Key benchmark indices further gained strength and hit fresh intraday high in early afternoon trade. At 12:18 IST, the barometer index, the S&P BSE Sensex was up 228.57 points or 0.82% at 28,131.23. The Nifty 50 index was currently up 72.95 points or 0.85% at 8,680.40. The Sensex was currently hovering above the psychological 28,000 mark after having regained that mark in early trade. The Nifty hit 1-1/2 week high in early afternoon trade. Firmness in Asian stocks boosted sentiment.
The Nifty rose 79 points or 0.91% at the day's high of 8,686.45 in early afternoon trade, its highest level since 19 August 2016. The index gained 34.80 points or 0.4% at the day's low of 8,642.25 at the onset of the trading session. The Sensex rose 245.26 points or 0.87% at the day's high of 28,147.92 in early afternoon trade, its highest level since 25 August 2016. The barometer index gained 108 points or 0.38% at the day's low of 28,010.66 at the onset of the trading session.
In overseas stock markets, Asian stocks rose tracking overnight gains in US stocks. US stocks finished higher yesterday, 29 August 2016 on increased prospects for Federal Reserve rate increases in 2016. Investors continued to weigh remarks by Federal Reserve Chairwoman Janet Yellen, who said late last week in Jackson Hole, Wyo., that an improving US economy had strengthened the case for a rate increase. The Fed last December delivered its first rate increase in nearly a decade. The focus is now on US nonfarm-payroll data for August due on Friday, 2 September 2016.
Closer home, the broad market depicted strength. There were almost two gainers against every loser on BSE. 1,545 shares rose and 790 shares fell. A total of 156 shares were unchanged. The BSE Mid-Cap index was currently up 0.86%. The BSE Small-Cap index was currently up 0.95%. Both these indices outperformed the Sensex.
Auto stocks gained. Ashok Leyland (up 0.85%), Eicher Motors (up 1.75%), Hero MotoCorp (up 1.01%), Tata Motors (up 0.37%) and TVS Motor Company (up 1.89%) gained.
Bajaj Auto rose 2.87% to Rs 2,966.95 after hitting record high of Rs 2,973.95 in intraday trade.
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Maruti Suzuki India rose 2.73% to Rs 5,063.95 as the Japanese yen weakened against the dollar. The stock hit a high of Rs 5,074.70 so far during the day, which is also a record high for the counter. The stock hit a low of Rs 4,950 so far during the day. A weak yen lifts Maruti's operating profit margin. Maruti pays royalty to its Japanese parent Suzuki Motor Corporation in yen terms for some of its earlier models. Maruti has reportedly started paying royalty to its Japanese parent in rupee terms on all new models from 1 April 2016. Maruti also has an exposure to the yen to the extent it imports raw materials from Japan.
Mahindra & Mahindra (M&M) rose 0.67%. The company announced incorporation of a subsidiary company in UAE viz. Bristlecone Middle East DMCC. The announcement was made after market hours yesterday, 29 August 2016. Bristlecone Middle East DMCC was incorporated as a 100% subsidiary of Bristlecone, which in turn is a subsidiary of M&M. Bristlecone Middle East DMCC was incorporated to promote business consulting, software implementation and related support services. The authorised capital of Bristlecone Middle East DMCC is 50,000 UAE Dirham.
The BSE Auto index had outperformed the market over the past one month till 29 August 2016, gaining 2.13% compared with 0.53% slide in the Sensex. The index had also outperformed the market in past one quarter, gaining 15.11% as against Sensex's 4.69% rise.
Metal & mining stocks gained as copper prices rose in global commodity markets. JSW Steel (up 1.2%), Bhushan Steel (up 0.61%), Hindustan Copper (up 1.4%), Vedanta (up 1.3%), Hindalco Industries (up 2.12%), Hindustan Zinc (up 0.55%), Jindal Steel & Power (up 2.4%), Tata Steel (up 1.27%), Steel Authority of India (Sail) (up 1.14%), National Aluminum Company (up 1.07%) and NMDC (up 0.79%) gained.
High Grade Copper for December 2016 delivery was currently up 0.48% at $2.089 per pound on the COMEX.
MOIL fell 0.87% after net profit declined 47.54% to Rs 47.15 crore on 0.42% rise in net sales to Rs 183.53 crore in Q1 June 2016 over Q1 June 2015. The result was announced after market hours yesterday, 29 August 2016.
Gujarat Mineral Development Corporation surged 7.56% after net profit rose 58.94% to Rs 114.80 crore on 26.79% rise in net sales to Rs 399.30 crore in Q1 June 2016 over Q1 June 2015. The Q1 result was announced after market hours yesterday, 29 August 2016.
The BSE Metal index had outperformed the market over the past one month till 29 August 2016, gaining 6.06% compared with 0.53% slide in the Sensex. The index had also outperformed the market in past one quarter, gaining 29.83% as against Sensex's 4.69% rise.
TD Power Systems surged 9.21% after the company won an order to supply 45 railway application generators from a major multi-national company for installation in North America. The announcement was made after market hours yesterday, 29 August 2016. The company said that the supplies under the latest order would be completed between January 2017 and April 2017. The overseas order is an outcome of the successful trial run of five generators supplied earlier in February 2016 to the customer, TD Power Systems said. The company expects volumes to grow from this business in the forthcoming financial years, it said.
Rashtriya Chemicals and Fertilizers lost 4.63% after net profit dropped 65.08% to Rs 19.59 crore on 15.47% fall in total income to Rs 1557.73 crore in Q1 June 2016 over Q1 June 2015. The Q1 result was announced after market hours yesterday, 29 August 2016. The company said that the board of directors approved the issue of secured non convertible debentures aggregating Rs 1000 crore on private placement basis.
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