Key benchmark indices logged modest gains in volatile session of trade. The barometer index, the S&P BSE Sensex, rose 107.30 points or 0.34% at 31,809.55, as per the provisional closing data. The Nifty index rose 39.35 points or 0.4% at 9,952.20, as per the provisional closing data. Gains were led by index heavyweights Reliance Industries and HDFC. Positive European stocks boosted sentiment on the domestic bourses.
The Sensex gained 161.22 points or 0.51% at the day's high of 31,863.47 in late trade. The index fell 28.02 points or 0.09% at the day's low of 31,674.23 in early afternoon trade. The Nifty gained 50.25 points or 0.51% at the day's high of 9,963.10 in late trade. The index fell 11.80 points or 0.12% at the day's low of 9,901.05 in early afternoon trade.
Domestic stocks drifted higher in early trade. Key benchmark indices hovered within a narrow zone in the positive terrain till early afternoon trade. Stocks recovered after nosediving into the negative terrain in afternoon trade tracking firmness in European stocks. Volatility ruled the roost in mid-afternoon trade as the key benchmark indices hit fresh intraday high. Stocks trimmed some gains in late trade.
The S&P BSE Mid-Cap index was provisionally up 0.63%. The S&P BSE Small-Cap index provisionally up 1.03%. Both these indices outperformed the Sensex.
The market breadth, indicating health of the market, was strong. On BSE, 1,646 shares rose and 909 shares fell. A total of 153 shares were unchanged.
The total turnover on BSE amounted to Rs 3149.34 crore, lower than the turnover of Rs 3396.73 crore registered during the previous trading session.
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Index heavyweight Reliance Industries (RIL) gained 1.34% to Rs 1,633 after a foreign brokerage house reportedly said it expects the oil and gas major's gross refining margins to gain on a global supply glut concerns.
Index heavyweight and housing finance major HDFC advanced 0.79% to Rs 1,769.50.
Wipro fell 0.05%. The company announced the launch of its newest digital pod in Edinburgh, Scotland, deepening its commitment to offer digital services at close proximity to its UK and European customers. The announcement was made after market hours yesterday, 4 September 2017.
The Edinburgh Pod is purpose built for Wipro's digital strategy, design and engineering teams to work in a collaborative and adaptive workspace, along with clients. Digital pods allow teams to work with the necessary autonomy to facilitate speed, continually evaluating progress with user research and technical performance data.
Realty stocks gained. Oberoi Realty (up 7.58%), Indiabulls Real Estate (up 1.2%), Housing Development and Infrastructure (up 0.4%), D B Realty (up 2.4%), DLF (up 1.46%), Sobha (up 3.43%) and Godrej Properties (up 0.9%) rose. Unitech (down 2.05%) and Prestige Estates Projects (down 0.49%) fell.
On the macro front, data released during market hours today, 5 September 2017 showed the Nikkei India Services Purchasing Managers' Index (PMI) rose to 47.5 in August from July's 45.9. The Indian service sector was again impacted by the goods and services tax (GST) during August as a second consecutive drop in new business resulted in another monthly decline in activity, the PMI survey said.
Overseas, European stocks were trading higher while Asian stocks were mixed on lingering tensions between the US and North Korea. China's Caixin/Markit August services purchasing managers' index (PMI) today, 5 September 2017 showed an increase to 52.7 from 51.5 in the previous month. A reading above 50 indicates economic expansion, while a reading below 50 points toward contraction.
Japan's services sector expanded in August at the slowest rate in six months. The Markit/Nikkei Japan Services PMI fell to a seasonally adjusted 51.6 from 52 in July.
US financial markets remained closed yesterday, 4 September 2017 in observance of Labor Day. The US on Monday called for the strongest possible sanctions to be imposed on North Korea a day after the North said it had tested a hydrogen bomb.
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