A range bound movement was witnessed as key benchmark indices hovered in positive zone in morning trade. At 10:18 IST, the barometer index, the S&P BSE Sensex, was up 69.58 points or 0.25% at 27,696.27. The Nifty 50 index was currently up 20.95 points or 0.25% at 8,488.85. The Sensex gained 134.12 points or 0.49% at the day's high of 27,760.81 at the onset of trading session, its highest level since 20 August 2015. The barometer index rose 41.12 points or 0.15% at the day's low of 27,667.81 in morning trade. The Nifty gained 35.55 points or 0.42% at the day's high of 8,503.45 at onset of trading day, its highest level since 19 August 2015. The index rose 11.30 points or 0.13% at the day's low of 8,479.20 in morning trade.
In overseas stock markets, Japanese stocks led gains in Asian equities as investors gained confidence in Japanese Prime Minister Shinzo Abe's ruling coalition, which increased its control in the upper house of parliament after election for the upper house held on 10 July 2016. The Nikkei 225 Average was currently up 3%. Anticipation was also growing that Abe would soon introduce a fresh fiscal stimulus package to help the stagnant economy. Speculation was also growing that an expected meeting between former US Federal Reserve Chairman Ben Bernanke and Abe today, 12 July 2016, would include talks about a radical measure in which a central bank directly funds government spending. The Nikkei 225 Average rose 4% during the previous trading session, registering its biggest daily-percentage gain since 2 March 2016, as Abe's ruling-coalition victory in the upper-house election stoked speculation of more fiscal stimulus.
US stocks edged higher yesterday, 11 July 2016, with the S&P 500 index hitting record high on intraday and closing basis as investors bought stocks amid a reinvigorated appetite for assets perceived as risky following a surprisingly strong jobs report for June 2016 released during trading hours in the US on Friday, 8 July 2016.
Closer home, the market breadth indicating the overall health of the market was positive. On BSE, 1,058 shares rose and 965 shares declined. A total of 133 shares were unchanged. The BSE Mid-Cap index was currently up 0.36%, outperforming the Sensex. The BSE Small-Cap index was currently up 0.18%, underperforming the Sensex.
Metal and mining stocks edged higher on renewed buying. Tata Steel (up 1.08%), Steel Authority of India (Sail) (up 0.53%), National Aluminium Company (up 4.41%), Hindustan Zinc (up 1.89%), Jindal Steel & Power (up 1.67%), NMDC (up 0.26%), Hindustan Copper (up 0.4%) edged higher.
JSW Steel rose 0.61% to Rs 1,514.75. The stock hit a high of Rs 1,520 so far during the day, a record high for the counter. The stock hit low of Rs 1,508 so far during the day.
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Copper prices edged higher in the global commodities market. High Grade Copper for September 2016 delivery was currently up 0.21% at $2.152 per pound on the COMEX.
Vedanta gained 2.12% to Rs 151.90. The stock hit a high of Rs 152.25 so far during the day, also its 52-week high. The stock hit low of Rs 149.50 so far during the day.
Hindalco Industries advanced after Alcoa, the largest US aluminum producer, reported quarterly earnings and revenue that beat analysts' expectations. The stock was up 3.99% to Rs 134.20. The stock hit a high of Rs 134.50 so far during the day, also its 52-week high. The stock hit low of Rs 130 so far during the day. Alcoa announced its second-quarter results after trading hours in the US yesterday, 11 July 2016.
Cement stocks gained. UltraTech Cement (up 0.99%) and Shree Cement (up 0.8%) gained.
ACC rose 0.55% to Rs 1,622. The stock hit a high of Rs 1,628 so far during the day, a 52-week high for the counter. The stock hit low of Rs 1,613.20 so far during the day.
Ambuja Cements rose 0.61% to Rs 261.80. The stock hit a high of Rs 262.50 so far during the day, a 52-week high for the counter. The stock hit low of Rs 259.25 so far during the day.
Grasim Industries was up 1.37% at Rs 4,624.65. Grasim has exposure to the cement sector through its holding in UltraTech Cement.
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