A sudden surge in afternoon trade pushed the key benchmark indices to fresh intraday high as European stocks rose in early trade there. At 13:16 IST, the barometer index, the S&P BSE Sensex, was up 281.38 points or 1.1% at 25,960.31. The Nifty 50 index was up 88.95 points or 1.13% at 7,944.
The Sensex jumped 305.57 points, or 1.19% at the day's high of 25,984.50 in afternoon trade, its highest level since 21 April 2016. The index fell 129.88 points, or 0.51% at the day's low of 25,549.05 in early trade, its lowest level since 13 April 2016. The Nifty jumped 99.90 points, or 1.27% at the day's high of 7,954.95 in afternoon trade, its highest level since 21 April 2016. The index fell 32.50 points, or 0.41% at the day's low of 7,822.55 in early trade, its lowest level since 13 April 2016.
The market breadth indicating the overall health of the market was strong. On BSE, 1,448 shares rose and 880 shares fell. A total of 156 shares were unchanged. The BSE Mid-Cap index was currently up 0.59%. The BSE Small-Cap index was currently up 0.55%. Both these indices underperformed the Sensex.
In overseas markets, European stocks traded higher as markets await the outcomes of several central bank meetings this week. Asian stocks were mixed as investors braced for central bank policy meetings in the United States and Japan later this week. The Bank of Japan (BOJ) holds a two-day monetary policy meeting on Wednesday, 27 April 2016 and Thursday, 28 April 2016. Market participants are becoming more confident in their expectations of further easing from the Bank of Japan. The BOJ in January decided to begin charging 0.1% interest on some bank reserves parked with the institution, in a bid to kick-start the economy and pull it out of two decades of deflation.
US stock prices fell yesterday, 25 April 2016, as weaker oil prices weighed on energy shares. The US Federal Reserve holds a two-day policy meeting on Tuesday, 26 April 2016 and Wednesday, 27 April 2016. As per market expectations, the Fed is likely to hold rates steady this week. The Fed statement could provide clues on the future path for interest rates.
Auto stocks gained on renewed buying. Tata Motors (up 1.91%), Mahindra & Mahindra (M&M) (up 2.05%), Eicher Motors (up 1.26%), Ashok Leyland (up 0.47%), Bajaj Auto (up 0.56%) and TVS Motor Company (up 1.28%) gained. Hero MotoCorp fell 0.58%.
Maruti Suzuki India surged 3.29%. The company reported 11.72% fall in net profit to Rs 1133.60 crore on 10.62% rise in total income to Rs 15426.90 crore in Q4 March 2016 over Q4 March 2015. The company's board of directors has recommended a final dividend of Rs 35 per share for the year ended 31 March 2016. The result was announced during market hours today, 26 April 2016.
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Realty stocks edged higher. DLF (up 2.12%), Indiabulls Real Estate (up 1.07%), Housing Development and Infrastructure (up 2.59%), D B Realty (up 1.07%), Unitech (up 0.8%), Sobha (up 1.85%), Oberoi Realty (up 0.23%) and Parsvnath Developers (up 0.79%) gained. Godrej Properties fell 0.17%.
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