A bout of volatility was witnessed as key benchmark indices pared gains after hitting fresh intraday high in mid-afternoon trade. At 14:16 IST, the barometer index, the S&P BSE Sensex, was up 268.10 points or 0.86% at 31,481.69. The Nifty 50 index was up 91.55 points or 0.94% at 9,802.35. Positive global cues boosted investors' sentiment.
The Sensex rose 301.65 points, or 0.97% at the day's high of 31,515.24 in mid-afternoon trade, its highest level since 10 August 2017. The index rose 85.31 points, or 0.27% at the day's low of 31,298.90 in early trade. The Nifty rose 100.60 points, or 1.04% at the day's high of 9,811.40 in mid-afternoon trade, its highest level since 10 August 2017. The index rose 41.30 points, or 0.43% at the day's low of 9,752.10 in early trade.
Among secondary barometers, the BSE Mid-Cap index was up 2.39%. The BSE Small-Cap index was up 2.36%. Both these indices outperformed the Sensex.
The broad market depicted strength. There were almost three gainers against every loser on BSE. 1,840 shares rose and 651 shares fell. A total of 109 shares were unchanged.
Auto stocks were in demand. Eicher Motors (up 3.73%), Hero MotoCorp (up 3.13%), Maruti Suzuki India (up 2.34%), TVS Motor Company (up 2.26%), Ashok Leyland (up 2.10%), Escorts (up 1.98%), Bajaj Auto (up 1.78%), Mahindra & Mahindra (up 0.74%) and Tata Motors (up 0.56%), edgd higher.
Capital goods shares rose. BEML (up 9.64%), Crompton Greaves (up 6.02%), Lakshmi Machine Works (up 5.61%), Jindal Saw (up 3.51%), Reliance Defence and Engineering (up 3.02%), Havells India (up 2.99%), Thermax (up 2.26%), Punj Lloyd (up 2.12%), Praj Industries (up 1.74%), Bharat Electronics (up 1.34%), Bharat Heavy Electricals (up 1.28%), AIA Engineering (up 1.24%), ABB India (up 0.85%), GE Power India (up 0.76%), SKF India (up 0.72%) and Siemens (up 0.61%), edged higher. GE T&D India fell 0.21%.
Engineering and construction major Larsen & Toubro (L&T) was up 0.22% to Rs 1,135.25.
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Suzlon Energy jumped 13.07% after the company reported consolidated net profit of Rs 49.08 crore in Q1 June 2017 compared with consolidated net loss of Rs 263.40 crore in Q1 June 2016. Net sales jumped 61.7% to Rs 2665.26 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours on Friday, 11 August 2017.
The order book stood at Rs 7757 crore. Order book as on 30th June 2017 stands at 1,169 megawatts. Consolidated customer advance stands at Rs 945 crore which reflects the good quality of order backlog.
On a the macro front, the annual rate of inflation, based on monthly Wholesale Price Index (WPI), stood at 1.88% (provisional) in July 2017 compared with 0.90% (provisional) in June 2017 and 0.63% in July 2016. The data was released during trading hours today, 14 August 2017.
India's industrial production in June 2017 contracted 0.1%, the lowest reading since June 2013, driven primarily by a 6.8% contraction in capital goods. Data for growth in the Index of Industrial Production (IIP) for May 2017 was revised to 2.8%. The fall in capital goods production was the most drastic contraction since September 2016. The data was announced after market hours on Friday, 11 August 2017.
Overseas, European and Asian stocks were trading higher on bargain hunting after recent losses although broader sentiment was tempered by continued tensions between the United States and North Korea.
Gains among technology companies helped snap a three-day losing streak for US stocks on Friday, 11 August 2017. The Dow Jones Industrial Average rose 14.31 points to close at 21,858.32. The S&P 500 gained 3.11 points, or 0.1%, to end at 2,441.32. The Nasdaq Composite Index climbed 39.68 points, or 0.6%, to close at 6,256.56. Investors bet on slower US rate hikes following weaker-than-expected consumer price data. But gains were muted by increasingly aggressive exchanges between Washington and Pyongyang.
Geopolitical risks were expected to remain a key theme for the global markets in the near term, as North Korea celebrates Liberation Day on Tuesday, 15 August 2017, to mark the end of Japanese rule. Investors also braced for tensions ahead of 21 August 2017, when an annual joint US-South Korean military exercise is due to begin.
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