Key benchmark indices extended initial gains and hit fresh intraday high. At 10:16 IST, the barometer index, the S&P BSE Sensex, was up 128.68 points or 0.44% at 29,493.98. The Nifty 50 index was currently up 42.70 points or 0.47% at 9,162.10.
The Sensex rose 160.89 points, or 0.55% at the day's high of 29,526.19 in morning trade. The index rose 27.69 points, or 0.09% at the day's low of 29,392.99 at the onset of trading session. The Nifty rose 47.75 points, or 0.52% at the day's high of 9,167.15 in morning trade. The index rose 11.15 points, or 0.12% at the day's low of 9,130.55 at the onset of trading session.
Among secondary barometers, the BSE Mid-Cap index was currently up 0.38%, underperforming the Sensex. The BSE Small-Cap index was currently up 0.82%, outperforming the Sensex.
The broad market depicted strength. There were almost two gainers against every loser on BSE. 1,421 shares rose and 717 shares fell. A total of 85 shares were unchanged.
Power generation stocks were in demand. Reliance Power (up 5.3%), GMR Infrastructure (up 3.99%), Adani Power (up 2.45%), Jaiprakash Power Ventures (up 1.89%), Tata Power (up 1.61%), Reliance Infrastructure (up 1.19%), CESC (up 1.09%), NHPC (up 0.94%), Torrent Power (up 0.82%) and JSW Energy (up 0.08%), edged higher. NTPC was down 0.03%.
State-run Coal India was up 0.36% at Rs 278.20.
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Cement shares edged higher. Ambuja Cements was up 2.05%. Grasim Industries was up 4.41%. Grasim has exposure to cement sector through its holding in UltraTech Cement.
UltraTech Cement was up 2.05%. The company will announce itsd Q4 results today, 24 April 2017.
Cement major ACC rose 3.98%. The company's consolidated net profit fell 9.05% to Rs 211 crore on 7.76% rise in sales to Rs 3108 crore in Q1 March 2017 over Q1 March 2016. The result was announced after market hours on Friday, 21 April 2017.
ACC said that cement volumes rose 3.77% to 6.6 million tonnes in Q1 March 2017 over Q1 March 2016, as the impact of demonetisation declined and benefits were delivered from ongoing customer excellence initiatives and higher sales from the expanded capacity at Jamul and Sindri plant. Operating earnings before interest, taxes, depreciation and amortization (EBITDA) fell 5.65% to Rs 417 crore in Q1 March 2017 over Q1 March 2016 as cost of petcoke, coal, packing materials and freight hardened. There was also a shortfall in regular availability of fly ash, a part of which was procured over longer leads entailing higher transportation costs. The profit before tax dropped 19.93% to Rs 261 crore in Q1 March 2017 over Q1 March 2016, impacted by a higher deprecation charge on account of commissioning of Jamul/Sindri project in the second half of 2016. The company in its outlook said that increased government spending on infrastructure development, housing, roads, railways, irrigation and other schemes as announced in the Union Budget are expected to reinvigorate the construction sector and boost demand for cement and concrete during 2017.
Overseas, most Asian shares turned negative after an initial firmness. Sentiment was boosted by the French election going widely as expected, but tension on the Korean peninsula weighed on sentiment later.
US markets ended Friday's session lower ahead of the French vote, with the Dow Jones Industrial Average shedding 0.15% and the S&P 500 Index losing 0.30%.
A snap Ipsos survey late on Sunday, 23 April 2017, indicated that the pro-growth centrist Macron would win by 62% to 38% for Le Pen, who wants to take France out of the euro and clamp down on immigration. The two candidates will now face off in a 7 May 2017 runoff.
Geopolitical tensions in the Korean peninsula took a backseat even though tension continued to ramp up at the weekend. North Korea reportedly arrested an American citizen in Pyongyang. The hermit state also indicated that it was prepared to sink a US aircraft carrier to showcase its military prowess.
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