Share markets in India finished on a firm note as the Federal Reserve raised the benchmark interest rate by a quarter percentage point, but gave a more dovish outlook for future hikes. At the closing bell, the BSE Sensex stood higher by 188 points, while the NSE Nifty finished up by 69 points. Gains were largely seen in metal stocks & power stocks.
Meanwhile, the S&P BSE Mid Cap & the S&P BSE Small Cap finished up by 1.6% and 1.1% respectively.
SBI share price finished up by 0.6% after the bank received Board approval to raise Rs 150 billion to shore up its equity capital in the bank for next year. The Bank's board gave approval to raise the same by way of FPO / Rights Issue / ESPS / ESOS/ QIP / ADR / GDR and any other mode or a combination of these on March 15, 2017.
Asian stock markets finished broadly higher today with shares in Hong Kong leading the region. The Hang Seng is up 2.08% while China's Shanghai Composite is up 0.84% and Japan's Nikkei 225 is up 0.07%. European markets are broadly higher today with shares in Germany leading the region. The DAX is up 1.09% while London's FTSE 100 is up 0.94% and France's CAC 40 is up 0.81%.
The rupee was trading at Rs 65.38 against the US$ in the afternoon session. Oil prices were trading at US$ 49.40 at the time of writing.
According to a leading financial daily, India's merchandise exports reported a double-digit growth of 17.48% to US$24490.27 million in February 2017 rising for the sixth month in a row. This is on the back of a jump in the value of shipments of engineering goods and petroleum products.
Moving on to news from stocks in oil & gas sector. GAIL share price finished the trading day on an encouraging note (up 1%) after it was reported that the company is planning to invest Rs 17.5 billion in a bid to build a City Gas Distribution (CGD) network in Bhubaneswar and Cuttack.
In another development, ONGC will invest over Rs 215 billion to develop India's deepest gas discovery by 2022-23, helping it more than double output from its prime KG basin block. The company had last year firmed up an investment of Rs 340.12 billion in bringing to production 10 oil and gas discoveries in its Bay of Bengal block KG-DWN-98/2 (KG-D5).
ONGC share price finished the trading day up by 0.6% on the BSE.
Reliance Communications share price surged 3.8% in today's trade after the company obtained approval from capital markets regulator Securities and Exchange Board of India (Sebi) to spin-off and merge its wireless division with Aircel Ltd and Dishnet Wireless Ltd.
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