Shares continued to trade in narrow range in mid-afternoon trade. At 14:17 IST, the barometer index, the S&P BSE Sensex, was up 158.09 points or 0.54% at 29,395.24. The Nifty 50 index was currently up 53.60 points or 0.59% at 9,098.80.
Among secondary barometers, the BSE Mid-Cap index was currently up 0.76%. The BSE Small-Cap index was currently up 0.73%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,497 shares rose and 1,209 shares fell. A total of 191 shares were unchanged.
Overseas, most European shares rose in early trade today, 28 March 2017, boosted by positive results and as stock markets recovered from a sentiment-fuelled dip in the previous session. Most Asia stocks rose as investors looked beyond the failure of the Trump administration to replace the Affordable Care Act, aided by improving macroeconomic data out of the US and Europe. Higher oil prices and a rebound in the US dollar against the yen drove gains in Japan. Japan's Nikkei 225 rose 1.14%.
US stocks declined yesterday, 27 March 2017, as investors reassessed the prospects for President Donald Trump's ambitious economic agenda after a Republican plan to repeal and replace Obamacare was scrapped last week.
Back home, realty shares were mixed. Mahindra Lifespace Developers (up 6.19%), D B Realty (up 2.55%), Anant Raj (up 2.40%), Prestige Estates Projects (up 1.25%), DLF (up 1.19%), Sobha (up 0.86%), Housing Development and Infrastructure (HDIL) (up 0.64%), Omaxe (up 0.44%), Parsvnath Developers (up 0.40%) and Sunteck Realty (up 0.29%), edged higher. Phoenix Mills (down 0.05%), Peninsula Land (down 0.26%), Indiabulls Real Estate (down 0.49%), Unitech (down 0.53%), Oberoi Realty (down 0.84%) and Godrej Properties (down 3.19%), edgd lower.
Pharmaceutical shares were mixed. Wockhardt (up 1.41%), IPCA Laboratories (up 1.37%), Strides Shasun (up 1.25%), Aurobindo Pharma (up 1.22%), Sun Pharmaceutical Industries (up 1.22%), Cadila Healthcare (up 0.42%), Cipla (up 0.25%), Glenmark Pharmaceuticals (up 0.23%) and Piramal Enterprises (up 0.07%), edged higher. Dr Reddy's Laboratories (down 0.06%), Divi's Laboratories (down 0.23%), Alkem Laboratories (down 0.27%), Lupin (down 0.4%) and GlaxoSmithKline Pharmaceuticals (down 0.71%), edged lower.
KPIT Technologies rose 0.42% to Rs 130.65 after the company said that its promoters have increased their stake in the company by 2.22%. The announcement was made after market hours yesterday, 27 March 2017.
KPIT Technologies said that the promoters of the company have purchased 43.75 lakh shares of KPIT through Proficient Finstock LLP (Proficient) taking the total promoter holding in the company to 18.94%. To fund the transaction, Proficicent has additionally pledged 1.20 crore shares of the company taking the total pledged shares of Proficient 1.43 crore (50% of Proficient holding).
On the economic front, Finance Minister Arun Jaitley yesterday, 27 March 2017, introduced four Goods and Services Tax (GST) bills in Lok Sabha that provide for a maximum tax rate of 40%, an anti-profiteering body and arrests for evading taxes in a bid to overhaul India's fragmented indirect tax system. All the four bills will be taken up together in Lok Sabha for discussion on Wednesday, 29 March 2017.
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