Key benchmark indices pared some gains in morning trade after hitting fresh intraday high in early trade. At 10:16 IST, the barometer index, the S&P BSE Sensex, was up 136.01 points or 0.47% at 29,373.16. The Nifty 50 index was currently up 47.50 points or 0.53% at 9,092.70.
The Sensex rose 151.74 points, or 0.52% at the day's high of 29,388.89 in early trade. The index rose 64.07 points, or 0.22% at the day's low of 29,301.22 in morning trade. The Nifty rose 51.70 points, or 0.57% at the day's high of 9,096.90 in early trade, its highest intraday level since 24 March 2017. The index rose 35.60 points, or 0.39% at the day's low of 9,080.80 in morning trade.
Among secondary barometers, the BSE Mid-Cap index was currently up 0.67%. The BSE Small-Cap index was currently up 0.81%. Both these indices outperformed the Sensex.
The broad market depicted strength. There were more than two gainers against every loser on BSE. 1,419 shares rose and 524 shares fell. A total of 93 shares were unchanged.
Metal shares were in demand. Bhushan Steel (up 1.57%), JSW Steel (up 1.39%), Vedanta (up 0.86%), Hindalco Industries (up 0.85%), Steel Authority of India (up 0.83%), Tata Steel (up 0.62%), National Aluminium Company (up 0.61%), Hindustan Copper (up 0.30%) and NMDC (up 0.26%), edged higher. Hindustan Zinc was down 0.26%.
Jindal Steel & Power (JSPL) rose 3.48% after the company scheduled a board meeting on 30 March 2017, to consider various modes of fund raising by way of preferential allotment of securities to different entities including the promoters/promoter group entities. The announcement was made after market hours yesterday, 27 March 2017.
Meanwhile, copper price edged lower in the global commodities markets. High Grade Copper for May 2017 delivery was currently down 0.09% at $2.6295 per pound on the COMEX.
Capital goods shares edged higher. Praj Industries (up 2.19%), GE T&D India (up 1.92%), Suzlon Energy (up 1.09%), Crompton Greaves (up 1.04%), Jindal Saw (up 0.86%), ABB India (up 0.82%), Lakshmi Machine Works (up 0.75%), SKF India (up 0.75%), Reliance Defence and Engineering (up 0.73%), Siemens (up 0.69%), Havells India (up 0.60%), Bharat Heavy Electricals (up 0.33%), Punj Lloyd (up 0.25%), AIA Engineering (up 0.16%), Bharat Electronics (up 0.06%) and BEML (up 0.05%), edged higher. Thermax was down 0.34%.
Engineering and construction major L&T was up 0.23% to Rs 1,550.25.
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.
Overseas, 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 was up 0.98%.
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.
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