Fresh buying in index pivotals propelled the key benchmark indices to fresh intraday high in mid-morning trade, with the Sensex hitting fresh record high. At 11:27 IST, the barometer index, the S&P BSE Sensex, was up 319.21 points or 0.88% at 36,585.14. The Nifty 50 index was up 99.10 points or 0.91% at 11,047.40. Metal and mining stocks rose as copper prices rose in global commodity markets. An overnight slump in crude oil prices and positive Asian stocks boosted sentiment on the domestic bourses.
The Nifty moved above the psychological 11,000 mark in opening trade as domestic stocks saw an upbeat start on positive Asian stocks. Stocks extended gains and hit fresh intraday high in morning trade, with the Sensex hitting record high.
At 11:27 IST, the barometer index, the S&P BSE Sensex, was up 319.21 points or 0.88% at 36,585.14. The index hit high of 36,607.01 in mid-morning trade, also its record high. The index hit intraday low of 36,422.08.
The Nifty 50 index was up 99.10 points or 0.91% at 11,047.40. The index hit high of 11,050.50 and low of 10,999.65 so far during the day.
The S&P BSE Mid-Cap index was up 0.91%, outperforming the Sensex. The S&P BSE Small-Cap index was up 0.78%, underperforming the Sensex.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1428 shares rose and 785 shares fell. A total of 117 shares were unchanged.
Metal and mining stocks rose as copper prices rose in global commodity markets.
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Jindal Steel & Power (up 4.06%), Hindalco Industries (up 1.81%), Vedanta (up 0.46%), JSW Steel (up 2.29%), Tata Steel (up 1.65%), Steel Authority of India (Sail) (up 1.55%), National Aluminium Company (up 1.64%), Hindustan Zinc (up 1.22%), NMDC (up 0.73%) and Hindustan Copper (up 1.56%) edged higher.
Copper edged higher in the global commodities market. High Grade Copper for September 2018 delivery was currently up 1.66% at $2.7890 per pound on the COMEX.
Coffee Day Enterprises rose 2.42%. Coffee Day Enterprises announced that its material subsidiary, Coffee Day Global (CDGL), has entered in to an agreement with UBER Portier.B.V wherein CDGL is partnering with UBER for obtaining technology services through the 'UberEats' mobile application in order to enable distribution of food products. This may help to augment the retail sale. Tenure for the contract shall be for a period of 5 years. The announcement was made after market hours yesterday, 11 July 2018.
On the macro front, the government will after market hours today, 12 July 2018 announce industrial production data for May 2018. India's industrial output grew 4.9% year-on-year in April 2018, following an upwardly revised 4.6% advance in the previous month.
Overseas, Asian stocks are trading higher, despite lingering concerns around the US and Chinese trade war that show little sign of abating. US stocks fell yesterday, 11 July 2018 after the Trump administration announced new tariffs on Chinese goods, further escalating tensions between the two largest economies in the world.
The White House late Tuesday said it would assess 10% tariffs on a further $200 billion in Chinese goods. The US last week hit Beijing with levies on $34 billion in goods, and Beijing retaliated with tariffs of the same amount. A final decision on the products to be hit with the new tariffs is reportedly expected after a consultation period in late August.
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