Buying continued unabated as key benchmark indices extended gains and hit fresh intraday high in early afternoon trade. At 12:17 IST, the barometer index, the S&P BSE Sensex, was up 219.17 points or 0.71% at 30,969.20. The Nifty 50 index was up 60.05 points, or 0.63%, at 9,569.80.
The Sensex and the Nifty, both, hit their record high levels in early afternoon trade. The Sensex rose 219.78 points, or 0.71% at the day's high of 30,969.81 in early afternoon trade, its record high level. The index fell 4.46 points, or 0.01% at the day's low of 30,745.57 in early trade. The Nifty rose 62.30 points, or 0.66% at the day's high of 9,572.05 in early afternoon trade, its record high level. The index fell 14.35 points, or 0.15% at the day's low of 9,495.40 in early trade.
Among secondary barometers, the BSE Mid-Cap index was up 1.03%. The BSE Small-Cap index was up 1.28%. Both these indices outperformed the Sensex.
The broad market depicted strength. There were more than two gainers against every loser on BSE. 1,688 shares rose and 710 shares fell. A total of 138 shares were unchanged.
FMCG shares were mixed. Nestle India (up 2.52%), Tata Global Beverages (up 1.50%), Colgate Palmolive (India) (up 1.19%), GlaxoSmithKline Consumer Healthcare (up 1.12%), Godrej Consumer Products (up 0.95%), Procter & Gamble Hygiene & Health Care (up 0.76%), Jyothy Laboratories (up 0.60%) and Bajaj Corp (up 0.08%), edged higher. Dabur India (down 0.09%), Britannia Industries (down 0.22%), Marico (down 0.22%) and Hindustan Unilever (down 0.42%), edged lower.
Most power generation stocks rose. Jaiprakash Power Ventures (up 4.72%), NHPC (up 2.39%), Reliance Infrastructure (up 2.37%), GMR Infrastructure (up 1.97%), Reliance Power (up 1.77%), JSW Energy (up 0.94%), CESC (up 0.82%) and Adani Power (up 0.7%), edged higher. Tata Power (down 0.31%), NTPC (down 0.32%) and Torrent Power (down 1.29%), edged lower.
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State-run Power Grid Corporation of India was up 1.61%. State-run Coal India was up 0.85%.
Repco Home Finance rose 3.79% after net profit rose 20% to Rs 50.60 crore on 14% growth in income from operations to Rs 273.50 crore in Q4 March 2017 over Q4 March 2016. Net interest income rose 20% to Rs 102.90 crore in Q4 March 2017 over Q4 March 2016. Net interest margin expanded to 4.7% in Q4 March 2017, from 4.6% in Q4 March 2016. Spread expanded to 3.4% in Q4 March 2017, from 3% in Q4 March 2016. The result was announced after market hours yesterday, 25 May 2017.
Overseas, Asian shares were mixed as a slump in crude prices spoiled global risk appetite. In the global commodities markets, Brent crude oil futures fell overnight as the Organization of the Petroleum Exporting Countries (OPEC) extended the production cut, but was silent on a long term plan.
Brent for July 2017 settlement was down 26 cents at $51.20 a barrel. The contract fell $2.50 a barrel or 4.63% to settle at $51.46 a barrel in the previous trading session.
Opec decided yesterday, 25 May 2017, in Austria to extend cuts in oil output by nine months to March 2018, delegates said, as the producer group battles a global glut of crude after seeing prices halve and revenues drop sharply in the past three years.
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