Overseas, the US central bank, as expected, kept the interest rates unchanged trimming forecasts for hike in short-term rates planned for this year.
By 2:00 pm, the S&P BSE Sensex was higher by 176 points at 24,858 and the Nifty50 climbed 67 points at 7,566.
Top gainers in the Sensex pack include GAIL, ONGC, Bharti Airtel, Adani Ports and ICICI Bank up 2%-4.5%.
Bharti Airtel has acquired spectrum in six regions for Rs 4,428 crore from Videocon Telecom, a subsidiary of Videocon Industries. The stock is up 2.4% while Videocon Industries surged 6.5%.
Deep Industries surged 14% after the company announced that it has received an order worth of Rs 247 crore from state-owned oil exploration & production company Oil And Natural Gas Corporation (ONGC).
Shares of select steel companies are trading over 1% higher on the Bombay Stock Exchange after the Directorate General of Safeguards in the Central Board of Excise and Customs has recommended extending the duty on hot-rolled flat products of non-alloy and other alloy steel in coils of a width of 600 mm or more until March 2018.Shares of primary producers such as JSW Steel, Tata Steel, Jindal Steel & Power,Steel Authority of India are up 1.2%-1.6% each.
Sasken Communication Technologies has moved higher by 4% to Rs 424, bouncing back nearly 10% from intra-day low on the BSE, after the company announced a special dividend of Rs 25 per share along with interim dividend of Rs 4 per share. The stock will turn ex-dividend on March 28, 2016.
(updated at 11:05 am)
have trimmed gains in the late morning trades as losses in healthcare shares weighed on the sentiment. However, the benchmark indices continue to remain positive after US central bank, as expected, kept the interest rates unchanged trimming forecasts for hike in short-term rates planned for this year amid rise in oil prices and strength in global equities.
By 11:05 am, the S&P BSE Sensex was higher by 156 points at 24,838 and the Nifty50 climbed 60 points at 7,559.
STOCKS IN NEWS
The pharma sector in India could witness an immediate loss of Rs 1,000 crore due to the government ban on combination drugs that include cough syrups, anti-diabetic medicines and flu treatments, according to media reports. In this space, Lupin, Sun Pharma, Cipla and Dr Reddy’s Lab are down 0.2%-1.6%.
Five healthcare majors including Procter and Gamble, Glenmark and Reckitt Benckiser on Wednesday got interim relief from the Delhi high court, which stayed till March 21 the ban imposed by the government on sale of some of their fixed dose combination (FDC) medicines. P&G and Glenmark are trading with marginal gains.
Banking shares are trading higher on expectation that the Reserve Bank of India (RBI) may soon announce a reduction in key policy rate. The central bank's monetary policy review is scheduled for April 5, 2016. CICI Bank, Punjab National Bank, Bank of Baroda, Federal Bank, State Bank of India, Yes Bank and Canara Bank are up more than 1% each on the National Stock Exchange (NSE).
Indian Oil Corp, Oil India and Bharat Petroleum signed an agreement to buy stakes in Russia's Taas-Yuriakh oil field in East Siberia for about $1.3 billion (about Rs 8,750 crore). Meanwhile, hike in the petrol and diesel prices added to the rally. All of them are trading up 1%-6%.
TVS Motors has entered into a partnership with Snapdeal to sell the company's motorcycles and scooters online on the e-commerce platform. The company said nine two-wheeler products from TVS Motor Company will be available on Snapdeal. The stock is trading with marginal gains.
Blackstone has emerged the strongest contender to acquire IT services firm Mphasis from Hewlett Packard Enterprise in a deal that could be worth over $1 billion, according to media reports. Mphasis is up 4%.
Bombay High Court order on Wednesday forestalled implementation of Alok Industries' resolution for its lenders to convert loans into controlling equity until a winding-up petition by HSBC is worked out. The stock is up 12%.
ONGC Videsh Ltd (OVL) and a consortium led by Indian Oil Corp signed agreements to buy stake in two Russian oilfields in Siberia for an estimated USD 4.2 billion (over Rs 28,253 crore). ONGC had added 2%.
Tata Motors is up over 1% as the company plans to supply 25 hybrid electric buses to the Mumbai Metropolitan Region Development Authority (MMRDA).
IRB Infrastructure is up 1% after the company said that capital market regulator Securities and Exchange Board of India (Sebi) has registered its infrastructure investment trust IRB InvIT Fund.