The S&P BSE Sensex hit fresh intraday high, while the Nifty 50 index was hovering near the day's high in mid-morning trade. At 11:17 IST, the Sensex, was up 84.01 points or 0.29% at 29,493.53. The Nifty was currently up 24.95 points or 0.27% at 9,125.75. Positive global cues and robust inflow from foreign portfolio investors in Indian equities yesterday, 28 March 2017, boosted investors' sentiment.
The Sensex rose 90.46 points, or 0.31% at the day's high of 29,499.98 in mid-morning 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 0.24%, underperforming the Sensex. The BSE Small-Cap index was currently up 0.43%, outperforming the Sensex.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,327 shares rose and 1,037 shares fell. A total of 179 shares were unchanged.
Most metal shares rose. Vedanta (up 1.02%), Steel Authority of India (up 0.91%), Hindustan Copper (up 0.77%), Hindalco Industries (up 0.58%), Tata Steel (up 0.51%), JSW Steel (up 0.25%) and National Aluminium Company (up 0.14%), edged higher. NMDC (down 0.3%), Jindal Steel & Power (down 0.62%) and Bhushan Steel (down 0.79%), edged lower.
Hindustan Zinc slumped 10.74% to Rs 291 on turning ex-dividend today, 29 March 2017, for special dividend of Rs 27.50 per share for the year ending 31 March 2017.
Meanwhile, copper price edged lower in the global commodities markets. High Grade Copper for May 2017 delivery was currently down 0.39% at $2.6655 per pound on the COMEX.
Most cement shares rose. UltraTech Cement (up 1.01%), Ambuja Cements (up 0.81%) and ACC (up 0.73%), edged higher.
Grasim Industries was down 0.16%. Grasim has exposure to cement sector through its holding in UltraTech Cement.
Dilip Buildcon rose 1.62% after the company was declared as lowest-1 or L1 bidder for orders valued at Rs 503.10 crore by the National Highways Authority of India. The announcement was made before market hours today, 29 March 2017.
Dilip Buildcon (DBL) has been declared as the lowest-1 or L1 bidder for the project of four laning, rehabilitation and upgradation of NH-4 from Nalagampalli to AP/Karnataka border under the National Highways Development Project (NHDP)-IV in Andhra Pradesh on engineering, procurement and construction (EPC) mode. The contract amount for this four lane National Highways Authority of India (NHAI) project on EPC mode in Andhra Pradesh, to be executed on EPC basis is Rs 503.10 crore with 24 months of completion period.
Vardhman Special Steels spurted 15.2% to Rs 137.20 after the company fixed 10 April 2017 as the record date for rights issue. The announcement was made after market hours yesterday, 28 March 2017.
Vardhman Special Steels announced that the company has fixed 10 April 2017 as the record date for the purpose of ascertaining the eligible equity shareholders for the proposed rights issue shares in the ratio 2:3 i.e. two equity shares for every three held. Total issue size is Rs 67.85 crore and issue price is Rs 50 per equity share.
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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