News Details

( 17/04/2018 10:13)
Markets extend gains; Power Grid, Tata Steel shares advance

The key domestic benchmark indices were trading in a positive terrain in the morning trading session amid strong cues from other Asian peers.

On the economy front, the markets reacted to a report that the World Bank has forecasted a growth rate of 7.3 percent for India this year and 7.5 percent for 2019 and 2020. Also, according to the Indian Meteorological Department forecast the country will receive normal monsoon rainfall this year raising hopes for higher farm output and a boost to the rains-dependent rural economy.

Around nine companies are likely to report their March quarter numbers today including 5paisa Capital, CRISIL, Gujarat Hotels, International Travel House, Muthoot Capital Services, Onelife Capital Advisors, Orchid Pharma, Schaeffler India and Tata Sponge Iron.

Adani Ports and Special Economic Zone (APSEZ) share price gained nearly a percent after it signed a long term agreement with Indian Oil Corporation (IOC) to provide liquefied natural gas (LNG) regasification services. Also, Glenmark Pharmaceuticals share gained more than a percent after the drug maker announced the initiation of a Phase 2b clinical trial of GBR 830.

At 10:15 a.m the Bombay Stock Exchange bellwether Sensex was trading at 34387.34 up by 81.91 points or by 0.24 per cent, while the NSE Nifty was at 10539.55 up by 11.2 points or by 0.11 per cent.

The BSE Sensex touched an intraday high of 34398.09 and an intraday low of 34284.67 while the NSE Nifty touched an intraday high of 10557.55 and an intraday low of 10519.

The top gainers of the BSE Sensex pack were Power Grid Corporation of India Ltd. (Rs. 204.50,+2.74 per cent), Tata Steel Ltd. (Rs. 600.35,+1.34 per cent), NTPC Ltd. (Rs. 175.80,+1.21 per cent), Hindustan Unilever Ltd. (Rs. 1436.80,+1.20 per cent), Mahindra & Mahindra Ltd. (Rs. 810.45,+1.15 per cent), among others.

Meanwhile, Infosys Ltd. (Rs. 1116.10,-1.47 per cent), Axis Bank Ltd. (Rs. 537.50,-0.87 per cent), Sun Pharmaceutical Industries Ltd. (Rs. 515.25,-0.85 per cent), Wipro Ltd. (Rs. 287.50,-0.84 per cent), Maruti Suzuki India Ltd. (Rs. 9173.00,-0.64 per cent), were among the top losers on BSE.

The Market breadth, indicating the overall strength of the market, was strong. On BSE out of total 2063 shares traded, shares advanced were 1334 while 631 shares declined and 98 were unchanged.

On the global front, Asian stocks were trading higher tracking Wall Street gains as the focus shifted to corporate earnings and looming economic data from China, while the Wall Street closed higher in the previous trading session as investors were optimistic about earnings season and appeared less worried about US-led missile attacks in Syria.

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