Key benchmark indices hovered in positive terrain in morning trade after trimming initial gains. At 10:20 IST, the barometer index, the S&P BSE Sensex, was up 161 points or 0.65%at 24,878.99. The 50-unit Nifty 50 index was up 48.75 points or 0.65% at 7,558.95. Firmness in Asian stocks supported gains on the domestic bourses. The broad market depicted strength. There were almost three gainers against every loser on BSE. 1,350 shares rose and 454 shares fell. A total of 88 shares were unchanged. The BSE Mid-Cap index was currently up 0.8%. The BSE Small-Cap index was currently up 0.82%. Both these indices outperformed the Sensex.
The Sensex hit six-week high when it rose 242.52 points or 0.98% at the day's high of 24,960.51 in early trade. The barometer index gained 83.71 points or 0.33% at the day's low of 24,801.70 at the onset of the trading session. The Nifty hit six-week high when it rose 73.50 points or 0.97% at the day's high of 7,583.70 in early trade. The index gained 30.35 points or 0.4% at the day's low of 7,540.55 at the onset of the trading session.
In overseas markets, Asian stocks rose buoyed by gains on Wall Street on Friday, 11 March 2016, and firmer crude oil prices. In mainland China, the Shanghai Composite rose 2.58% and Hong Kong's Hang Seng gained 1.32%. Japan's Nikkei Average gained 1.85%. The Bank of Japan (BOJ)'s two-day policy meeting begins today, 14 March 2016. The BOJ is seen holding policy rate steady after adopting negative interest rates at its meeting in late January. US stocks jumped on Friday, 11 March 2016, in a rally largely fueled by a rebound in oil prices. The US Federal Reserve's crucial two-day monetary policy meeting begins tomorrow, 15 March 2016. Federal Reserve officials are likely to hold short-term interest rates steady at its policy meeting amid uncertainties about global financial markets and global growth. The Fed in December 2015 raised its benchmark federal-funds rate from near zero to a range between 0.25% and 0.5%.
Auto stocks gained. Mahindra & Mahindra (M&M) (up 0.92%), Ashok Leyland (up 0.57%), Maruti Suzuki India (up 0.31%), Eicher Motors (up 1.02%), Hero MotoCorp (up 0.16%), Tata Motors (up 3.98%) and TVS Motor Company (up 1.37%) gained. Bajaj Auto declined 0.1%.
Bank stocks rose. Among public sector banks, Punjab National Bank (up 1.1%), Bank of Baroda (up 0.99%), State Bank of India (SBI) (up 1.19%), Union Bank of India (up 0.85%), Canara Bank (up 1.01%), and Bank of India (up 1.02%) edged higher.
Among private sector banks, Axis Bank (up 1.85%), ICICI Bank (up 3.44%), Kotak Mahindra Bank (up 0.87%), HDFC Bank (up 0.53%), Yes Bank (up 1.03%), and IndusInd Bank (up 0.12%) edged higher.
Apollo Hospitals Enterprise rose 0.37% after the company said it has completed the acquisition of a 51% majority stake in Assam Hospitals, Guwahati. The announcement was made on Saturday, 12 March 2016. The company said that the acquisition of 51% controlling stake in Assam Hospitals is in the form of a primary issuance of shares for a cash consideration of Rs 57.25 crore. The proceeds will be utilitised for refurbishing the hospital including addition of new equipments as well as towards expansion of the existing hospital block. Assam Hospitals recorded turnover of Rs 83.10 crore the the financial year ended 31 March 2015.
On macro data front, the data announced after market hours on Friday, 11 March 2016 showed that industrial production declined for the third straight month, registering a fall of 1.5% in January 2016 over January 2015. The output of the manufacturing sector declined 2.8% in January 2016, contributing to the decline in industrial production. Meanwhile, the mining sector output improved 1.2%, while the electricity generation also galloped 6.6% in January 2016.
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