After a strong opening, key benchmark indices extended gains and hit fresh intraday high in morning trade. At 10:18 IST, the barometer index, the S&P BSE Sensex, was up 396.14 points or 1.45% at 27,648.67. The Nifty 50 index was up 131.20 points or 1.56% at 8,563.20. Strong cues from Asian markets boosted investors' sentiment.
The Sensex and the Nifty, both, hit their highest level in more than one week in morning trade. The Sensex rose 407.98 points, or 1.50% at the day's high of 27,660.51 in morning trade, its highest level since 2 November 2016. The index rose 239.40 points, or 0.88% at the day's low of 27,491.93 at the onset of trading session. The Nifty rose 136.40 points, or 1.62% at the day's high of 8,568.40 in morning trade, its highest level since 1 November 2016. The index rose 80.90 points, or 0.96% at the day's low of 8,512.90 at the onset of trading session.
The broad market depicted strength. There were more than seven gainers against every loser on BSE. 1,865 shares rose and 254 shares fell. A total of 70 shares were unchanged. The BSE Mid-Cap index was currently up 2.14%. The BSE Small-Cap index was currently up 2.72%. Both these indices outperformed the Sensex.
In overseas stock markets, Asian stocks edged higher to join a global rebound on speculation Donald Trump will pursue business-friendly policies. Japan's Nikkei 225 surged 6.41%. US stocks rallied Wednesday, 9 November 2016, led by a surge in financial, health-care and industrial stocks, as investors bet on the infrastructure spending policy promised by President-elect Donald Trump. Trump was declared as the 45th President of the United States yesterday, 9 November 2016.
Metal shares were in demand as copper price edged higher in the global commodities markets. Tata Steel (up 7.54%), Jindal Steel & Power (up 7.26%), NMDC (up 6.31%), Hindalco Industries (up 5.26%), Hindustan Zinc (up 5.21%), Hindustan Copper (up 5.14%), Steel Authority of India (up 4.93%), Vedanta (up 4.16%), Bhushan Steel (up 4.15%), National Aluminium Company (up 3.70%) and JSW Steel (up 2.94%), edged higher.
High Grade Copper for December 2016 delivery was currently up 2.42% at $2.519 per pound on the COMEX.
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Power generation stocks edged higher. Reliance Infrastructure (up 4.11%), JSW Energy (up 4.06%), Adani Power (up 3.66%), GMR Infrastructure (up 3.53%), Reliance Power (up 3.50%), NHPC (up 2.77%), Torrent Power (up 2.37%), Tata Power (up 2.02%), Jaiprakash Power Ventures (up 1.92%), CESC (up 1.06%) and NTPC (up 0.88%), edged higher.
State-run Coal India was up 1.59% at Rs 322.95.
State-run Power Grid Corporation of India was up 1.63% at Rs 183.40 after net profit rose 32.01% to Rs 1872 crore on 29.86% growth in total income to Rs 6480.20 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 9 November 2016.
On the macro front, the figures for direct tax collections up to October 2016 show that net collections are at Rs 3.77 lakh crore which is 10.6% more than the net collections for the corresponding period last year. Till October 2016, 44.5% of the Budget estimates of direct taxes for financial year 2016-17 has been achieved.
The figures for indirect tax collections (Central Excise, Service Tax and Customs) up to October 2016 show that net revenue collections are at Rs 4.85 lakh crore which is 26.7% more than the net collections for the corresponding period last year. Till October 2016, 62.4% of the Budget estimates of indirect taxes for financial year 2016-17 has been achieved.
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