Key indices strengthened and hit fresh intraday high in mid-afternoon trade. At 14:20 IST, the barometer index, the S&P BSE Sensex was up 271.73 points or 0.91% at 30,204.98. The Nifty 50 index rose 74.60 points or 0.8% at 9,391.45. The Sensex hit fresh record high above the psychological 30,000-mark in mid-morning trade after regaining that mark in early trade. The Nifty also scaled fresh record high.
The sentiment was positive after chief of the India Meteorological Department (IMD) reportedly commenting that India may likely receive higher monsoon rainfall than previously forecast.
Indices extended gains as the day's trade progressed after opening higher tracking firm Asian stocks.
Shares of most power generation and power distribution companies gained. Capital goods stocks also gained.
The BSE Mid-Cap index rose 0.74%. The BSE Small-Cap index gained 0.72%. Both these indices underperformed the Sensex.
The breadth, indicating health of the market, was positive. On BSE, 1,581 shares rose and 1,162 shares fell. A total of 160 shares were unchanged.
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The Sensex gained 285.18 points or 0.95% at the day's high of 30,218.43 in mid-afternoon trade, a record high for the index. The index gained 54.19 points or 0.18% at the day's low of 29,987.44 in early trade. The Nifty gained 77.40 points or 0.83% at the day's high of 9,394.25 in mid-afternoon trade, a record high for the index. The index gained 19.15 points or 0.2% at the day's low of 9,336 in early trade.
Shares of most power generation and power distribution companies gained. Torrent Power (up 1.31%), NTPC (up 0.59%), JSW Energy (up 0.22%), Tata Power Company (up 0.24%), Power Grid Corporation of India (up 0.74%), and Reliance Power (up 0.32%) gained. NHPC (down 0.48%), Reliance Infrastructure (down 0.23%) and Adani Power (down 0.32%) declined.
Capital goods stocks gained. Bharat Heavy Electricals (Bhel) (up 0.11%), BEML (up 1.03%), Havells India (up 1.28%), ABB India (up 3.2%), Bharat Electronics (up 1.41%), L&T (up 0.07%), Thermax (up 2.08%), and Siemens (up 0.84%) gained.
Blue Star declined 0.5%. The company's consolidated net profit surged 147.63% to Rs 37.17 crore on 18.56% growth in net sales to Rs 1371.79 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 9 May 2017.
AstraZeneca Pharma India lost 3.6% after the company reported net loss of Rs 2.88 crore in Q4 March 2017, compared with net profit of Rs 0.56 crore in Q4 March 2016. The result was announced after market hours yesterday, 9 May 2017. Total income dropped 26.66% to Rs 118.01 crore in Q4 March 2017 over Q4 March 2016.
Shemaroo Entertainment slumped 11.57% after consolidated net profit fell 16.28% to Rs 13.78 crore on 4.15% fall in net sales to Rs 98.64 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 9 May 2017.
EBITDA (earnings before interest, taxes, depreciation and amortization) decreased by 4.6% to Rs 32.36 crore in Q4 March 2017 over Q4 March 2016. EBITDA margin stood at 32.6% in Q4 March 2017 as against 33% in Q4 March 2016.
Meanwhile, India looks likely to receive higher monsoon rainfall than previously forecast as concern over the El Nino weather condition has eased, the chief of the India Meteorological Department (IMD) reportedly said yesterday, 9 May 2017, raising prospects of higher farm and economic growth. The IMD on 18 April forecast had said this year's monsoon rains will be at 96% of the 50-year average of 89 cm.
However, he reportedly denied the possibility that monsoon would be above normal this year. Anything between 96% and 104% of the long period average (LPA) is considered as normal. Anything under 96% is considered as below normal and 104-110% of the LPA as above normal.
Overseas, European stocks edged lower amid fresh corporate earnings and after unexpected firing of the Federal Bureau of Investigation (FBI) Director James Comey by the Trump administration.
In economic data, Germany posted a record current-account surplus in March. Germany's current-account surplus -- the gap between what it earns from and what it spends in overseas markets -- came in at EUR30.2 billion ($33 billion) in March, the Destatis statistics office said.
French industrial production rose further than expected in March on a surge in output of manufactured goods, statistics showed. Industrial output in the eurozone's second-largest economy rose 2% on month in March after a weak start to the year.
Asian stocks were mixed. Markets were closed in Singapore, Malaysia and Thailand for public holidays.
Moon Jae-in's victory in the South Korea's presidential election yesterday, 9 May 2017 removed a major overhang from the market.
China's April producer price inflation cooled more than expected. The producer price index (PPI) rose 6.4% from a year earlier, slower than economists' expectations and easing further from the previous month's gain of 7.6%. China's consumer inflation accelerated in April, as higher non-food prices helped outweigh continued falls in food prices, official data showed. The consumer price index increased 1.2% in April from a year earlier, compared with a 0.9% gain in March.
US stocks closed near session lows yesterday, 9 May 2017 as the Dow Jones industrials Average and S&P 500 index finished lower and the tech-heavy Nasdaq Composite Index carved out a new record while investors sifted through mostly upbeat earnings reports against a backdrop of falling oil prices.
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