After a firm start on strong global cues, key benchmark indices trimmed gains in morning trade. At 10:22 IST, the barometer index, the S&P BSE Sensex advanced 179.55 points or 0.53% at 33,926.33. The Nifty 50 index gained 52.80 points or 0.51% at 10,411.65. The Sensex was hovering below the 34,000 level. It had crossed that level in early trade.
Global stocks gained as worries about a potential trade war waned in the aftermath of US President Donald Trump's tariff announcement on steel and aluminum.
The S&P BSE Mid-Cap index advanced 0.7%. The S&P BSE Small-Cap index rose 0.57%. Both these indices outperformed the Sensex.
Overseas, Asian stocks rallied, tracking gains in the US and Europe in the last session as concerns over a potential trade war faded.
US stocks rose yesterday, 5 March 2018, erasing earlier losses, as worries about a potential trade war waned. US President Donald Trump announced tariffs on steel and aluminum that sparked fears of a trade war.
Closer home, the breadth, indicating the overall health of the market, was strong. On the BSE, 1,493 shares advanced and 637 shares declined. A total of 96 shares were unchanged.
IT stocks were mixed. Persistent Systems (up 1.34%), HCL Technologies (up 1.15%) and TCS (up 0.03%) edged higher. Tech Mahindra (down 0.89%), Oracle Financial Services Software (down 0.23%) and Wipro (down 0.07%) edged lower.
Infosys was up 0.59% after the company announced that Allison Transmission, the world's largest manufacturer of fully automatic transmissions for medium- and heavy-duty commercial vehicles and a leader in hybrid-propulsion systems for city buses, has selected Infosys to provide information technology (IT) infrastructure management services, including leveraging its proprietary artificial intelligence platform, Nia. The announcement was made after market hours yesterday, 5 March 2018.
Auto stocks mostly nudged higher. Ashok Leyland (up 1%), Tata Motors (up 0.77%), Bajaj Auto (up 0.62%), Hero MotoCorp (up 0.47%) and Maruti Suzuki India (up 0.35%) gained. Eicher Motors (down 0.45%) and TVS Motor Company (down 0.86%) declined.
Mahindra & Mahindra (M&M) dropped 0.96%. The company unveiled new off-road vehicle ROXOR, to consumers in the North American market. The company launched new powersports dealer network to distribute ROXOR. The announcement was made after market hours yesterday, 5 March 2018.
GAIL (India) advanced 0.46% after the company's chairman & managing director B C Tripathi flagged off the company's first USA sourced LNG cargo from Sabine Pass LNG export facility in Louisiana on 5 March 2018. The cargo will discharge LNG at Dabhol terminal of the company on or around 28 March 2018. The announcement was made during market hours today, 6 March 2018.
Bharat Wire Ropes surged 4.12% at Rs 123.80 after the company said its board will meet on 9 March 2018 to consider raising funds through various means. The announcement was made after market hours yesterday, 5 March 2018.
The Reserve Bank of India (RBI) stated on 5 March 2018 that it will inject additional liquidity of Rs 1 lakh crore in banks through longer tenor instruments to enable flexibility towards meeting their fund needs. This measure is to address additional demand for liquidity and with a view to provide flexibility to the banking system in its liquidity management towards March-end, the central bank said. This will be in addition to normal liquidity adjustment facility operations.
The first day of the second half of the Budget session of Parliament was washed out yesterday, 5 March 2018 as opposition parties in both Houses protested over a range of issues, from the Punjab National Bank scam to the demand for a special package for Andhra Pradesh.
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