Benchmark indices were trading in a rangebound fashion around noon on Tuesday ahead of the US Fed meet starting later in the day. Asian shares were near six-month highs on expectations the central bank might strike a dovish tone.
Investors also await the outcome of the 34th GST Council meeting to be held later today. It is expected to take up various issues including the implementation of lower GST rates for the real estate sector. In the previous meeting (February 24), the Council slashed tax rates for under-construction flats to 5 percent and affordable homes to 1 percent, effective April 1.
At 12:05 pm, the S&P BSE Sensex was trading at 38,159, up 64 points, while the broader NSE Nifty50 was ruling at 11,477, up 15 points. Meanwhile, broader markets outperformed benchmark indices with Nifty MidCap gaining 0.6 percent and Nifty SmallCap up over 1 percent.
Bharti Infratel, ONGC, Bharti Airtel, Hindalco and SBI were top gainers on Nifty50, gaining in the range of 1.5-3.5 percent while Eicher Motors, HeroMoto Corp, L&T, Adani Ports, and TCS fell the most on the index.
Among sectors, Nifty PSU Banks rose the most, up nearly 2 percent followed by Nifty Pharma, Nifty Metal and Nifty Realty. Nifty Auto and Nifty IT were the only sectors trading in red in the noon deals.
Shares of IT services company Mindtree were trading 1.5 percent lower after conglomerate Larsen & Toubro signed a deal with Cafe Coffee Day (CCD) founder VG Siddhartha to buy his 20.32 percent stake in Mindtree at Rs 980 per share for Rs 3,269 crore. L&T also fell 2 percent, making it one of the top losers on Nifty.
Shares of Reliance Communications were locked in the upper circuit after Mukesh Ambani bailed out Anil Ambani in the Ericsson case.
Globally, MSCI’s broadest index of Asia-Pacific shares outside Japan was flat, easing back from its highest level since September 21 hit earlier in the session. Japan’s Nikkei average dropped 0.3 percent, while Australian stocks eased 0.1 percent. Chinese stocks held tight ranges, with benchmark Shanghai Composite hovering almost flat, the blue-chip CSI 300 declining 0.2 percent, and the Hang Seng edging 0.1 percent lower.
Disclaimer
: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
First Published: Mar 19, 2019 12:22 PM IST
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
EVM row: Meet Ravindra Waikar, Shiv Sena MP at the centre of controversy
Jun 17, 2024 1:26 PM
EVM unlocking controversy in Mumbai North West Lok Sabha seat — What we know so far
Jun 17, 2024 10:25 AM