Key benchmark indices extended initial gains and hit fresh intraday high in morning trade as firmness in most Asian stocks boosted sentiment. At 10:20 IST, the barometer index, the S&P BSE Sensex gained 132.41 points or 0.41% at 32,639.13. The Nifty 50 index rose 41.80 points or 0.41% at 10,226.65.
The S&P BSE Mid-Cap index rose 0.27%, underperforming the Sensex. The S&P BSE Small-Cap index advanced 0.76%, outperforming the Sensex.
The breadth, indicating the overall health of the market, was strong. On the BSE, 1,436 shares rose and 748 shares declined. A total of 102 shares were unchanged.
Realty stocks rose for the second straight day. Sobha (up 4.99%), Unitech (up 0.31%), NBCC (up 0.79%), Godrej Properties (up 3.15%), Housing Development & Infrastructure (HDIL) (up 2.4%), DLF (up 1.34%), D B Realty (up 0.68%), and Indiabulls Real Estate (up 0.45%) gained.
Telecom stocks extended previous sessions' gains triggered by reports suggesting that Reliance Jio Infocomm (RJIL), a subsidiary of Reliance Industries has raised the tariffs. Bharti Airtel (up 0.66%), Tata Teleservices (Maharashtra) (up 4.95%) Reliance Communications (up 0.01%) MTNL (up 1.75%) and Idea Cellular (up 1.83%) gained.
Shares of Bharti Infratel fell 1.79%, with the stock extending previous sessions losses. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.
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A global brokerage reportedly said that Jio's action implies a progressively normalisation of sector pricing". Jio's entry had sparked cutthroat competition in telecom sector, eroding profitability. Jio's most popular plan of Rs 399 with a three month validity (84 days) is now available for Rs 459 and subscribers who want to recharge with Rs 399 plan will have the pack available for a period of 70 days instead. The changes kicked in from 19 October 2017.
Cochin Shipyard rose 1.66% after the company formed a joint venture with Hooghly Dock & Port Engineers. The announcement was made after market hours yesterday, 23 October 2017. Cochin Shipyard said that a joint venture company has been incorporated yesterday, 23 October 2017 in the name of Hooghly Cochin Shipyard. Cochin Shipyard and Hooghly Dock & Port Engineers will have 76% and 24% stake in the company respectively.
It may be recalled that the Ministry of Shipping, Government of India had on 29 March 2017 approved formation of joint venture company between Cochin Shipyard and Hooghly Dock & Port Engineers for upgradation and modernization of shipbuilding infrastructure at the two shipyard sites of Salkia and Nazirgunge in Kolkata.
Overseas, most Asian stocks shrugged off overnight declines in the US stocks, where a gauge of equity volatility climbed as market participants assessed the recent rally in global stocks before a slew of earnings reports. China's ruling Communist Party approved an amendement to its constitution directly mentioning Chinese President Xi Jinping's name and his Xi Jinping Thought on Socialism with Chinese Characteristcs for a New Era.
US stocks began the week with losses yesterday, 23 October 2017 as industrial and technology companies and retailers all stumbled. The Chicago Fed national activity index for September improved to 0.17 in September from negative 0.37 in August.
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