Market traded firmly in positive terrain in mid-afternoon trade. At 14:15 IST, the barometer index, the S&P BSE Sensex rose 216.52 points or 0.67% at 32,489.13. The Nifty 50 index advanced 84.85 points or 0.84% at 10,170.25.
Strong global cues lifted investors' spirit in opening trade. Later, market sentiment remained buoyant so far. Positive trading in European stocks further boosted sentiment.
Among other indices, the S&P BSE Mid-Cap index rose 0.87%. The S&P BSE Small-Cap index advanced 1.14%. Both these indices outperformed the Sensex.
The breadth, indicating the overall health of the market, was strong. On the BSE, 1,630 shares rose and 926 shares declined. A total of 150 shares were unchanged.
Aviation stocks declined. Jet Airways (India) (down 1.28%) and InterGlobe Aviation (down 1.25%) edged lower. SpiceJet (up 0.56%) advanced.
FMCG stocks were mixed. Hindustan Unilever (up 3.05%), Marico (up 1.67%), Colgate-Palmolive (India) (up 0.49%) and Britannia Industries (up 0.36%) edged higher. Nestle India (down 0.58%), Dabur India (down 0.29%), GlaxoSmithkline Pharmaceuticals (down 0.25%) and Procter & Gamble Hygiene and Health Care (down 0.11%) edged lower.
ONGC was down 0.6% at Rs 165.90. The company's wholly-owned subsidiary ONGC Videsh has entered into an extension of Production Sharing Agreement (PSA) in its existing asset viz. Azeri-Chirag-Deep water portion of Gunashli (ACG) oil fields. The existing ACG PSA was signed on 20 September 1994 for thirty years. There is substantial amount of remaining oil and gas in the field and the PSA extension will benefit Azerbaijan and partners through sustained long term production. ONGC Videsh had acquired 2.7213% participating interest in the ACG PSA and 2.36% in BTC Pipeline from Hess Corporation on 28 March 2013. The announcement was made during market hours today, 18 September 2017.
Among economic data, India's merchandise exports increased 10.3% to $23.82 billion in August 2017 over a year ago. Meanwhile, merchandise imports jumped 21% to $35.46 billion. The trade deficit galloped 51.1% to $11.64 billion in August 2017 from $7.71 billion in August 2016, data released by the government after trading hours on Friday, 15 September 2017 showed.
As per the data released by the Reserve Bank of India, India's services exports increased 3.2% to $13.18 billion in July 2017 over July 2016. Meanwhile, India's services imports declined 1% to $7.33 billion in July 2017. India's services trade surplus improved 8.9% to $5.84 billion in July 2017 from $5.37 billion in July 2016.
Overseas, European and Asian stocks edged higher as investors anticipated clues on the direction of monetary policy from central banks later in the week. The US Federal Reserve's interest rate decision is scheduled on Wednesday, 20 September 2017.
European Union economic and financial affairs ministers held an informal meeting in Tallinn, Estonia on Friday, 15 September 2017 and emphasized that the strength of the entire EU is dependent on the strength of the economic and monetary union. The implementation of the Greek programme and the third review dominated the meeting, noted Eurogroup president Jeroen Dijsselbloem at a press conference after the end of the meeting, as per reports.
US stocks rose to record levels on Friday, 15 September 2017, posting sharp weekly gains, with a big assist from rallying telecommunication and bank shares as Wall Street shook off North Korea's latest missile launch.
In the economic news, US industrial output fell in August for the first time since January as Hurricane Harvey battered oil, gas and chemical plants along the Gulf Coast and a cool summer sapped utility demand in the east, the Federal Reserve said on Friday, 15 September 2017. Overall industrial production fell 0.9% over the month after a July increase revised upward to 0.4%.
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