Key benchmark indices extended intraday gains in afternoon trade. At 13:15 IST, the barometer index, the S&P BSE Sensex was up 288.14 points or 1.03% at 28,190.80. The Nifty 50 index was currently up 98.20 points or 1.14% at 8,705.65. The Sensex was currently hovering above the psychological 28,000 mark after reclaiming that level in the opening trade. It had settled below that level during the previous trading session. Gains in European and Asian stocks aided the upmove on the domestic bourses. The Sensex and the Nifty hit highest level in three weeks.
The Nifty rose 99.05 points or 1.15% at the day's high of 8,706.50 in afternoon trade, its highest level since 9 August 2016. The index gained 34.80 points or 0.4% at the day's low of 8,642.25 at the onset of the trading session. The Sensex rose 316.69 points or 1.13% at the day's high of 28,219.35 in afternoon trade, its highest level since 9 August 2016. The barometer index gained 108 points or 0.38% at the day's low of 28,010.66 at the onset of the trading session.
In overseas stock markets, European and Asian stocks edged higher tracking overnight gains in US market. US stocks finished higher yesterday, 29 August 2016 on increased prospects for Federal Reserve rate increases in 2016. Investors continued to weigh remarks by Federal Reserve Chairwoman Janet Yellen, who said late last week in Jackson Hole, Wyo., that an improving US economy had strengthened the case for a rate increase. The Fed last December delivered its first rate increase in nearly a decade. The focus is now on US nonfarm-payroll data for August due on Friday, 2 September 2016.
Closer home, the market breadth indicating the overall health of the market was strong. On BSE, 1,597 shares rose and 872 shares fell. A total of 185 shares were unchanged. The BSE Mid-Cap index was currently up 0.83%, underperforming the Sensex. The BSE Small-Cap index was currently up 1.08%, outperforming the Sensex.
Bank stocks edged higher. Among public sector banks, Punjab National Bank (up 1.34%), Bank of India (up 1.17%), Indian Bank (up 1%), State Bank of India (up 1.01%), IDBI Bank (up 0.92%), Union Bank of India (up 0.97%) and Bank of Baroda (up 0.69%) rose. United Bank of India (down 0.69%) and Corporation Bank (down 0.24%) edged lower.
Among private sector banks, ICICI Bank (up 1.72%), Yes Bank (up 1.3%), Axis Bank (up 0.54%), Kotak Mahindra Bank (up 0.42%) and IndusInd Bank (up 0.36%) edged higher.
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Index heavyweight HDFC Bank was up 1.47% at Rs 1,256.50. The stock hit a high of Rs 1,260.60 and a low of Rs 1,244.05 so far during the day.
IT stocks gained. Tech Mahindra (up 2.99%), HCL Technologies (up 2.11%) and TCS (up 0.91%) rose.
Oracle Financial Services Software was off 2.12% at Rs 3,490.75 as the stock ex-dividend today, 30 August 2016, for dividend of Rs 100 per share for the year ended 31 March 2016.
Index heavyweight and software major Infosys was up 1.35% at Rs 1,036.10. The stock hit a high of Rs 1,038 and a low of Rs 1,024.80 so far during the day.
Wipro was up 1.56% at Rs 486 after the company after market hours yesterday, 29 August 2016, announced a partnership with Stibo Systems, a global leader in multi-domain Master Data Management (MDM) solutions. As part of the partnership, the two companies will collaborate to offer MDM solutions. This partnership is aimed at building trust-worthy data foundations to help joint customers derive accurate insights as they embrace digital transformation, Wipro and Stibo Systems said in a joint press release.
Maruti Suzuki India (Maruti) rose 2.98% at Rs 5,076.15 after the company announced the launch of sporty Swift Deca, a limited edition model of its most popular hatchback. Maruti Swift Deca is available in two variants viz. Swift Deca Edition VXi at Rs 5.94 lakh and Swift Deca Edition VDi at Rs 6.86 lakh. The announcement was made during market hours today, 30 August 2016.
Procter & Gamble Hygiene and Health Care (P&G Hygiene) fell 3.87% at Rs 6,469.50, with the stock extending losses registered during the previous trading session in the wake of the announcement of Q4 June 2016 results. Shares of P&G Hygiene fell 0.62% to settle at Rs 6,730 yesterday, 29 August 2016 after the company reported flat bottom line in Q4 June 2016. The result was announced after market hours on Friday, 26 August 2016. The stock has fallen 5.09% in two trading sessions from its close of Rs 6,772 on 26 August 2016.
P&G Healthcare's net profit rose 2.16% to Rs 109.40 crore on 0.71% increase in total income to Rs 580.45 crore in Q4 June 2016 over Q4 June 2015. Net sales remained flat at Rs 557.09 crore in Q4 June 2016 over Q4 June 2015 due to overall category slowdown in health care.
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