Key benchmark indices extended gains and hit fresh intraday high in afternoon trade after European shares opened higher. At 13:19 IST, the barometer index, the S&P BSE Sensex, was up 221.80 points or 0.75% at 29,842.30. The Nifty 50 index was up 47.50 points or 0.52% at 9,221.25. The Sensex attained its 52-week high level. The Nifty attained its record high level. Positive domestic economic data and gains in global stocks boosted the key indices. The upmove was led by index pivotals Reliance Industries and L&T.
The Sensex rose 227.91 points, or 0.77% at the day's high of 29,848.41 in afternoon trade, its highest level since 4 March 2015. The index rose 85.22 points, or 0.29% at the day's low of 29,705.72 in early trade. The Nifty rose 48.75 points, or 0.53% at the day's high of 9,222.50 in afternoon trade, its record high level. The index rose 18.65 points, or 0.20% at the day's low of 9,192.40 in early trade.
The BSE Mid-Cap index was up 0.66%, underperforming the Sensex. The BSE Small-Cap index rose 1.25%, outperforming the Sensex.
The breadth, indicating the overall health of the market, was strong. On the BSE, 1920 shares rose and 767 shares declined. A total of 122 shares were unchanged.
Index heavyweight Reliance Industries (RIL) was up 3.75% to Rs 1,368.70. The stock hit an intraday high of Rs 1,380 and and intraday low of Rs 1,332 so far during the day.
Engineering and construction major L&T was up 3.64% to Rs 1635.05. The stock hit an intraday high of Rs 1,640 and and intraday low of Rs 1,578 so far during the day.
Most FMCG shares edged higher. Godrej Consumer Products (up 1.98%), Tata Global Beverages (up 1.43%), Britannia Industries (up 1.06%), Colgate Palmolive (India) (up 1.05%), GlaxoSmithKline Consumer Healthcare (up 0.91%), Hindustan Unilever (up 0.69%), Dabur India (up 0.67%), Marico (up 0.56%), Procter & Gamble Hygiene & Health Care (up 0.20%) and Bajaj Corp (up 0.05%), edged higher. Nestle India (down 0.99%) and Jyothy Laboratories (down 2.04%), edged lower.
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Most metal shares rose. Jindal Steel & Power (up 1.98%), Steel Authority of India (up 1.96%), Tata Steel (up 1%), NMDC (up 0.90%), Hindustan Copper (up 0.83%), Hindustan Zinc (up 0.78%), JSW Steel (up 0.75%) and Vedanta (down 0.07%), edged higher. Bhushan Steel (down 0.26%), Hindalco Industries (down 0.33%) and National Aluminium Company (down 0.33%), edged lower.
MOIL lost 1.08% to Rs 310.55 after the company announced reduction in price of various grades of manganese ore for Q1 June 2017 effective from 1 April 2017. The announcement was made on Saturday, 1 April 2017.
MOIL announced that the prices have been decreased by 15% on the existing prices prevailing since 1 March 2017 for the Ferro Grades having Mn Content 44% and above. The prices have been decreased by 10% on the existing prices prevailing since 1 March 2017 for the Ferro Grade having Mn Content 32% and above but less than 44%. The prices have been decreased by 10% on all grades of SMGR (Mn 30%) and SMGR Low (Mn 25%) on the prevailing prices since 1 March 2017.
The prices have been decreased by 10% of all chemical grades ore on the prevailing prices since 1 March 2017. The prices remains unchanged on all grades of Fines and Electrolytic Manganese Dioxide (EMD) on the prevailing prices since 1 March 2017. MOIL announced that the latest price reduction is inline with the company's business practice of fixing/revising prices of manganese ore.
Among economic data, Markit data released during market hours today, 3 April 2017 showed that the health of India's manufacturing sector improved for the third straight month in March, and to the greatest extent since October 2016. The seasonally adjusted Nikkei India Manufacturing PMI increased to a five-month high of 52.5 in March, from 50.7 in February.
The output of eight core industries comprising nearly 38% of the weight of items included in the Index of Industrial Production (IIP) rose at moderated pace of 1% in February 2017, compared with 3.4% growth recorded in January 2017. The data was released by the government after market hours on Friday, 31 March 2017.
Another data released after market hours on Friday, 31 March 2017 showed that India's external debt stock fell by $29 billion (6%) to $456.1 billion, at end-December 2016 over the level at end-March 2016. The decline in external debt during the period was due to the fall in long-term external debt, particularly the fall in NRI deposits reflecting the redemption of FCNR (B) deposits and decline in commercial borrowings with fall in both commercial bank loans and securitized borrowings. On a sequential basis, total external debt at end-December 2016 declined by $28.1 billion (5.8%) from the end-September 2016 level.
Overseas, European stocks were trading higher in early trade today, 3 April 2017, as investors digest mixed data from Asia and look forward to the outcome of the upcoming meeting between Chinese President Xi Jinping and his US counterpart Donald Trump.
Asian shares were mostly higher as traders eye news ahead of Chinese President Xi Jinping's visit to the US.
US stocks closed lower on Friday, 31 March 2017, as investors digested a slew of economic data. In economic news, personal income rose 0.4% in February, while consumer spending rose 0.1%.
Among global developments, US President Donald Trump was quoted as saying that the US will take unilateral action to eliminate nuclear threats from North Korea, unless China, one of the hermit state's closest ally, intensifies pressure on Pyongyang. Trump and Chinese President Xi Jinping are scheduled to meet on Thursday and Friday in Florida.
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