A bout of volatility was witnessed as key benchmark indices declined after briefly entering positive terrain in morning trade. At 10:16 IST, the barometer index, the S&P BSE Sensex, was down 40.60 points or 0.14% at 29,606.82. The Nifty 50 index was currently down 6.75 points or 0.07% at 9,167.
Investors booked profits after gains in past three sessions. The Sensex rose 410.27 points or 1.4% in three trading sessions to settle at 29,647.42 yesterday, 30 March 2017, from its close of 29,237.15 on 27 March 2017.
The Sensex rose 17.82 points, or 0.06% at the day's high of 29,665.24 in morning trade. The index fell 72.53 points, or 0.24% at the day's low of 29,574.89 in early trade. The Nifty rose 7.50 points, or 0.08% at the day's high of 9,181.25 in morning trade. The index fell 19.90 points, or 0.22% at the day's low of 9,153.85 in early trade.
Among secondary barometers, the BSE Mid-Cap index was currently up 0.58%. The BSE Small-Cap index was currently up 0.55%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On BSE, 1,307 shares rose and 709 shares fell. A total of 118 shares were unchanged.
Car major Maruti Suzuki India was up 0.64% to Rs 5,992. The company announced during trading hours today, 31 March 2017, that starting 1 April 2017, its popular midsize sedan Ciaz will be sold exclusively through NEXA outlets across India.
Metal shares were in demand. National Aluminium Company (up 1.63%), Hindalco Industries (up 1.55%), Bhushan Steel (up 1.52%), Hindustan Copper (up 1.38%), JSW Steel (up 1.32%), Tata Steel (up 1.25%), NMDC (up 0.83%), Steel Authority of India (up 0.82%), Vedanta (up 0.79%) and Hindustan Zinc (up 0.58%), edged higher.
Jindal Steel & Power (JSPL) was up 3.11% to Rs 122.60. The company said its board at a meeting held yesterday, 30 March 2017, approved issue of 4.80 crore convertible warrants to Opelina Finance and Investment, a promoter group entity on preferential basis, subject to the approval of the shareholders of the company and other necessary regulatory approvals. The board also approved the issue of 14.20 lakh equity shares to Nalwa Steel & Power on preferential basis, subject to the approval of the shareholders of the company and other necessary regulatory approvals. The announcement was made after market hours yesterday, 30 March 2017.
Power generation stocks edged higher. Reliance Infrastructure (up 1.59%), CESC (up 1.35%), JSW Energy (up 1.27%), Adani Power (up 0.75%), Tata Power (up 0.56%), Reliance Power (up 0.52%), Jaiprakash Power Ventures (up 0.4%) and NHPC (up 0.32%), edged higher. Torrent Power was down 0.59%.
State-run Coal India was up 0.26% to Rs 290.90.
State-run Power Grid Corporation of India was up 0.66% to Rs 196.95.
State-run NTPC was up 0.55% to Rs 164.25. The company said that consequent upon testing and commissioning, 260 megawatts (MW) capacity (4x65 MW) of Bhadla solar PV project at Bhadla Rajasthan, is declared on commercial operation on 25 March 2017. With this, the commercial capacity of NTPC and NTPC group has become 40,522 MW and 47,293 MW respectively. The announcement was made after market hours yesterday, 30 March 2017.
Overseas, Asian shares were mixed and the dollar extended its overnight gains today, 31 March 2017, on signs of strong US economic growth.
Activity in China's manufacturing sector expanded to 51.8 in March, an official survey showed, beating expectations for 51.6. The services sector rose to 55.1 from 54.2 in February. The 50-point mark separates growth from contraction.
Japan's core consumer prices rose 0.2% in February. While that is the fastest annual pace in nearly two years, it is still distant from the central bank's 2% target.
US stocks closed higher yesterday, 30 March 2017, as financial shares rallied following a positive reading of economic growth and the tech-heavy Nasdaq returned to finish in record territory after a month-long wait.
The US economy, as measured by gross domestic product, expanded at a 2.1% annualized pace in the fourth quarter, slightly faster than the previously reported 1.9% rate. Separately, jobless claims fell by 3,000 to 258,000 in the latest week, near their lowest level in decades.
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