Key benchmark indices pared gains after hitting fresh intraday high in morning trade. At 10:16 IST, the barometer index, the S&P BSE Sensex, was up 24.26 points or 0.08% at 28,837.14. The Nifty 50 index was currently up 5.30 points or 0.06% at 8,902. The Sensex rose 63.66 points, or 0.22% at the day's high of 28,876.54 in morning trade. The index fell 15.67 points, or 0.05% at the day's low of 28,797.21 in early trade. The Nifty rose 18.05 points, or 0.20% at the day's high of 8,914.75 in morning trade. The index fell 4.90 points, or 0.06% at the day's low of 8,891.80 in early trade. Among secondary barometers, the BSE Mid-Cap index was currently up 0.33%. The BSE Small-Cap index was currently up 0.50%. Both these indices outperformed the Sensex. The market breadth, indicating the overall health of the market, was strong. On BSE, 1,336 shares rose and 769 shares fell. A total of 121 shares were unchanged. Shares of telecom major Idea Cellular fell 3.23% to Rs 110.90 on the back of heavy volumes amid reports that private equity (PE) fund Providence exited the company by selling entire shareholding. The PE firm had picked up 15% in 2006 through its investment arm P5 Asia Investment (Mauritius) for around Rs 1800 crore and has been paring its holding continuously over the years. P5 Asia Investment (Mauritius) owned 3.33% stake in Idea Cellular as per the shareholding pattern as on 31 December 2016. It may be noted that Idea Cellular has been in the news on account of likely merger with rival Vodafone. Metal shares edged higher. Jindal Steel & Power (up 3.01%), NMDC (up 1.35%), Hindustan Zinc (up 1.21%), Steel Authority of India (up 0.91%), Bhushan Steel (up 0.89%), Vedanta (up 0.74%), Hindalco Industries (up 0.67%), Tata Steel (up 0.55%), National Aluminium Company (up 0.44%) and JSW Steel 0.40%), edged higher. Meanwhile, copper price edged lower in the global commodities markets. High Grade Copper for May 2017 delivery was currently down 0.17% at $2.6955 per pound on the COMEX. Most pharmaceutical shares edged higher. Cipla (up 0.89%), Sun Pharmaceutical Industries (up 0.84%), Glenmark Pharmaceuticals (up 0.75%), Aurobindo Pharma (up 0.74%), Alkem Laboratories (up 0.69%), Wockhardt (up 0.63%), Cadila Healthcare (up 0.51%), Dr Reddy's Laboratories (up 0.49%), Divi's Laboratories (up 0.29%), Strides Shasun (up 0.26%), Lupin (up 0.22%) and GlaxoSmithKline Pharmaceuticals (up 0.12%), edged higher. Piramal Enterprises (down 0.09%) and IPCA Laboratories (down 0.2%), edged lower. Transformers and Rectifiers (India) rose 3.82% after the company said that it has bagged an order for supplying 39 transformers and reactors. The announcement was made after market hours yesterday, 27 February 2017. Varun Beverages gained 1.34% after the company raised Rs 300 crore by issue of non-convertible debentures (NCDs) and allotted 1,500 NCDs of Rs 10 lakh each to RBL Bank and 1,500 NCDs of Rs 10 lakh each to Kotak Mahindra Bank on private placement basis. The announcement was made after market hours yesterday, 27 February 2017. Overseas, most Asian shares rose today, 28 February 2017, bolstered by gains on Wall Street as investors awaited a speech by US President Donald Trump for signals on tax reform and infrastructure spending. US stocks pushed further into record territory on Monday, 27 February 2017, as the Dow Jones industrial average closed at a record high. The Standard & Poor's 500 index also closed at a record high. Investors are looking ahead to an address that Trump is scheduled to make to Congress in the global day today, 28 February 2017, where he is expected to provide details on his highly anticipated tax reform proposals. Separately, Federal Reserve Chairwoman Janet Yellen and Fed Vice Chairman Stanley Fischer are slated to speak on Friday, 3 March 2017. Investors will scour the comments for any hints as to when the central bank will raise interest rates. Powered by Capital Market - Live News |