Key benchmark indices logged strong gains on first trading day of the week on steady buying in TCS, Infosys and Bharti Airtel. The barometer index, the S&P BSE Sensex, jumped 355.01 points or 1.13% at 31,715.64, as per the provisional closing data. The Nifty 50 index jumped 105.25 points or 1.03% at 9,771.05, as per the provisional closing data. The Sensex and the Nifty hit record high on intraday as well as closing basis. Trading was halted temporarily in both cash and derivatives segment of NSE due to technical reasons. Buoyant global stocks lifted sentiment on the domestic bourses.
Both the Sensex and the Nifty scaled record high in mid-afternoon trade. The Sensex gained 407.76 points or 1.3% at the day's high of 31,768.39 in mid-afternoon trade, a record high for the barometer index. The index rose 110.78 points or 0.35% at the day's low of 31,471.41 at the onset of the session. The Nifty gained 106.40 points or 1.1% at the day's high of 9,772.20 in late trade, a record high for the index. The index fell 19.35 points or 0.2% at the day's low of 9,646.45 in intraday trade.
Meanwhile, National Stock Exchange (NSE) in a press release issued today, 10 July 2017 said that cash market segment did not function normally due to technical problem at the opening today and accordingly was closed. F&O and CDS market segments opened normally. Subsequently after giving notice to the market, the F&O segment was also closed. Two attempts to reopen the market were not fully successful and finally at the third attempt the market was opened at 12.30 IST in the cash and F&O segments, after the pre-open period. The currency derivative segment was functioning normally.
The matter is being examined by the internal technical team and external vendors, to analyse and identify the cause which led to the issue and to suggest solutions to prevent recurrence, NSE said.
Domestic stocks kick-started trading for the week on a upbeat note on positive Asian stocks. Indices kept on gaining ground as trading for the day progressed before trimming some gains in late trade.
The S&P BSE Mid-Cap index provisionally rose 0.67%. The S&P BSE Small-Cap index provisionally rose 0.43%. Both these indices underperformed the Sensex.
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The market breadth, indicating the overall health of the market, was positive. On BSE, 1,537 shares rose and 1,108 shares fell. A total of 165 shares were unchanged.
IT stocks gained. TCS (up 4.79%), Infosys (up 2.24%), Wipro (up 4.6%), HCL Technologies (up 2.17%), Oracle Financial Services Software (up 0.46%), Tech Mahindra (up 1.2%) and Hexaware Technologies (up 2.94%) gained.
Lupin gained 2.96% after the company said it has received approval from the US health regulator for generic Ancobon Capsules. The announcement was made during market hours today, 10 July 2017. Lupin received final approval for its Flucytosine Capsules USP, 250 mg and 500 mg from the United States Food and Drug Administration (FDA) to market a generic version of Valeant Pharmaceuticals International Inc's Ancobon Capsules, 250 mg and 500 mg.
Flucytosine Capsules USP, 250 mg and 500 mg are indicated for the treatment of serious infections caused by susceptible strains of Candida and/or Cryptococcus. Ancobon Capsules had US sales of $46.6 million (IMS MAT March 2017).
Tata Motors gained 2.28% after the company said that the sales of its British luxury unit Jaguar Land Rover (JLR) rose 11% to 51,591 units in June 2017 over June 2016, driven by healthy China market. Jaguar sales grew by 16.4% to 15,343 units in June 2017 over June 2016. Land Rover sales rose 8.9% to 36,248 units in June 2017 over June 2016. The announcement was made after market hours on Friday, 7 July 2017.
Overseas, European stocks and most Asian stocks rose, with sentiment helped by Wall Street's strong performance on Friday and gains in Asia today, after US jobs report beat estimates and Chinese inflation data came in line with forecasts.
Consumer prices in China rose an annual 1.5% in June, the National Bureau of Statistics said. That was unchanged from the May reading. The bureau also said that producer prices were up 5.5% on year, an unchanged pace and in line with expectations.
US stocks finished higher on Friday, 7 July 2017 as tech stocks rebounded from a slump and the jobs report showed a higher-than-expected gain for June. The Fed, in its semiannual monetary policy report, forecast a gradual hike in interest rates and a winddown of the balance sheet as the economy continues its steady pace of expansion. Meanwhile, the Group of 20 meeting of world leaders made little impact on markets, as there was less discord than expected.
In economic data, an employment report showed the US added 222,000 jobs in June, representing the second-largest job haul of the year and underscoring that the labor market remains healthy. The Labor Department said unemployment ticked up to 4.4% from 4.3%.
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