Key benchmark indices were hovering near day's high in morning trade. At 10:19 IST, the barometer index, the S&P BSE Sensex, was up 63.04 points or 0.21% at 29,472.56. The Nifty 50 index was currently up 18.55 points or 0.20% at 9,119.35. Positive global cues and robust inflow from foreign portfolio investors in Indian equities yesterday, 28 March 2017, boosted investors' sentiment.
The Sensex rose 84.92 points, or 0.29% at the day's high of 29,494.44 in early trade, its highest intraday level since 24 March 2017. The index rose 29.90 points, or 0.10% at the day's low of 29,439.42 in morning trade. The Nifty rose 33.25 points, or 0.37% at the day's high of 9,134.05 in early trade, its highest intraday level since 21 March 2017. The index fell 8.30 points, or 0.09% at the day's low of 9,109.10 in morning trade.
Among secondary barometers, the BSE Mid-Cap index was currently up 0.18%, underperforming the Sensex. The BSE Small-Cap index was currently up 0.41%, outperforming the Sensex.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,244 shares rose and 867 shares fell. A total of 140 shares were unchanged.
Engineering and construction company L&T was up 0.51% to Rs 1553.65 after the company announced during trading hours today, 29 March 2017, that the power transmission & distribution business of L&T Construction recently bagged major orders worth Rs 2400 crore in the domestic and international markets.
FMCG shares were mixed. Dabur India (down 0.78%), Procter & Gamble Hygiene & Health Care (down 0.55%), Marico (down 0.36%), GlaxoSmithKline Consumer Healthcare (down 0.29%), Godrej Consumer Products (down 0.22%), Britannia Industries (down 0.14%), Colgate Palmolive (India) (down 0.11%) and Nestle India (down 0.07%), edged lower. Hindustan Unilever (up 0.20%), Jyothy Laboratories (up 0.40%), Tata Global Beverages (up 0.46%) and Bajaj Corp (up 0.72%), edged higher.
IT shares were mixed. Tech Mahindra (down 0.8%), Wipro (down 0.66%), Oracle Financial Services Software (down 0.58%), Hexaware Technologies (down 0.39%), MphasiS (down 0.28%) and Infosys (down 0.17%), edged lower. MindTree (up 0.14%), HCL Technologies (up 0.18%), TCS (up 0.38%) and Persistent Systems (up 1.24%), edged higher.
MIC Electronics rose 1.13% to Rs 13.45 after the meeting of its board of directors will be held on 31 March 2017 to consider and approve the allotment of 4.32 crore shares at Rs 20 per share to non-promoters. The proposed allocation price of Rs 20 per share was at a premium of 46.52% to the ruling price of Rs 13.65. The announcement was made after market hours yesterday, 28 March 2017.
On the economic front, the government has listed the Goods and Services Tax (GST) Bills for discussion and passage in the Lok Sabha today, 29 March 2017. Eight hours have been allocated by the Speaker for the discussion on the bills. Finance Minister Arun Jaitley had tabled the four GST-related bills - the Central Goods and Service Tax (CGST), Integrated Goods and Service Tax (IGST), Union Territories-GST (UT GST) and GST Compensation Bills - in Lok Sabha yesterday, 28 March 2017.
Overseas, Asia markets were mostly higher, following gains in US equities on the back of a strong consumer confidence survey with markets awaiting the formal move by the UK to start an historic split with the European Union.
US markets rose yesterday, 28 March 2017, after the Consumer Board Consumer Confidence Index hit 125.60 in March, up from 116.1 in February, and the strongest reading since 2001.
British Prime Minister Theresa May will file formal Brexit divorce papers today, 29 March 2017, pitching the United Kingdom into the unknown and triggering years of uncertain negotiations that will test the endurance of the European Union, the media reported.
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