Stocks extended gains and hit fresh intraday in afternoon trade. At 13:15 IST, the barometer index, the S&P BSE Sensex, was up 413.54 points or 1.16% at 36,130.49. The Nifty 50 index was up 114.95 points or 1.07% at 10,843.80. The Sensex was trading above the 36,000 mark. Strong global cues, coupled with a fall in crude oil prices and a firmness in rupee boosted investors' sentiment.
Among secondary barometers, the BSE Mid-Cap index was up 0.59%. The BSE Small-Cap index was up 0.31%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, once again turned positive from negative. On BSE, 1185 shares rose and 1163 shares fell. A total of 134 shares were unchanged.
Vedanta (up 3.16%), M&M (up 3.11%), Yes Bank (up 2.69%), Reliance Industries (up 2.5%) and Bajaj Auto (up 2.41%) edged higher from the Sensex pack.
ONGC (down 2.03%), Coal India (down 1.47%) and TCS (down 0.69%) edged higher from the Sensex pack.
Bharat Financial Inclusion rose 3.33% after the company assigned a pool of receivables of an aggregate value of Rs 827.76 crore to one of the largest private sector banks on a Direct Assignment basis as per the guidelines prescribed by the Reserve Bank of India. This is the third Direct Assignment transaction in FY19. With this transaction, the company has completed Direct Assignment transactions worth Rs 2181.75 crore in FY 19. The announcement was made after market hours yesterday, 28 November 2018.
Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net Rs 961.26 crore in the domestic equity market on 28 November 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 330.29 crore on 28 November 2018, as per provisional data.
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In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 69.8550, compared with its close of 70.625 during the previous trading session.
In the global commodities markets, Brent for January 2019 settlement was down 4 cents at $58.72 a barrel. The contract fell $1.45 a barrel or 2.41% to settle at $58.76 a barrel during the previous trading session.
India imports majority of its crude requirements and a decline in crude eases concerns on fiscal deficit, inflation and gives more room for the government to boost growth through spending on infrastructure.
Overseas, Asian shares jumped on Thursday, tracking a Wall Street rally as dovish comments from Federal Reserve Chair Jerome Powell boosted investor sentiment towards riskier assets.
US stocks surged overnight, spurred by a remarks from Fed Chairman Powell who said he considers the central bank's benchmark interest rate to be near a neutral level. The comments were viewed by investors as a retreat from his stance in early October when he had said that the central bank "may go past neutral, but we are a long way from neutral at this point, probably."
On the US data front, the Commerce Department said gross domestic product grew at a 3.5% annualized rate in the third quarter, in a second estimate that matched the first.
Separately, data showed the deficit in advanced goods trade widened to $77.2 billion in October from $76.3 billion the previous month. Further, new home sales fell to an annualized rate of 544,000 in October, below the revised September rate of 597,000 new homes, the Census Bureau reported Wednesday.
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