Key benchmark indices continued to trade within a small range in the positive terrain in afternoon trade. At 13:20 IST, the barometer index, the S&P BSE Sensex, was up 89.19 points or 0.31% at 29,256.87. The Nifty 50 index was up 32.65 points or 0.36% at 9,063.10. Firmness in Asian stocks underpinned sentiment.
Key indices extended intraday gains in morning trade after opening slightly higher on firm Asian stocks. Indices hovered within a tight range in positive terrain later during the day.
The BSE Mid-Cap index was up 0.78%. The BSE Small-Cap index was up 0.9%. Both these indices outperformed the Sensex.
The breadth, indicating overall health of the market was strong. On BSE, 1,641 shares rose and 947 shares fell. A total of 185 shares were unchanged.
Cement stocks were mixed. Shree Cement (down 0.68%), Ambuja Cements (down 0.06%), and UltraTech Cement (down 0.03%) declined. ACC rose 0.43%.
Grasim Industries rose 1.17%. Grasim has exposure to the cement sector through its holding in UltraTech Cement.
Shares of power generation and power distribution companies gained in a firm market. Torrent Power (up 0.3%), NHPC (up 0.67%), Tata Power Company (up 0.01%), Adani Power (up 0.25%), Power Grid Corporation of India (up 0.42%), Reliance Infrastructure (up 2.72%) and Reliance Power (up 2.01%) gained.
NTPC rose 1.68% after the company said that the second unit of 800 megawatts (MW) of Kudgi Super Thermal Power Station of 2400 MW has been commissioned. With this, the commissioned capacity of Kudgi Super Thermal Power Station, NTPC and NTPC group has become 1600 MW, 42977 MW and 49943 MW respectively. The announcement was made during market hours today, 23 March 2017.
Shares of state run coal mining major Coal India rose 1.25% to Rs 295.80. The stock had hit high of Rs 295.90 and low of Rs 292.50 in intraday trade.
BASF India rose 2.54% after the company said it has received information from its parent company, BASF SE, Germany that globally BASF SE and Stahl have reached an agreement to divest BASF's leather chemical business to Stahl Group, subject to receipt of requisite approvals. The transaction is expected to close in the fourth quarter of 2017.
The Stahl Group is a leading company in process chemicals for leather products & performance coatings. The Stahl Group in future would be held by Wendel Group, Clariant and BASF.
Under the arrangement, BASF India would supply leather chemical products from its manufacturing facilities to Stahl Group under a mid to long-term supply agreement. The announcement was made during market hours today, 23 March 2017.
Overseas, Asian stocks were trading higher with focus now on a crucial congressional vote on US healthcare reform later in the day. US stocks rebounded yesterday, 22 March 2017 after posting the biggest decline since October as technology stocks posted strong gains.
Investors are focusing on progress of US President Donald Trump's pro-growth policies as Republican lawmakers and Trump struggled to garner support for controversial healthcare legislation scheduled for a vote in the House of Representatives today, 23 March 2017. Losing or delaying the vote would bruise investors' confidence in Trump's legislative ability and his ability to keep his big promises to business.
US stocks had rallied after the November 2016 presidential election, on bets that the pro-growth Trump agenda would be quickly pushed by a Republican Party with majorities in both chambers of Congress.
Markets will also be keenly awaiting cues from the US Federal Reserve this week with Chairwoman Janet Yellen due to speak later today. The Fed raised its benchmark lending rate a quarter point last week and continued to project two more increases this year.
On the economic front, sales of previously-owned homes tumbled in February as the housing market remains choked by tight inventory. Existing-home sales were at a 5.48 million seasonally-adjusted annual rate last month, the National Association of Realtors said yesterday, 22 March 2017.
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