Key benchmark indices logged modest gains in steady session of trade led by index heavyweights Reliance Industries and ITC. The barometer index, the S&P BSE Sensex, rose 174.33 points or 0.55% at 31,671.71, as per the provisional closing data. The Nifty 50 index rose 55.40 points or 0.56% at 9,914.90, as per the provisional closing data. The Reserve Bank of India (RBI) kept the policy repo unchanged at 6% after the conclusion of the monetary policy committee meeting today, 4 October 2017.
The Sensex gained 254.78 points or 0.81% at the day's high of 31,752.16 in late trade, its highest level since 27 September 2017. The index fell 39.60 points or 0.13% at the day's low of 31,457.78 at the onset of the session. The Nifty gained 78.80 points or 0.8% at the day's high of 9,938.30 in late trade, its highest level since 25 September 2017. The index fell 8.85 points or 0.09% at the day's low of 9,850.65 at the onset of the session.
Domestic stocks reversed initial gains and traded with small losses in early trade. After an initial hiccup in early trade, stocks nudged higher and hit fresh intraday high in morning trade. Stocks gradually marched ahead later during the session.
The S&P BSE Mid-Cap index provisionally rose 0.39%, underperforming the Sensex. The S&P BSE Small-Cap index provisionally rose 0.79%, outperforming the Sensex.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,483 shares rose and 1,161 shares fell. A total of 127 shares were unchanged.
The total turnover on BSE amounted to Rs 2926.48 crore, lower than the turnover of Rs 3353.52 crore registered during the previous trading session.
Index heavyweight and cigarette major ITC gained 2.51% to Rs 267.90. The stock hit a high of Rs 268.60 and low of Rs 263.25 in intraday trade.
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Pharma shares gained. Sun Pharmaceutical Industries (up 3.34%), Cadila Healthcare (up 3.94%), Cipla (up 0.2%), Dr Reddy's Laboratories (up 2.08%), Glenmark Pharmaceuticals (up 0.86%), Lupin (up 0.61%), Aurobindo Pharma (up 2.28%) and Wockhardt (up 2.1%) gained. Alkem Laboratories (down 0.57%) and GlaxoSmithKline Pharmaceuticals (down 0.7%) fell.
Omkar Speciality Chemicals rose 14.27% after the company said it was granted patent for process for terminal Dihaloalkane. The announcement was made during trading hours today, 4 October 2017.
Omkar Speciality Chemicals announced that Intellectual Property India, The Government of India Patent Office, has granted a patent to the company for 'process for terminal Dihaloalkane' for 20 years from 8 June 2012 in accordance with the provisions of the Patents Act, 1970.
On the macro front, the Reserve Bank of India (RBI) kept the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6% on the basis of an assessment of the current and evolving macroeconomic situation at its meeting today, 4 October 2017. Consequently, the reverse repo rate under the LAF remains at 5.75%, and the marginal standing facility (MSF) rate and the bank rate at 6.25%.
The decision of the monetary policy committee (MPC) is consistent with a neutral stance of monetary policy in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4% within a band of +/- 2%, while supporting growth.
India's annual infrastructure output grew 4.9% in August compared with a revised 2.6% year-on-year growth in July, government data released after market hours yesterday, 3 October 2017 showed. Eight infrastructure sectors include coal, crude oil, natural gas, refinery products, electricity, steel, cement, and fertiliser, comprising 40.27% weight in index of industrial production.
Overseas, most European stocks gained. Japanese and Hong Kong share markets led Asian stocks higher in holiday-thinned trading as investors took their lead from Wall Street's latest advance into record territory. Stock markets were closed in mainland China, South Korea and Taiwan for holidays.
In US, the three major stock indices on Wall Street closed at record highs yesterday, 3 October 2017, driven by expectations of strong global growth.
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