Market extended intraday gains in morning trade after a firm start, tracking strength in global markets. At 10:20 IST, the barometer index, the S&P BSE Sensex rose 196.51 points or 0.61% at 32,578.97. The Nifty 50 index advanced 70.90 points or 0.71% at 10,091.55. Both the Sensex, and the Nifty, hit fresh record high in morning trade.
The S&P BSE Mid-Cap index rose 0.48%. The S&P BSE Small-Cap index advanced 0.2%. Both these indices underperformed the Sensex.
Overseas, Asian stocks were trading higher following the Federal Reserve's decision to leave interest rates unchanged and as a slew of corporate earnings began coming through.
US equities closed higher yesterday, 26 July 2017, on the back of strong earnings and following the Federal Reserve's decision to keep interest rates unchanged.
US Federal Reserve kept its benchmark interest rate unchanged after the conclusion of a two-day policy meeting yesterday, 26 July 2017. The Fed gave no clear signal about the chances for another increase this year or about any concerns about low inflation. But the central bank did confirm that it plans to begin to reduce its massive bond holdings relatively soon. The Fed had raised the target range for its federal funds rate by 25 basis points to 1% to 1.25% during its June 2017 meeting.
Closer home, the breadth, indicating the overall health of the market, was positive. On the BSE, 1,141 shares rose and 908 shares declined. A total of 134 shares were unchanged.
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Telecom stocks were mixed. Idea Cellular (up 0.69%) and Reliance Communications (up 0.39%) edged higher. Bharti Airtel (down 1.96%) and Bharti Infratel (down 0.17%) edged lower.
Cement stocks advanced. ACC (up 0.78%), Grasim Industries (up 0.67%), Ambuja Cements (up 0.34%) and Shree Cement (up 0.29%) gained. UltraTech Cement (down 0.06%) edged lower.
Siyaram Silk Mills was down 0.52% at Rs 2,302.75. The company's net profit rose 26.07% to Rs 10.35 crore on 12.66% rise in total income to Rs 324.82 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours yesterday, 26 July 2017. Siyaram Silk Mills' board at its meeting held yesterday, 26 July 2017 approved a 2-for-1 stock split.
In a key political development, Nitish Kumar formed new government in Bihar with the Bharatiya Janata Party (BJP). He took oath as Chief Minister of Bihar at 10:00 IST today, 27 July 2017. With oath today, Nitish Kumar ended his party, JDU's mahagathbandhan or Grand Alliance with Lalu Yadav's RJD and the Congress last evening and joined hands with his former partner BJP.
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