After a positive start, key benchmark indices extended gains and hit fresh intraday high in morning trade. At 10:16 IST, the barometer index, the S&P BSE Sensex, was up 300.65 points or 1.06% at 28,713.54. The Nifty 50 index was up 88.10 points or 1.01% at 8,830.65. The Sensex rose 323.54 points, or 1.14% at the day's high of 28,736.43 in morning trade, its highest level since 9 September 2016. The index rose 107.28 points, or 0.38% at the day's low of 28,520.17 at the onset of trading session. The Nifty rose 92.45 points, or 1.06% at the day's high of 8,835 in morning trade, its highest level since 9 September 2016. The index rose 37.70 points, or 0.43% at the day's low of 8,780.25 at the onset of trading session.
The broad market depicted strength. There were more than three gainers against every loser on BSE. 1,576 shares rose and 487 shares fell. A total of 101 shares were unchanged. The BSE Mid-Cap index was currently up 1.2%, outperforming the Sensex. The BSE Small-Cap index was currently up 1.04%, underperforming the Sensex.
In overseas stock markets, Asian stocks rose after weak US data reduced the chance of an interest rate increase by the Federal Reserve at next week's meeting. Markets in China, Hong Kong, Taiwan and South Korea were closed for holidays. US stocks finished higher yesterday, 15 September 2016, as a rally in the tech sector helped to lift the broader market following a deluge of macroeconomic reports. Sales at US retailers fell in August for the first time in five months as traffic dropped off for most stores. Retail sales declined a seasonally adjusted 0.3%. Industrial production in US contracted in August after a promising expansion in the previous two months, the Federal Reserve said yesterday, 15 September 2016.
Index heavyweight HDFC Bank was up 1.69% to Rs 1,301.15. The stock hit a high of Rs 1,303.75 and a low of Rs 1,288.70 so far during the day.
Auto stocks were in demand. Bajaj Auto (up 2.84%), Hero MotoCorp (up 2.50%), Maruti Suzuki (India) (up 2.21%), Mahindra & Mahindra (up 1.55%), Tata Motors (up 1.32%), Eicher Motors (up 1.31%), TVS Motor Company (up 1.28%), Escorts (up 1.08%) and Ashok Leyland (up 0.61%), edged higher.
State-run oil marketing companies (PSU OMCs) hiked petrol price by 58 paise a litre and reduced diesel price by 31 paise per litre in Delhi effective 16 September 2016 (including state levies), with corresponding price revision in other states. Petrol now costs Rs 64.05 a litre as against Rs 63.47 in Delhi. Similarly, diesel now costs Rs 52.63 a litre as compared to Rs 52.94 a litre.
Metal shares also edged higher. National Aluminium Company (up 1.62%), NMDC (up 1.46%), Steel Authority of India (up 1.15%), Jindal Steel & Power (up 0.96%), Tata Steel (up 0.95%), Hindalco Industries (up 0.83%), Hindustan Copper (up 0.61%), Hindustan Zinc (up 0.50%) and Vedanta (up 0.39%), edged higher. Bhushan Steel (down 0.12%) and JSW Steel (down 0.27%), edged lower.
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Meanwhile, copper price edged higher in the global commodities markets. High Grade Copper for December 2016 delivery was currently up 0.07% at $2.161 per pound on the COMEX.
IT major Wipro rose 0.60% to Rs 481.20 after the company partnered with Reltio to develop faster and cost effective master data management solutions. The announcement was made after market hours yesterday, 15 September 2016. The partnership will help Reltio and Wipro's clients bridge the gap between data and insights by boosting the reliability of information, while ensuring users get access to relevant data.
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