Positive cues from global markets aided the latest upmove on the domestic bourses. The barometer index, the S&P BSE Sensex, rose 169.27 points or 0.61% at 27,795.96, as per the provisional closing data. The Nifty 50 index rose 53.15 points or 0.63% at 8,521.05, as per the provisional closing data. The Sensex and the Nifty hovered in positive zone throughout the trading session after opening with upward gap. The market sentiment was positive after data showing substantial purchases of Indian stocks by foreign funds during the previous trading session. In overseas stock markets, Asian and European stocks rose after better American jobs data and hopes for continued support from the world's central banks helped power Wall Street to a record high overnight.
The Sensex gained 202.05 points or 0.73% at the day's high of 27,828.74 in late trade, its highest level since 20 August 2015. The barometer index rose 41.12 points or 0.15% at the day's low of 27,667.81 in morning trade. The Nifty gained 58.70 points or 0.69% at the day's high of 8,526.60 in late trade, its highest level since 17 August 2015. The index rose 11.30 points or 0.13% at the day's low of 8,479.20 in morning trade.
The market sentiment was positive after data showing substantial purchases of Indian stocks by foreign funds during the previous trading session. Foreign portfolio investors (FPIs) bought shares worth a net Rs 1055.80 crore yesterday, 11 July 2016, as per provisional data released by the stock exchanges. The Sensex had surged 1.84% yesterday, 11 July 2016.
The market breadth indicating the overall health of the market was negative. On BSE, 1,520 shares declined and 1,239 shares rose. A total of 173 shares were unchanged. The BSE Mid-Cap index was provisionally up 0.49%. The BSE Small-Cap index was provisionally up 0.08%. Both these indices underperformed the Sensex.
The total turnover on BSE amounted to Rs 3132 crore, lower than turnover of Rs 3286.93 crore registered during the previous trading session.
In overseas stock markets, European stocks edged higher on waning Brexit fears after British Prime Minister David Cameron yesterday, 11 July 2016, announced that Theresa May would succeed him as Britain's new Prime Minister, ending speculation over who would succeed Cameron. While main European markets traded decisively higher, in the UK, the FTSE 100 index was currently hovering near the flat line. May is expected to take charge as Britain's new Prime Minster on Wednesday evening.
Earlier during the global day, Japanese stocks led gains among Asian equities as investors gained confidence in Japanese Prime Minister Shinzo Abe's ruling coalition, which increased its control in the upper house of parliament after election for the upper house held on 10 July 2016. The Nikkei 225 Average closed 2.46% higher. Expectations for fresh fiscal stimulus from Japan picked up following reports that Abe met with former Federal Reserve Chairman Ben Bernanke. The Nikkei 225 Average surged 4% yesterday, 11 July 2016, registering its biggest daily-percentage gain since 2 March 2016, as Abe's ruling-coalition victory in the upper-house election stoked speculation of more fiscal stimulus.
US stocks edged higher yesterday, 11 July 2016, with the S&P 500 index hitting record high on intraday as well as on closing basis as investors bought stocks amid a reinvigorated appetite for assets perceived as risky following a surprisingly strong jobs report for June 2016 released during trading hours in the US on Friday, 8 July 2016.
Also Read
Metal and mining stocks edged higher as copper prices rose in global commodity markets. Tata Steel (up 4.97%), Steel Authority of India (Sail) (up 5.17%), National Aluminium Company (up 12.99%), Hindustan Zinc (up 3.16%), Jindal Steel & Power (up 8.43%), NMDC (up 0.26%), Hindustan Copper (up 2.17%) edged higher.
JSW Steel rose 2.62% to Rs 1,545. The stock hit a high of Rs 1,550 in intraday trade, a record high for the counter. The stock hit low of Rs 1,508 in intraday trade.
High Grade Copper for September 2016 delivery was currently up 1.91% at $2.1885 per pound on the COMEX.
Vedanta jumped 8.55% to Rs 161.30. The stock hit a high of Rs 162.10 in intraday trade, also its 52-week high. The stock hit low of Rs 149.50 in intraday trade.
Hindalco Industries advanced after Alcoa, the largest US aluminum producer, reported quarterly earnings and revenue that beat analysts' expectations. The stock gained 5% to Rs 135.50. The stock hit a high of Rs 136.15 in intraday trade, also its 52-week high. The stock hit low of Rs 130 in intraday trade. Alcoa announced its second-quarter results after trading hours in the US yesterday, 11 July 2016.
IDFC Bank jumped 7.8% after the bank announced signing a share purchase agreement to acquire 100% of Grama Vidiyal Micro Finance, one of the largest microfinance institutions in the country. Upon completion of acquisition, Grama Vidiyal will be a wholly?owned subsidiary of IDFC Bank. Grama Vidiyal will act as a dedicated Business Correspondent of IDFC Bank, and will help deepen reach and widen the delivery mechanism for banking services. The move enables IDFC Bank to significantly enhance its network and reach and make basic banking services available to a large customer base. Grama Vidiyal's has an AUM (Assets Under Management) of Rs 1502 crore of micro finance assets as on 31 March 2016. All loan assets on the book will be transferred to IDFC Bank. The announcement was made during market hours today, 12 July 2016.
Powered by Capital Market - Live News