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Market hits fresh intraday high

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Capital Market
Last Updated : Sep 21 2018 | 10:31 AM IST

The market extended gains and hit fresh intraday high in morning trade. At 10:17 IST, the barometer index, the S&P BSE Sensex, was up 320.81 points or 0.86% at 37,442.03. The Nifty 50 index was up 94.85 points or 0.84% at 11,329.20. Positive leads from Asian markets and overnight gains on the Wall Street improved investors sentiment.

Among secondary barometers, the BSE Mid-Cap index was up 0.42%. The BSE Small-Cap index was up 0.30%.

The market breadth, indicating the overall health of the market, was positive. On BSE, 1216 shares rose and 808 shares fell. A total of 118 shares were unchanged.

Metal shares were in demand. Jindal Steel & Power (up 4.86%), Tata Steel (up 3.26%), Steel Authority of India (up 2.27%), Hindalco Industries (up 2.18%), Hindustan Zinc (up 2.11%), JSW Steel (up 1.70%), National Aluminium Company (up 1.46%), Vedanta (up 1.41%), Hindustan Copper (up 1.15%) and NMDC (up 0.97%), edged higher.

FMCG shares were mixed. Dabur India (down 1.91%), Bajaj Corp (down 1.33%), Britannia Industries (down 1.11%), GlaxoSmithKline Consumer Healthcare (down 0.67%) and Hindustan Unilever (down 0.5%), edged lower. Jyothy Laboratories (up 0.12%), Tata Global Beverages (up 0.28%), Nestle India (up 0.39%), Colgate Palmolive (India) (up 0.82%), Marico (up 1.16%) and Godrej Consumer Products (up 1.66%), edged higher.

Overseas, Asia markets traded in positive territory on the final trading day of the week, following record highs on Wall Street. Japan's Nikkei 225 advanced by 0.63%. The moves came following after a data release earlier showed that the country's nationwide core consumer price index for the month of August rose 0.9% compared to a year ago.

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In US, trade-sensitive industrial stocks led the gains on Thursday. The Dow Jones Industrial Average 0.95% while the S&P 500 gained 0.78%, both hitting record highs.

The latest rally comes after new US and Chinese tariffs on each other's goods were set at lower rates this week than previously expected, raising hopes that hostilities between the world's two largest economies may be easing. Despite the trade risks, the outlook on corporate profit remained solid in many markets on the back of strong global growth, keeping equity valuations relatively attractive.

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First Published: Sep 21 2018 | 10:19 AM IST

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