Key benchmark indices enter into positive territory

Key benchmark indices entered into positive territory in the afternoon session led by gains in some frontline blue chip stocks. Sentiments got some support with NITI Aayog Vice-Chairman Arvind Panagariya’s statement who has expressed his confidence that the size of the Indian economy can grow to $10 trillion over the next 15 years, as China did in last one and a half decade. He said there is much scope for India to benefit from Chinese experience in the manufacturing sector and make the country into a robust & steady economy. Traders also got some support with a private report stating that India’s current account deficit is expected to stay comfortable at $10.1 billion in this financial year, largely on account of likely demand moderation post the demonetisation move. In scrip specific development, Reliance Industries gained around half percent after signing a global partnership agreement with General Electric. 

On the global front, Asian markets were trading mixed as U.S. bond yields rose again and the dollar vaulted to 13 1/2-year highs against a basket of major currencies on the back of upbeat U.S. data and hawkish comments from Fed Chair Janet Yellen. 

The BSE Sensex is currently trading at 26296.36, up by 68.74 points or 0.26% after trading in a range of 26117.82 and 26298.50. There were 19 stocks advancing against 11 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.72%, while Small cap index was up by 0.19%.

The top gaining sectoral indices on the BSE were Power up by 1.34%, Oil & Gas up by 1.32%, PSU up by 1.08%, Auto up by 0.82% and Realty up by 0.37%, while Consumer Durables down by 1.55%, Metal down by 0.97% and FMCG down by 0.51% were the losing indices on BSE.

The top gainers on the Sensex were NTPC up by 4.15%, Sun Pharma Inds. up by 2.73%, Hero MotoCorp up by 1.91%, Cipla up by 1.75% and Mahindra & Mahindra up by 1.50%. On the flip side, Tata Steel down by 2.02%, GAIL India down by 1.63%, ITC down by 1.10%, Hindustan Unilever down by 0.73% and TCS down by 0.61% were the top losers.

Meanwhile, giving further boost to the infra sector the government has given the approval for 12 National highway projects worth Rs 6067.9 crore totalling 476.386 km in eight states, including Manipur, Nagaland, Arunachal Pradesh, Maharashtra, Goa, West Bengal, Uttarakhand and Uttar Pradesh.

For expanding National highways, most of the over 476-km projects are under engineering, procurement and construction (EPC) mode. Out of the 12 projects which were cleared by the Standing Finance Committee(SFC), nine projects are in EPC mode, two in hybrid annuity and the remaining one in OMT (operate-maintain- transfer) mode. SFC has approved reconstruction with geometric improvement of two lane to two lane with paved shoulder of a sections of NH-125 in Uttarakhand.

A total of four projects pertain to Manipur, Nagaland and Arunachal Pradesh for augmenting of existing highway stretches on NH 39 and NH-415. The three projects for Maharashtra pertain to two and four-laning of highway stretches on NH-930, NH-211 (New NH-52) and NH-211 (New NH-52). The West Bengal project pertains to four-laning of Kolaghat to Haldia section of NH-41 with ROB cum Flyover, while rehabilitation and upgrade of Barhani-Kataya Chowk near Shohratgarh section of NH-730. The Goa project is for construction of Margaon Western NH Bypass for NH 17 (New NH-66).

The CNX Nifty is currently trading at 8108.15, up by 28.20 points or 0.35% after trading in a range of 8048.30 and 8110.90. There were 35 stocks advancing against 16 stocks declining on the index.

The top gainers on Nifty were NTPC up by 4.12%, Sun Pharma Inds. up by 3.03%, Eicher Motors up by 2.52%, Hero MotoCorp up by 2.05% and Aurobindo Pharma up by 2.02%. On the flip side, Tata Steel down by 1.82%, Bharti Infratel down by 1.80%, GAIL India down by 1.79%, Hindalco down by 1.19% and Grasim Industries down by 0.87% were the top losers.

Asian markets were trading mixed; Jakarta Composite decreased 37.93 points or 0.73% to 5,155.09, Shanghai Composite decreased 14.95 points or 0.47% to 3,193.50, FTSE Bursa Malaysia KLCI decreased 7.44 points or 0.46% to 1,619.33 and KOSPI Index decreased 5.97 points or 0.3% to 1,974.58. On the flip side, Taiwan Weighted increased 13.53 points or 0.15% to 9,008.79, Hang Seng increased 25.12 points or 0.11% to 22,288.00 and Nikkei 225 increased 104.78 points or 0.59% to 17,967.41.