Key benchmark indices edged higher in early trade tracking gains in Asian markets and overnight rally on Wall Street. At 9:23 IST, the barometer index, the S&P BSE Sensex was up 204.32 points or 0.76% at 26,944.71. The Nifty 50 index was currently up 56.85 points or 0.69% at 8,260.85.
In overseas stock markets, Asian stocks edged higher tracking overnight rally on Wall Street. Latest data showed that Japan's industrial output slid in May 2016 at the fastest rate in three months to its lowest level since June 2013. Industrial output declined 2.3% on month in May. US stocks registered strong gains yesterday, 29 June 2016, helped by gains in oil prices, as global markets recovered for a second day from their post-Brexit plunge.
Closer home, the broad market depicted strength. There were more than six gainers against every loser on BSE. 1,012 shares rose and 160 shares declined. A total of 52 shares were unchanged. The BSE Mid-Cap index was currently up 0.51%. The BSE Small-Cap index was currently up 0.71%. Both these indices underperformed the Sensex.
Metal and mining stocks edged higher after the Union Cabinet yesterday, 29 June 2016, approved the National Mineral Exploration Policy (NMEP). Hindalco Industries (up 2.25%), NMDC (up 1.6%), Steel Authority of India (up 1.26%), National Aluminium Company (up 1.18%), Hindustan Zinc (up 1.36%), Vedanta (up 1.14%), Hindustan Copper (up 0.65%), Jindal Steel & Power (up 0.68%), Tata Steel (up 0.69%) and JSW Steel (up 0.51%) rose. The NMEP primarily aims at accelerating the exploration activity in the country through enhanced participation of the private sector.
Meanwhile, copper prices rose in global commodities markets. High Grade Copper for September 2016 delivery was currently up 0.53% at $2.1975 per pound on the COMEX.
Coal India (CIL) rose 0.75% at Rs 313.80 after the company announced that it has signed two agreements with Solar Energy Corporation of India (SECI) for implementation of 200 megawatts (MW) solar power project in Madhya Pradesh for the beneficial utilisation of 100 MW solar power by Northern Coalfields (NCL) and 100 MW by South Eastern Coalfields, both subsidiaries of CIL, at an estimated cost of Rs 650 crore each. The announcement was made after market hours yesterday, 29 June 2016.
On the macro front, the Union Cabinet yesterday, 29 June 2016, approved the implementation of the recommendations of 7th Central Pay Commission (CPC) on pay and pensionary benefits of central government employees. It will come into effect from 1 January 2016. The recommendations will benefit over 1 crore employees. This includes over 47 lakh central government employees and 53 lakh pensioners.
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