Key benchmark indices continued to trade in a small range with positive bias early afternoon trade. At 12:16 IST, the S&P BSE Sensex was up 73.93 points or 0.26% at 28,294.91. The Nifty 50 index was currently up 24.35 points or 0.28% at 8,768.30. Positive Asian stocks boosted sentiment on domestic bourses.
The market breadth indicating the overall health of the market was strong. On BSE, 1,670 shares gained and 916 shares fell. A total of 120 shares were unchanged. The BSE Mid-Cap index was up 0.59%. The BSE Small-Cap index was up 0.56%. Both these indices outperformed the Sensex.
Index heavyweight Reliance Industries (RIL) gained 2.92% to Rs 1,121.15. The stock hit a high of Rs 1,124.80 and a low of Rs 1,092 so far during the day.
Index heavyweight and software major Infosys lost 1.34% to Rs 1,027.20. The stock hit high of Rs 1,041.15 and low of Rs 1,027.20 so far during the day.
Metal and mining stocks gained. Vedanta (up 1.93%), JSW Steel (up 0.13%), National Aluminium Company (up 0.31%), Hindustan Zinc (up 0.59%), Hindalco Industries (up 1.24%), Hindustan Copper (up 0.92%) edged higher. Jindal Steel & Power (down 4.13%), Tata Steel (down 0.44%), Steel Authority of India (Sail) (down 0.1%) fell.
NMDC rose 4.13% after the company increased iron ore prices with effect from 5 October 2016. The announcement was made after market hours yesterday, 5 October 2016. NMDC said it raised lump ore prices by 23.53% to Rs 2,100 per wet metric tonne (WMT) in October 2016 compared with Rs 1,700 per WMT in September 2016. Price of fines was raised by 20.55% to Rs 1,760 per WMT in October 2016 compared with Rs 1,460 per WMT in September 2016.
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Copper edged lower in the global commodities market. High Grade Copper for December 2016 delivery was currently up 0.05% at $2.1655 per pound on the COMEX.
Telecom stocks rose. Bharti Airtel (up 0.19%), Idea Cellular (up 0.56%), MTNL (up 0.25%), Tata Teleservices (Maharashtra) (up 0.69%) and Reliance Communications (up 0.21%) rose.
Shares of Bharti Infratel up 1.66%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.
L&T Technology Services rose 1.61% after the company announced a digital engineering transformation partnership with Microsoft Corporation. The announcement was made during market hours today, 6 October 2016. L&T Technology Services announced a digital engineering transformation partnership with Microsoft Corporation to deliver Microsoft Azure Engineering Solutions for global enterprises across industries. This strategic partnership between the two companies enables enterprises around the world to leverage L&T Technology's cutting-edge IP-led digital engineering solutions hosted on Microsoft's Azure enterprise cloud-first, mobile-first infrastructure.
Caplin Point Laboratories rose 1.26% after the company fixed 20 October 2016 as record date for 5-for-1 stock split. The announcement was made after market hours yesterday, 5 October 2016.
Phillips Carbon Black rose 2.74% after the company said its board approved amalgamation of wholly-owned subsidiary with the company. The announcement was made after market hours yesterday, 5 October 2016. Phillips Carbon Black announced that its board approved scheme of amalgamation between Phillips Carbon Black and Goodluck Dealcom, a wholly-owned subsidiary of company. The proposal is subject to satisfaction of various conditions, including obtaining necessary approvals from the shareholders and regulatory authorities including Securities and Exchange Board of India (Sebi), stock exchanges and sanction of scheme by the concerned High Courts and / or any other appropriate authority as be may necessary, the company said in a statement.
In overseas stock markets, Asian stocks rose as a healthy US economic report and rising oil prices overnight bolstered investor optimism. Markets in mainland China were closed for a weeklong holiday. US stocks rose yesterday, 5 October 2016 on positive economic data. Activity at US service companies expanded in September at the fastest pace in nearly a year, according to a private report. The Institute for Supply Management's services index jumped to 57.1 last month, its highest since October last year, adding to evidence that the world's biggest economy is strengthening and raising expectations the Federal Reserve will soon raise rates from ultralow levels.
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