The key indices extended early gains and hit fresh intraday high in morning trade. At 10:16 IST, the barometer index, the S&P BSE Sensex, was up 248.33 points or 0.67% at 37,413.49. The Nifty 50 index was up 78.30 points or 0.70% at 11,323. Shares jumped on bargain hunting after a recent sell off.
The indices opened higher and firmed up in morning trade. The Sensex rose 291.34 points, or 0.78% at the day's high of 37,456.50 in morning trade. The index rose 154.45 points, or 0.42% at the day's low of 37,319.61 in early trade. The Nifty rose 90.40 points, or 0.80% at the day's high of 11,335.10 in morning trade. The index rose 49.85 points, or 0.44% at the day's low of 11,294.55 in early trade.
Among secondary barometers, the BSE Mid-Cap index was up 1.06%. The BSE Small-Cap index was up 0.94%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was tilted in favour of buyers. On BSE, 1519 shares rose and 476 shares fell. A total of 73 shares were unchanged.
Metal shares were in demand. Vedanta (up 1.80%), JSW Steel (up 1.07%), Jindal Steel & Power (up 0.84%), Hindustan Copper (up 0.77%), Steel Authority of India (up 0.75%), Tata Steel (up 0.72%), Hindalco Industries (up 0.55%), Hindustan Zinc (up 0.46%), National Aluminium Company (up 0.31%) and NMDC (up 0.23%), edged higher.
Most FMCG shares rose. GlaxoSmithKline Consumer Healthcare (up 1.39%), Jyothy Laboratories (up 1.20%), Colgate Palmolive (India) (up 1.02%), Tata Global Beverages (up 0.66%), Procter & Gamble Hygiene & Health Care (up 0.53%), Hindustan Unilever (up 0.25%), Godrej Consumer Products (up 0.24%) and Nestle India (up 0.18%), edged higher. Dabur India (down 0.05%), Bajaj Corp (down 0.24%), Britannia Industries (down 0.29%) and Marico (down 0.76%), edged lower.
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Overseas, most Asian stocks rose after sliding on trade jitters in the last session. The mood was, however, still cautious amid an elevation in trade tensions between the US and China. The trade war between the world's top two economies intensified midweek after US President Donald Trump raised pressure on China by proposing a higher 25% tariff on $200 billion worth of Chinese imports. China reportedly responded on Thursday, saying that it was fully prepared to defend the interests of the people and free trade.
Investors were also cautious ahead of the July US jobs report due later on Friday, which will give a reading on the health of the world's largest economy and possible clues about the pace of Federal Reserve interest rate rises.
US stocks ended a rocky session decidedly higher on the back of a record rally by Apple that took the iPhone maker to a market cap above $1 trillion, a runup that helped Wall Street set aside bothering trade issues between the US and China.
On the US data front, initial jobless claims rose by 1,000 in the latest week, however they were near their lowest levels since the 1970s. The report comes a day ahead of the highly anticipated July jobs report. Separately, factory orders rose 0.7% in June.
Investors also digested the latest moves from the Bank of England (BoE), which pushed interest rates above their financial crisis lows on Thursday but signalled it was in no hurry to raise them further with an uncertain Brexit on the horizon. BoE raised its main interest rate by 25 basis points to 0.75%, as had been expected.
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