Key benchmark indices extended intraday gains and hit fresh intraday high in early afternoon trade. At 12:16 IST, the barometer index, the S&P BSE Sensex, was up 234.64 points or 0.75% at 31,448.23. The Nifty 50 index was up 81.60 points or 0.84% at 9,792.40. Positive cues from from Asian market boosted investors' sentiment.
On a the macro front, the annual rate of inflation, based on monthly Wholesale Price Index (WPI), stood at 1.88% (provisional) in July 2017 compared with 0.90% (provisional) in June 2017 and 0.63% in July 2016. The data was released during trading hours today, 14 August 2017.
India's industrial production in June 2017 contracted 0.1%, the lowest reading since June 2013, driven primarily by a 6.8% contraction in capital goods. Data for growth in the Index of Industrial Production (IIP) for May 2017 was revised to 2.8%. The fall in capital goods production was the most drastic contraction since September 2016. The data was announced after market hours on Friday, 11 August 2017.
The Sensex rose 287.70 points, or 0.92% at the day's high of 31,501.29 in early afternoon trade, its highest level since 10 August 2017. The index rose 85.31 points, or 0.27% at the day's low of 31,298.90 in early trade. The Nifty rose 96.05 points, or 0.99% at the day's high of 9,806.85 in early afternoon trade, its highest level since 10 August 2017. The index rose 41.30 points, or 0.43% at the day's low of 9,752.10 in early trade.
Among secondary barometers, the BSE Mid-Cap index was up 1.92%. The BSE Small-Cap index was up 2.06%. Both these indices outperformed the Sensex.
The broad market depicted strength. There were more than three gainers against every loser on BSE. 1,785 shares rose and 572 shares fell. A total of 81 shares were unchanged.
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Most realty shares rose. DLF (up 11.58%), Anant Raj (up 4.18%), Unitech (up 3.90%), Prestige Estates Projects (up 2.91%), Phoenix Mills (up 2.87%), D B Realty (up 2.73%), Godrej Properties (up 2.71%), Peninsula Land (up 1.68%), Sobha (up 1.50%), Mahindra Lifespace Developers (up 1.36%), Indiabulls Real Estate (up 0.98%), Omaxe (up 0.90%) and Oberoi Realty (up 0.67%), edged higher. Sunteck Realty (down 1.75%), Housing Development and Infrastructure (HDIL) (down 1.8%) and Parsvnath Developers (down 9.81%), edged lower.
Power generation stocks were in demand. Adani Power (up 3.47%), NHPC (up 3.32%), GMR Infrastructure (up 3.23%), Torrent Power (up 3.07%), Reliance Power (up 1.94%), Reliance Infrastructure (up 1.91%), Tata Power (up 1.44%), CESC (up 0.86%) and JSW Energy (up 0.55%), edged higher. NTPC (down 0.15%) and Jaiprakash Power Ventures (down 1.40%), edged lower.
State-run Power Grid Corporation of India was up 1.58%. State-run Coal India was up 1.25%.
State-run BPCL shed 2.48% to Rs 472.25 after net profit fell 71.6% to Rs 744.56 crore on 21.7% growth in net sales to Rs 57125.80 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours on Friday, 11 August 2017.
Average gross refining margin (GRM) fell to $4.88 per barrel in Q1 June 2017 from $6.09 per barrel in Q1 June 2016. The company has accounted compensation towards sharing of under-recoveries on sale of sensitive petroleum products of Rs 196.75 crore by way of subsidy for Q1 June 2017 compared to Rs 307.28 crore in Q1 June 2016 accounted as revenue from operations. The net under-recovery absorbed by the corporation on sale of sensitive petroleum products is nil in Q1 June 2017 and Q1 June 2016.
Vinati Organics rose 3.51% after the company's board at its meeting held on 11 August 2017, approved buyback of upto 2 lakh shares or 0.39% equity share capital of the company from all the shareholders on a proportionate basis through the tender offer route using the stock exchange mechanism at Rs 1,200 per share. The announcement was made after market hours on Friday, 11 August 2017.
Overseas, Asian stocks were trading higher after recent losses although broader sentiment was tempered by continued tensions between the United States and North Korea.
Gains among technology companies helped snap a three-day losing streak for US stocks on Friday, 11 August 2017.
The Dow Jones Industrial Average rose 14.31 points to close at 21,858.32. The S&P 500 gained 3.11 points, or 0.1%, to end at 2,441.32. The Nasdaq Composite Index climbed 39.68 points, or 0.6%, to close at 6,256.56. Investors bet on slower US rate hikes following weaker-than-expected consumer price data. But gains were muted by increasingly aggressive exchanges between Washington and Pyongyang.
Geopolitical risks were expected to remain a key theme for the global markets in the near term, as North Korea celebrates Liberation Day on Tuesday, 15 August 2017, to mark the end of Japanese rule. Investors also braced for tensions ahead of 21 August 2017, when an annual joint US-South Korean military exercise is due to begin.
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