Key benchmark indices jumped in early trade, tracking strong leads from Asian market and overnight rally on the Wall Street. At 9:20 IST, the barometer index, the S&P BSE Sensex, was up 243.22 points or 0.68% at 35,960.17. The Nifty 50 index was up 60.90 points or 0.57% at 10,789.75.
Among secondary barometers,the BSE Mid-Cap index was up 0.38%. The BSE Small-Cap index was up 0.20%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On BSE, 640 shares rose and 325 shares fell. A total of 41 shares were unchanged.
Overseas, Asian shares jumped on Thursday, tracking a Wall Street rally as dovish comments from Federal Reserve Chair Jerome Powell boosted investor sentiment towards riskier assets.
US stocks surged overnight, spurred by a remarks from Fed Chairman Powell who said he considers the central bank's benchmark interest rate to be near a neutral level. The comments were viewed by investors as a retreat from his stance in early October when he had said that the central bank "may go past neutral, but we are a long way from neutral at this point, probably."
On the US data front, the Commerce Department said gross domestic product grew at a 3.5% annualized rate in the third quarter, in a second estimate that matched the first.
Separately, data showed the deficit in advanced goods trade widened to $77.2 billion in October from $76.3 billion the previous month. Further, new home sales fell to an annualized rate of 544,000 in October, below the revised September rate of 597,000 new homes, the Census Bureau reported Wednesday.
Back home, Sical Logistics was up 6.70%. The company was awarded with a Letter of Acceptance on 27 November 2018 by Mahanadi Coalfields for extraction of coal / coal measure strata and allied transportation activities at Hingula OCP, Hingula Area for a contract price of Rs 363.38 crore [including GST] for extraction of 16.20 million Cu.M over a period of 3 years. The announcement was made after market hours yesterday, 28 November 2018.
Bharat Financial Inclusion was up 0.77%. The company assigned a pool of receivables of an aggregate value of Rs 827.76 crore to one of the largest private sector banks on a Direct Assignment basis as per the guidelines prescribed by the Reserve Bank of India. This is the third Direct Assignment transaction in FY19. With this transaction, the company has completed Direct Assignment transactions worth Rs 2181.75 crore in FY 19. The announcement was made after market hours yesterday, 28 November 2018.
Indoco Remedies was up 2.47%. The company said it has commissioned a new state-of-the-a API manufacturing facility at Patalgana on 27 November 2018. This new cGMP compliant facility will enhance the existing manufacturing capacity from 150 tons to 600 tons per annum. The announcement was made after market hours yesterday, 28 November 2018.
Cosmo Films was down 0.07%. The company has decided to postpone the delivery and commissioning for a new production line for BOPET Film at Aurangabad, Maharashtra by 8-10 quarters. The line has already been ordered but the delay is happening due to adverse market conditions and no impact will be there on current operations of the company. The announcement was made after market hours yesterday, 28 November 2018.
Mercator was up 1.78%. The company, as a part of its strategic plan, has sold its old vessel M. T. Vedika Prem, built 1993, for a total consideration of Rs 28.54 crore and the proceeds of which would be used to meet its debt obligations/ liabilities. The announcement was made after market hours yesterday, 28 November 2018.
Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net Rs 961.26 crore on 28 November 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 330.29 crore on 28 November 2018, as per provisional data.
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