Trading turned volatile as key benchmark indices bounced back from the day's low and hit fresh intraday high in morning trade. At 10:24 IST, the barometer index, the S&P BSE Sensex, was up 79.32 points or 0.24% at 33,002.44. The Nifty 50 index was up 24.15 points or 0.24% at 10,118.40. The Sensex was trading above the psychologically important 33,000 mark.
After opening lower, key benchmarks bounced back in morning trade. The Sensex rose 100.44 points, or 0.31% at the day's high of 33,023.56 in morning trade. The index fell 112.26 points, or 0.34% at the day's low of 32,810.86 in early trade, in lowest level since 18 December 2017. The Nifty rose 29.60 points, or 0.29% at the day's high of 10,123.85 in morning trade. The index fell 45.15 points, or 0.45% at the day's low of 10,049.10 in early trade, in lowest level since 18 December 2017.
Among secondary barometers, the BSE Mid-Cap index was up 0.32%, outperforming the Sensex. The BSE Small-Cap index was up 0.08%, underperforming the Sensex.
The market breadth, indicating the overall health of the market, turned positive from negative. On BSE, 1051 shares rose, 1041 shares declined and 112 shares were unchanged.
Metal shares rose. Steel Authority of India (up 3.49%), Tata Steel (up 3.16%), Hindustan Copper (up 2.30%), Jindal Steel & Power (up 1.99%), JSW Steel (up 0.86%), Hindustan Zinc (up 0.78%), NMDC (up 0.21%) and Hindalco Industries (up 0.14%), edged higher. National Aluminium Company (down 0.97%) and Vedanta (down 5.25%), edged lower.
FMCG shares moved higher. Marico (up 2.93%), Nestle India (up 1.53%), Bajaj Corp (up 0.90%), Godrej Consumer Products (up 0.67%), GlaxoSmithKline Consumer Healthcare (up 0.45%), Tata Global Beverages (up 0.40%), Dabur India (up 0.39%), Hindustan Unilever (up 0.16%), Britannia Industries (up 0.12%) and Jyothy Laboratories (up 0.03%), edged hgiher. Procter & Gamble Hygiene & Health Care (down 0.19%) and Colgate Palmolive (India) (down 0.7%), edged lower.
Future Retail gained 1.33% after the Reserve Bank of India yesterday, 19 March 2018, notified increase in the foreign portfolio investors' investment limit in the company to 49% from 24% of its paid-up capital.
BGR Energy Systems rose 3.03% after the company won an order worth Rs 87.68 crore from Tamil Nadu Transmission Corporation. The announcement was made after market hours yesterday, 19 March 2018.
BGR Energy Systems said that the electrical projects division of the company has secured a new order from Tamil Nadu Transmission Corporation (TANTRANSCO) for design, engineering, manufacture, supply, erection, testing and commissioning of 230-110 KV AIS substation with associated auto transformers, etc., at Tirupattur in Tamil Nadu and 1 No. 230 KV Bay extension at Palavadi 400 KV substation.
The company will also be conducting detailed survey, profile plotting and submission of profile with crossing drawings, manufacture, supply of materials, erection of towers, stringing of 3 Nos. Zebra conductor and 1 No. OPGW, Testing and Commissioning of 230 KV SC Line on DC Towers from the proposed Palavadi 400/230KV Sub station to Tirupattur 230/110 KV Substation to a route length of 75 kms under turnkey contract. The total contract value is Rs 87.68 crore inclusive of GST. The contract completion period is 15 months.
Overseas, Asian shares declined as investors braced for new Federal Reserve Chairman Jerome Powell's first policy meeting starting later in the day. Investors also have been worrying this month about a potential global trade war, triggered by the Trump administration moving ahead with tariffs on foreign steel and aluminum.
US stocks finished sharply lower Monday as concerns about Facebook Inc.'s management of user data sparked a selloff in technology shares. Investors also lightened their positions ahead of the Fed's policy meeting.
The US Federal Reserve's two-day monetary policy meeting is scheduled on March 20-21. Strengthening labor market and a steady increase in price pressures could pave the way for the Federal Reserve to raise interest rates in upcoming meeting. The US central bank has forecast three rate increases for this year, but there are also expectations that it will raise its projection to four hikes at the meeting.
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