A range bound movement was witnessed as key benchmark indices hovered in positive zone in mid-afternoon trade. At 14:17 IST, the barometer index, the S&P BSE Sensex, was up 83.39 points or 0.31% at 27,016.27. The gains for the Sensex were higher in percentage terms than those for the 50-unit CNX Nifty index. The Nifty was currently up 17.85 points or 0.22% at 8,170.75. The Sensex was currently hovering above the psychological 27,000 mark, having alternately moved above and below that level in intraday trade so far.
Metal and mining shares surged as prices of most metals rose in global commodities markets. IT stocks edged lower.
The market breadth indicating the overall health of the market was strong. On BSE, 1,610 shares rose and 988 shares declined. A total of 114 shares were unchanged. The BSE Mid-Cap index was up 0.06%, underperforming the Sensex. The BSE Small-Cap index was up 0.46%, outperforming the Sensex.
Index heavyweight ITC rose 0.83% to Rs 345.75. The stock hit high of Rs 348.20 and low of Rs 342.60 so far during the day.
Pharma stocks declined. Glenmark Pharmaceuticals (down 1.77%), Aurobindo Pharma (down 0.61%), Dr Reddy's Laboratories (down 1.11%), Lupin (down 0.15%), Wockhardt (down 1.02%) and Sun Pharmaceutical Industries (down 0.07%) declined. Cipla (up 2.18%), Cadila Healthcare (up 0.35%), Divi's Laboratories (up 0.04%) gained.
Metal and mining shares surged as prices of most metals rose in global commodities markets. JSW Steel (up 1.81%), Bhushan Steel (up 3.02%), Hindustan Copper (up 2.52%), Vedanta (up 6.94%), Hindalco Industries (up 10.44%), Hindustan Zinc (up 2.45%), Tata Steel (up 3.61%), Steel Authority of India (Sail) (up 3.02%), and National Aluminum Company (up 2.09%) gained. Jindal Steel & Power declined 3.04%.
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NMDC rose 1.1%. The company said during market hours today, 7 October 2015, that the company has incorporated a wholly owned subsidiary company by the name "Jharkhand Kolhan Steel" on 24 September 2015 for development of steel plant in Jharkhand through special purpose vehicle (SPV) route.
In overseas stock markets, European stocks edged higher, tracking their Asian counterparts as declining expectations for a US rate hike before the end of the year continued to support equities. Trading in US index futures indicated that the Dow could surge 129 points at the opening bell today, 7 October 2015. Asian stocks edged higher as oil prices showed some signs of life, supporting battered resource shares and emerging economy currencies and after the Bank of Japan stood pat on policy.
Global stocks have been rallying in recent days after a string of disappointing data in the US and Europe fueled expectations that monetary policy there will stay loose for longer.
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