Key benchmark indices extended gains and hit fresh intraday high in mid-afternon trade. At 14:15 IST, the barometer index, the S&P BSE Sensex was up 239.06 points or 0.91% at 26,634.77. The Nifty 50 index was currently up 62.20 points or 0.77% at 8,171.05. Positive global stocks boosted sentiment on domestic bourses.
The Sensex rose 247.79 points or 0.94% at the day's high of 26,643.50 in mid-afternoon trade, its highest level since 10 June 2016. The index rose 50.88 points or 0.19% at the day's low of 26,446.59 in early trade. The Nifty gained 64.35 points or 0.79% at the day's high of 8,173.20 in mid-afternoon trade, its highest level since 10 June 2016. The index rose 14.30 points or 0.18% at the day's high of 8,123.15 in early trade.
In overseas markets, European stocks edged higher, snapping a five-day losing streak, as miners and retailers advanced, while traders awaited outcome of the Federal Reserve's latest policy review. Chinese mainland markets rose, shrugging off a decision by stock index provider MSCI saying yesterday, 14 June 2016 to delay inclusion of mainland-traded Chinese A shares in its key emerging market index. In mainland China, the Shanghai Composite index closed 1.58% higher. In Hong Kong, the Hang Seng index closed 0.39% higher. In Japan, the Nikkei 225 index settled 0.38% higher. Other Asian stocks were trading mixed as investors awaited outcome of the central bank meetings in the US and Japan. The US Federal Open Market Committee concludes its two-day meeting today, 15 June 2016 while the Bank of Japan will start its two-day meeting today, 15 June 2016. The Federal Reserve is expected to keep interest rates unchanged and signal if it still plans to raise rates twice in 2016 amid concerns about a US hiring slowdown and Britain's possible exit from the European Union.
US stocks declined yesterday, 14 June 2016 as investors grappled with mixed signals from lower oil prices, stronger-than-expected retail sales and geopolitical uncertainty roiling European markets.
Closer home, the market breadth indicating the overall health of the market was strong. On BSE, 1,630 shares gained and 868 shares declined. A total of 167 shares were unchanged. The BSE Mid-Cap index was currently up 0.59% underperforming the Sensex. The BSE Small-Cap index was currently up 0.93%, outperforming the Sensex.
Index heavyweight and cigarette major ITC rose 1.02% to Rs 356.90. The stock hit a high of Rs 357.10 and low of Rs 353.65 so far during the day.
Bharat Heavy Electricals (Bhel) rose 0.68% after the company said that continuing project commissioning momentum, it has successfully commissioned another 195 megawatts (MW) thermal unit in Bihar. This is the second 195 MW unit to be commissioned by Bhel at Muzaffarpur Thermal Power Station (TPS) Stage-II of Kanti Bijlee Utpadan Nigam (KBUNL), a joint venture of NTPC and BSPGCL, in Bihar. The first 195 MW unit at Muzaffarpur TPS Stage-II was commissioned earlier by the company in March 2015, Bhel said.
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Cement stocks gained on renewed buying. Ambuja Cements (up 2.01%), ACC (up 1.37%), UltraTech Cement (up 0.25%) gained. Shree Cement shed 0.28%.
Grasim Industries was up 0.62% at Rs 4,299.40. Grasim has exposure to the cement sector through its holding in UltraTech Cement.
IT stocks rose. Infosys (up 0.66%), Wipro (up 0.79%), TCS (up 0.29%), HCL Technologies (up 0.33%), Oracle Financial Services Software (up 1.73%), Tech Mahindra (up 0.83%), Persistent Systems (up 0.26%) and MphasiS (up 1.05%) rose. Hexaware Technologies fell 0.35%.
Zensar Technologies rose 1.49% after the company announced a multi-million multi-year Managed Services Deal with John Lewis, UK's largest department store retailer. Zensar has been partnering John Lewis through its business transformation process with next gen applications management solutions for many years now. As part of this agreement spread over a five-year period, Zensar will be responsible for application management and technical analysis services for buying, selling, supply chain, financial management, management information systems, digital and online order management, customer delivery and mobile applications. The announcement was made during trading hours today, 15 June 2016.
Hercules Hoists lost 3.67% after the company reported net loss of Rs 0.74 crore for Q4 March 2016, higher than net loss of Rs 0.65 crore for Q4 March 2015. The company's net sales fell 11% to Rs 21.45 crore in Q4 March 2016 over Q4 March 2015. The company announced the fourth quarter results after trading hours yesterday, 14 June 2016.
Thiru Arooran Sugars was locked in 10% upper circuit at Rs 108.05 after the company reported net profit of Rs 27.38 crore in Q4 March 2016 compared with net loss of Rs 18.61 crore in Q4 March 2015. Net sales fell 41.7% to Rs 49.77 crore in Q4 March 2016 over Q4 March 2015. The result was announced after market hours yesterday, 14 June 2016.
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