received any formal communication from the central government about the consolidation of the special economic zones (SEZ). APSEZ said that the clubbing of the three SEZs at Mudra will result in higher operating flexibility for the SEZs and is not a material event. News reports suggested that APSEZ had submitted a proposal to the government for clubbing of three SEZs at Mudra.
Coal India rose 1.08% at Rs 314.80. Coal India said that Northern Coalfields, a subsidiary of Coal India in its board meeting held on 1 March 2016, revised the standard stripping ratio for OBR accounting for 10 opencast projects. The financial impact due to the change in stripping ratio till December 2015 would be around Rs 59.76 crore. The announcement was made after market hours yesterday, 2 March 2016.
HDFC rose 1.86% at Rs 1,120.70 after the company announced that it has filed term sheet for issuing secured redeemable non-convertible debentures worth Rs 2000 crore on private placement basis. The coupon rate on debentures is 8.75% per annum. The tenor of the debentures is five years. The issue opens and closes on the same day on 4 March 2016. The object of the issue is to augment long term resources of the company, HDFC said. The announcement was made after market hours yesterday, 2 March 2016.
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