Key benchmark indices trimmed some gains after hitting fresh intraday highs in afternoon trade, as firmness in Asian stocks perked up sentiment. At 13:15 IST, the barometer index, the S&P BSE Sensex rose 271.02 points or 0.79% at 34,426.97. The Nifty 50 index gained 80.95 points or 0.77% at 10,581.85.
Indices opened higher on firm global cues. Stocks extended gains and hit intraday highs in morning trade. The market held firm later before once again hitting fresh intraday highs in afternoon trade.
Among secondary indices, the S&P BSE Mid-Cap index rose 0.03%. The S&P BSE Small-Cap index fell 0.35%. Both these indices underperformed the Sensex.
The breadth, indicating the overall health of the market, was negative. On the BSE, 1,444 shares declined and 1,200 shares advanced. A total of 128 shares were unchanged.
Coming to sectoral indices, power generation and power distribution stocks edged lower. Adani Transmission was down 2.45%, GMR Infrastructure 2.28%, CESC 1.68%, Reliance Infrastructure 1.25%, Reliance Power 0.98%, JSW Energy 0.49%, Adani Power 0.45% and Tata Power Company 0.23%. However, Power Grid Corporation of India was up 0.84%, NTPC 0.34% and NHPC 0.35%.
Aviation stocks tumbled on sharp surge in Brent crude oil futures yesterday, 14 February 2018. Jet Airways (India) was down 6%, SpiceJet 2.17% and InterGlobe Aviation 0.31%. Aviation turbine fuel (ATF) or jet fuel prices are directly linked to international crude oil prices and a surge in crude prices will escalate the operating expenses of aircraft carriers.
Shree Cement rose 3.65% after the company said it has commissioned new cement grinding unit (namely Bangur Cement Unit) having capacity of 3.60 million tonnes per annum (MTPA) in Rajasthan. The announcement was made during trading hours today, 15 February 2018.
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Welspun Enterprises advanced 5.3% after net profit jumped 105% to Rs 34.40 crore on 336% surge in total income to Rs 298.10 crore in Q3 December 2017 over Q3 December 2016. Earnings before interest, taxation, depreciation and amortization (EBITDA) jumped 355% to Rs 46.20 crore. EBITDA margin expanded to 15.5% in Q3 December 2017 from 14.9% in Q3 December 2016. The results were announced after market hours yesterday, 14 February 2018.
On the macro front back home, the government announced that inflation based on wholesale price index (WPI) eased to 2.84% (provisional) for the month of January 2018 as compared to 3.58% (provisional) for the previous month and 4.26% during the corresponding month of the previous year. Build up inflation rate in the financial year so far was 2.3% compared to a build-up rate of 4.55% in the corresponding period of the previous year.
Overseas, Asian stocks gained taking cues from the rally on Wall Street overnight following the release of stronger-than-expected US inflation data. The consumer price index in US rose 0.5% last month, topping the forecast. Other economic data released overnight included US retail sales for the month of January, which missed expectations. Retail sales decreased 0.3% last month.
It is a shortened week for greater China markets, with mainland China markets remaining closed from 15 to 21 February 2018 and Hong Kong markets shut from 16 to 19 February 2018 for the Lunar New Year. Markets in South Korea, Taiwan and Vietnam are closed today for the Lunar New Year holiday.
Japan's core machinery orders tumbled 11.9% month-on-month in December, latest data released today, 15 February 2018 showed. Core machinery orders are regarded as an indicator of capital investment six to nine months ahead.
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