Key benchmark indices extended early gains and hit fresh intraday high in morning trade. At 10:20 IST, the barometer index, the S&P BSE Sensex, was up 185.25 points or 0.49% at 37,830.15. The Nifty 50 index was up 59.25 points or 0.52% at 11,415. Buying support emerged on bargain hunting after two sessions of losses.
Indices opened higher and firmed up as the session progressed. The Sensex rose 196.78 points, or 0.52% at the day's high of 37,841.68 in morning trade. The index rose 44.81 points, or 0.12% at the day's low of 37,689.71 at the onset of trading session. The Nifty rose 61.90 points, or 0.55% at the day's high of 11,417.65 in morning trade. The index rose 15.05 points, or 0.13% at the day's low of 11,370.80 at the onset of trading session.
Among secondary barometers, the BSE Mid-Cap index was up 0.52%. The BSE Small-Cap index was up 0.66%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On BSE, 1239 shares rose and 716 shares fell. A total of 74 shares were unchanged.
Most metal shares rose. JSW Steel (up 1.39%), Steel Authority of India (up 1.23%), National Aluminium Company (up 1.20%), NMDC (up 0.48%), Jindal Steel & Power (up 0.40%) and Hindalco Industries (up 0.34%), edged higher. Hindustan Copper (down 0.32%), Vedanta (down 1%) and Hindustan Zinc (down 1.27%), edged lower.
Tata Steel was up 1.42%. On a consolidated basis, Tata Steel reported 109.98% rise in profit after tax to Rs 1934 crore on 22.14% rise in turnover to Rs 37833 crore in Q1 June 2018 over Q1 June 2017. The announcement was made after market hours yesterday, 13 August 2018.
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FMCG shares were in demand. Marico (up 0.92%), Hindustan Unilever (up 0.73%), Tata Global Beverages (up 0.72%), Jyothy Laboratories (up 0.57%), Britannia Industries (up 0.52%), Colgate Palmolive (India) (up 0.51%), Godrej Consumer Products (up 0.48%), Nestle India (up 0.41%), Procter & Gamble Hygiene & Health Care (up 0.40%) and Dabur India (up 0.36%), edged higher. GlaxoSmithKline Consumer Healthcare (down 0.05%) and Bajaj Corp (down 0.85%), edged lower.
On the macro front, the all-India general Consumer Price Index (CPI) inflation dipped to nine-month low of 4.17% in July 2018 (new base 2012=100), compared with 4.92% in June 2018. The CPI inflation figure for June 2018 is revised downwards to 4.9% from 5.0% reported earlier. The corresponding provisional inflation rate for rural area was 4.11% and urban area 4.32% in July 2018 as against 4.93% and 4.85% in June 2018. The data was announced after market hours yesterday, 13 August 2018.
Overseas, Asian shares were mixed as tremors from the collapse of the Turkish lira ebbed a little. Ahead, a barrage of economic data out of China is expected later in the day. US stocks settled with small losses Monday, with the S&P 500 and the Dow Jones Industrial Average down for a fourth straight session as the ongoing turmoil in Turkey dampened investors' appetite for riskier assets.
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