Key benchmark indices logged modest gains on the last trading day of the week, led by index heavyweights Infosys and Reliance Industries (RIL). The barometer index, the S&P BSE Sensex, gained 222.19 points or 0.7% at 31,814.22, as per the provisional closing data. The Nifty 50 index gained 91 points or 0.92% at 9,979.70, as per the provisional closing data. Metal and mining stocks were in demand as copper prices rose in global commodity markets.
The Sensex gained 252.25 points or 0.8% at the day's high of 31,844.28 in late trade, its highest level since 25 September 2017. The index rose 40.78 points or 0.13% at the day's low of 31,632.81 at the onset of the session. The Nifty gained 100.65 points or 1.02% at the day's high of 9,989.35 in late trade, its highest level since 22 September 2017. The index rose 17.90 points or 0.18% at the day's low of 9,906.60 at the onset of the session.
Domestic stocks edged higher in early trade on positive Asian stocks. Key benchmark indices extended early gains and hit fresh intraday high in morning trade. Indices held firm later during the session. Firmness prevailed on the bourses as stocks held onto gains in mid-afternoon trade. Stocks extended gains in late trade.
The S&P BSE Mid-Cap index provisionally rose 0.95%. The S&P BSE Small-Cap index provisionally rose 1.09%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1,700 shares rose and 965 shares fell. A total of 112 shares were unchanged.
The total turnover on BSE amounted to Rs 3673.65 crore, higher than the turnover of Rs 3348.15 crore registered during the previous trading session.
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Metal and mining stocks were in demand as copper prices rose in global commodity markets. Vedanta (up 2.61%), JSW Steel (up 3.29%), Steel Authority of India (Sail) (up 4.07%), National Aluminium Company (up 2.7%), Hindustan Zinc (up 1.79%), Jindal Steel & Power (up 3.25%), Hindalco Industries (up 4.09%), NMDC (up 2.52%) and Hindustan Copper (up 4.77%) edged higher.
Tata Steel gained 4.73% after the company announced production and sales numbers for Q2 September 2017. The company's sales rose 15.73% to 6.4 million tonnes in Q2 September 2017 over Q2 September 2016. Production grew by 4.71% to 6.22 million tonnes in Q2 September 2017 over Q2 September 2016. The announcement was made after market hours yesterday, 5 October 2017.
Copper edged higher in the global commodities market. High Grade Copper for December 2017 delivery was currently up 0.25% at $3.0540 per pound on the COMEX.
Overseas, most European stocks were trading lower as investors continue to eye developments in Spain and prep for what could be a volatile ahead of the September non-farm payroll report from the US Department of Labor following September's devastating hurricane season. Meanwhile, lawmakers in Madrid continue to grapple with the country's constitutional crisis sparked by last weekend's independence referendum in Catalonia.
Asian stocks followed their US counterparts higher after a slew of data and comments from Federal Reserve officials helped ratchet up bets that the US economy is strong enough to withstand higher interest rates. Stock markets in China and South Korea remained closed.
US stock-market indexes posted solid gains and closed at all-time highs yesterday, 5 October 2017 fueled by gains in technology stocks including Netflix, Microsoft and Amazon.com. After a House vote, the Senate approved a budget bill yesterday, 5 October 2017. Republicans passed tax cuts through what is known as budget reconciliation, which requires just a simple majority in the Senate. Republicans currently control the Senate with 52 seats.
Meanwhile, economic data released yesterday, 5 October 2017 pointed to underlying strength in the economy despite weather-related disruptions, with the trade deficit narrowing in August and jobless claims falling more than expected last week. The US trade deficit dropped 2.7% in August to $42.4 billion from $43.6 billion in July. Separately, initial jobless claims, a tool to measure US layoffs, fell by 12,000 to 260,000 at the end of September. The number of people already collecting unemployment benefits, known as continuing claims, rose very slightly to 1.94 million.
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