Key benchmark indices held firm in early afternoon trade as firmness in most Asian stocks boosted sentiment. At 12:20 IST, the barometer index, the S&P BSE Sensex gained 115.93 points or 0.36% at 32,622.65. The Nifty 50 index rose 37.05 points or 0.36% at 10,223.10.
Market edged higher in early trade on firm Asian stocks. Stocks extended gains in morning trade. Indices traded with modest gains later during the session.
The S&P BSE Mid-Cap index rose 0.35%, underperforming the Sensex. The S&P BSE Small-Cap index advanced 0.84%, outperforming the Sensex.
The breadth, indicating the overall health of the market, was positive. On the BSE, 1,489 shares rose and 1,027 shares declined. A total of 119 shares were unchanged.
Shares of power generation and power distribution companies gained for the second day in a row. JSW Energy (up 2.78%), Torrent Power (up 2.25%), NTPC (up 2.55%), NHPC (up 0.36%), Tata Power Company (up 0.49%), Power Grid Corporation of India (up 0.07%), Reliance Infrastructure (up 2.04%) and Reliance Power (up 1.15%) gained. Adani Power fell 0.66%.
Shares of psu coal mining major Coal India gained 0.14%.
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GAIL (India) rose 1.52% after the company announced that Dharmendra Pradhan, Hon'ble Minister, of Petroleum & Natural Gas and Skill Development & Entrepreneurship launched the commencement of piped natural gas supply to residents of Bhubaneswar. Piped natural gas supply to be commenced in 255 houses in NALCO Nagar. Supply has started almost six months before deadline of March 2018. Four CNG stations are also under construction, company said. The announcement was made during market hours today, 24 October 2017.
The overall capital expenditure for the Bhubaneswar and Cuttack CGD projects will be Rs 1700 crore, of which Rs 400 crore will be spent in the next three to five years.
IT stocks were mixed. HCL Technologies (down 0.91%), TCS (down 0.09%), and Wipro (down 0.32%) edged lower. Oracle Financial Services Software (up 0.51%) and MphasiS (up 1.98%) gained.
Infosys gained 0.43% ahead of its Q2 results today, 24 October 2017.
Zee Entertainment Enterprises rose 1.97% after consolidated net profit jumped 148% to Rs 591.2 crore on 6.7% fall in operating revenue to Rs 1582.10 crore in Q2 September 2017 over Q2 September 2016. The announcement was made during market hours today, 24 October 2017.
Punit Goenka, Managing Director & Chief Executive Officer, ZEEL, commented that the company is satisfied with performance against the backdrop of tough macro-economic environment during the quarter. The advertisers were negatively impacted during transition to GST which led to a temporary pull-back on their ad spends. Post the decline in the first half of the quarter, the growth recovered strongly and is back on track. Despite the adversity, domestic ad revenue grew at 5.8% on a comparable basis, he added.
Overseas, most Asian stocks shrugged off overnight declines in the US stocks, where a gauge of equity volatility climbed as market participants assessed the recent rally in global stocks before a slew of earnings reports. China's ruling Communist Party approved an amendement to its constitution directly mentioning Chinese President Xi Jinping's name and his Xi Jinping Thought on Socialism with Chinese Characteristcs for a New Era.
Japanese manufacturing activity expanded in October at a slower pace than the previous month, a preliminary gauge of activity showed. The Markit/Nikkei Japan Manufacturing flash Purchasing Managers Index (PMI) fell to a seasonally adjusted 52.5 in October from a final reading of 52.9 in September.
US stocks began the week with losses yesterday, 23 October 2017 as industrial and technology companies and retailers all stumbled. The Chicago Fed national activity index for September improved to 0.17 in September from negative 0.37 in August.
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