Market extended gains in mid-afternoon trade buoyed by gains in European bourses. At 14:15 IST, the barometer index, the S&P BSE Sensex was up 250.44 points or 0.84% at 30,145.24. The Nifty 50 index advanced 44.25 points or 0.48% at 9,356.20. The Sensex was currently trading above the psychological 30,000 level after regaining that mark in opening trade.
Investors' sentiment was also boosted in the wake of reports the Union Cabinet approved promulgation of an ordinance to amend the Banking Regulation Act for resolution of the bad loan crisis facing banks.
The Sensex rose 262 points or 0.87% at the day's high of 30,156.80 in mid-afternoon trade, its highest level since 27 April 2017. It advanced 112.60 points or 0.37% at the day's low of 30,007.40 in early afternoon trade. The Nifty rose 49.45 points or 0.53% at the day's high of 9,361.40 in morning trade, its highest level since 27 April 2017. It advanced 19.30 points or 0.2% at the day's low of 9,331.25 in early afternoon trade.
After opening with strong gains, key indices held in the positive terrain so far during the session.
Among secondary indices, the BSE Mid-Cap index rose 0.4%. The BSE Small-Cap index advanced 0.4%. Both these indices underperformed the Sensex.
The breadth, indicating the overall health of the market, was positive. On the BSE, 1,434 shares rose and 1,321 shares declined. A total of 155 shares were unchanged.
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Power generation and distribution stocks witnessed a mixed trend. NTPC (up 0.4%), NHPC (up 0.32%), GMR Infrastructure (up 0.3%) and JSW Energy (up 0.32%) edged higher. Reliance Power (down 0.62%), Reliance Infrastructure (down 0.8%), Torrent Power (down 0.68%), Adani Power (down 0.65%) and Power Grid Corporation of India (down 0.31%) edged lower.
Tata Power Company was up 0.79%. The company announced the launch of customer support chatbot in Mumbai, for enhancing customer service. Chatbot will allow customers to get their queries answered via chat on the company's mobile app and other various means. The announcement was made during market hours today, 4 May 2017.
Shares of state-run coal mining giant Coal India were up 0.41% at Rs 280.50.
Aviation stocks declined. SpiceJet (down 2.34%), Jet Airways (India) (down 0.89%) and InterGlobe Aviation (down 0.56%) edged lower.
Merck rose 3.32% after net profit jumped 76.55% to Rs 14.83 crore on 9.32% growth in net sales to Rs 229.88 crore in Q1 March 2017 over Q1 March 2016. The result was announced after market hours yesterday, 3 May 2017.
On the macro front, data released by Markit Economics during market hours today, 4 May 2017 showed that the rate of increase in Indian service sector activity weakened in April 2017. The headline seasonally adjusted Nikkei Services PMI Business Activity Index was down at 50.2 in April, from 51.5 in March.
Meanwhile, a press release issued by the government during market hours today, 4 May 2017 stated that The Insolvency and Bankruptcy Board of India (IBBI) has constituted a Technical Committee to lay down Technical Standards for the performance of core services and other services under IBBI (Information Utilities) Regulations, 2017.
Overseas, European stocks edged higher supported by corporate earnings. Asian stocks witnessed a mixed trend after the US Federal Reserve indicated it remains on track to deliver two more rate increases by year-end.
China's service sector expanded at the slowest pace in nearly a year, a private gauge showed, pointing to possible softness in the sector. The Caixin China services purchasing managers' index slipped to 51.5 in April--the lowest since May 2016--from 52.2 in March, Caixin Media Co. and research firm Markit said.
US stocks closed little lower yesterday, 3 May 2017, as gains in banking shares were offset by declines in media stocks and Apple shares.
The US Federal Reserve yesterday, 3 May 2017, left monetary policy unchanged, as expected, and indicated it remains on track to deliver two more rate increases by year-end.
The Fed said that it would not change its interest rate target this month. However, the Fed also stated that a recent economic slowdown was transitory, fuelling hopes among investors for future rate rises.
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