Market trimmed intraday gains in mid-morning trade as profit booking emerged after the key indices hit record high. At 11:16 IST, the barometer index, the S&P BSE Sensex rose 61.48 points or 0.19% at 32,494.17. The Nifty 50 index advanced 19.10 points or 0.19% at 10,186.55.
Earlier, both the Sensex and the Nifty had hit record high as positive trade data and encouraging comments from the IMF chief on the outlook for Indian economy cheered investors. Also, market sentiment was buoyant in a truncated trading week ahead of Diwali.
The Sensex advanced 254.63 points or 0.78% at the day's high of 32,687.32 in early trade, its record high. The index rose 12.74 points or 0.03% at the day's low of 32,445.43 in mid-morning trade. The Nifty advanced 75.50 points or 0.74% at the day's high of 10,242.95 in early trade, its record high. The index rose 7.65 points or 0.07% at the day's low of 10,175.10 in mid-morning trade.
Among secondary indices, the S&P BSE Mid-Cap index was down 0.01%. The S&P BSE Small-Cap index advanced 0.11%. Both the indices underperformed the Sensex.
The breadth, indicating the overall health of the market, turned negative from positive. On the BSE, 1,183 shares declined and 1,166 shares rose. A total of 113 shares were unchanged.
Realty stocks were mixed. Prestige Estates Projects (up 1.4%), Oberoi Realty (up 1.25%), Godrej Properties (up 0.65%) and Sobha (up 0.44%) gained. Indiabulls Real Estate (down 1.77%), Unitech (down 1.26%), HDIL (down 0.63%) and DLF (down 0.43%) declined.
More From This Section
Auto stocks advanced on festive demand ahead of Diwali. Mahindra & Mahindra (up 1.29%), Tata Motors (up 1.39%), Eicher Motors (up 1.13%), Hero MotoCorp (up 0.78%), Bajaj Auto (up 0.36%) and Ashok Leyland (up 0.16%) gained. Maruti Suzuki India (down 0.15%) and TVS Motor Company (down 0.05%) declined.
Avenue Supermarts rose 0.9% at Rs 1,245.40 after net profit surged 65.17% to Rs 191.02 crore on 26.65% rise in total income to Rs 3529.48 crore in Q2 September 2017 over Q2 September 2016. Earnings before interest, taxation, depreciation and amortization (EBITDA) rose 36.5% to Rs 318 crore in Q2 September 2017 over Q2 September 2016. EBITDA margin rose to 9.1% in Q2 September 2017 from 8.4% in Q2 September 2016. The result was announced on Saturday, 14 October 2017.
Shares of Godrej Agrovet were trading at Rs 577.05 on BSE, a premium of 25.44% over the issue price of Rs 460 on its debut on the stock exchanges today, 16 October 2017. The shares got listed at Rs 621. The stock had hit a high of Rs 629.85 and a low of Rs 563.80 so far during the day.
On the macro front, India's merchandise exports rose by 25.67% to $28.61 billion in September 2017 over September 2016, helping the trade deficit narrow to $8.98 billion, the data released by the government after market hours on Friday, 13 October 2017 showed.
The International Monetary Fund (IMF) Chief Christine Lagarde reportedly said that the Indian economy is on a solid growth track in the medium and long term due to the structural reforms undertaken by the government, and the current slowdown due to implementation of the goods & services tax (GST) and demonetisation is short term. The IMF has last week lowered India's growth forecast for 2017-18 to 6.7% from its earlier estimate of 7.2%, citing lingering impact of demonetisation and transition cost to GST.
Overseas, Asian stocks edged higher as investors digested the release of China inflation data. China's consumer price index rose 1.6% in September from a year ago. The producer price index rose 6.9% in the same period.
US stocks reached record highs on Friday, 13 October 2017 as investors bet on another strong earnings season. US Federal Reserve Chair Janet Yellen on Sunday, 15 October 2017 sketched a bright outlook for the US economy and for inflation prospects in coming months suggesting that the central bank will soon resume raising interest rates to reflect the strengthening economy. Most economists foresee the next rate hike -- the third this year -- coming in December.
Powered by Capital Market - Live News