The stock market hovered firm in early afternoon trade. At 12:15 IST, the barometer index, the S&P BSE Sensex advanced 337.21 points or 1.02% at 33,444.03. The Nifty 50 index surged 99.15 points or 0.97% at 10,313.90. Positive global cues boosted sentiment. Investor risk appetite also soared after rating agency Moody's Investors Service has upgraded sovereign rating of India a notch above investment grade after a long gap of 14 years. Indices opened the session on a strong note and later held firm so far.
The Sensex surged 414 points or 1.25% at the day's high of 33,520.82 at the onset of trading, its highest level since 7 November 2017. The index rose 280.55 points or 0.84% at the day's low of 33,387.37 in early trade. The Nifty advanced 128.85 points or 1.26% at the day's high of 10,343.60 at the onset of trading, its highest level since 10 November 2017. The index rose 93.05 points or 0.91% at the day's low of 10,307.80 in early afternoon trade.
Among secondary indices, the S&P BSE Mid-Cap index surged 1.19%. The S&P BSE Small-Cap index advanced 1.11%. Both the indices outperformed the Sensex.
Overseas, Asian stocks edged higher as global equities appeared to bounce back after declines earlier in the week. US equities rose yesterday, 16 November 2017, rebounding from consecutive declines, following strong quarterly results.
Closer home, the breadth, indicating the overall health of the market, was strong. On BSE, 1,705 shares rose and 798 shares declined. A total of 150 shares were unchanged.
Capital goods stocks advanced. Havells India (up 1.2%), Siemens (up 1.02%), Bharat Electronics (up 1%), BEML (up 0.75%) and L&T (up 0.26%) gained. ABB India (down 0.48%) and Bhel (down 0.23%) declined. Thermax was flat at Rs 1,032.
FMCG stocks also gained. Marico (up 1.48%), Colgate-Palmolive (India) (up 1.36%), Britannia Industries (up 1.18%), Godrej Consumer Products (up 1.15%), Hindustan Unilever (up 0.54%) and Nestle India (up 0.5%) advanced. Dabur India (down 0.59%) declined.
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Shares of HDFC Standard Life Insurance Company were trading at Rs 342.25, a premium of 18.02% over the issue price of Rs 290 on its debut on the bourses today, 17 November 2017. The shares got listed on BSE at Rs 311. The stock had hit a high of Rs 369 and low of Rs 307.65 so far during the day.
Ahluwalia Contracts (India) rose 2.15% at Rs 335 after net profit rose 28.98% to Rs 25.77 crore on 14.2% rise in total income to Rs 335.53 crore in Q2 September 2017 over Q2 September 2016. The result was announced after market hours yesterday, 16 November 2017.
On the macro front, rating agency Moody's Investors Service has upgraded India's local and foreign currency issuer ratings to Baa2 from Baa3 and changed the outlook on the rating to stable from positive. Moody's has revised the sovereign rating of India a notch above investment grade after a long gap of 14 years.
Among other key news, the Union Cabinet chaired by the Prime Minister Narendra Modi yesterday, 16 November 2017, gave its approval for the creation of the posts of Chairman and Technical Members of the National Anti-profiteering Authority (NAA) under GST, following up immediately on 15th November's sharp reduction in the GST rates of a large number of items of mass consumption. This paves the way for the immediate establishment of this apex body, which is mandated to ensure that the benefits of the reduction in GST rates on goods or services are passed on to the ultimate consumers by way of a reduction in prices, a press release issued by the government after market hours yesterday, 16 November 2017 said.
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