Fresh buying in index pivotals propelled the key benchmark indices to intraday high in afternoon trade. At 13:28 IST, the barometer index, the S&P BSE Sensex, was up 214.69 points or 0.62% at 34,877.80. The Nifty 50 index was up 74.70 points or 0.71% at 10,588.55. Shares of oil exploration and production (E&P) companies edged higher. Auto stocks gained.
Among secondary barometers, the BSE Mid-Cap index was up 1.24%. The BSE Small-Cap index was up 0.93%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On BSE, 1,476 shares rose and 972 shares fell. A total of 145 shares were unchanged.
Shares of oil exploration and production (E&P) companies edged higher. Reliance Industries (up 0.43%), ONGC (up 3.79%) and Oil India (up 1.21%) edged higher.
Among PSU OMCs, HPCL (up 1.49%), BPCL (up 1.21%) and Indian Oil Corporation (up 2.98%) gained.
Auto stocks gained. Tata Motors (up 1.73%), Maruti Suzuki India (up 0.88%), Mahindra & Mahindra (M&M) (up 1.14%), Eicher Motors (up 1.81%), Ashok Leyland (up 0.73%), Escorts (up 2.03%), Bajaj Auto (up 0.64%), Hero MotoCorp (up 2.03%) and TVS Motor Company (up 2.2%) rose.
Sudarshan Chemical Industries jumped 12.55% after net profit rose 28.88% to Rs 22.49 crore on 26.47% rise in total income to Rs 380.23 crore in Q4 March 2018 over Q4 March 2017. The announcement was made after market hours yesterday, 24 May 2018.
Sustained buying by domestic institutional investors (DIIs) in equity market propped up investors sentiment. DIIs bought shares worth a net Rs 1480.51 crore yesterday, 24 May 2018, as per provisional data. Foreign portfolio investors (FPIs) sold shares worth a net Rs 701.93 crore yesterday, 24 May 2018, as per provisional data released by the stock exchanges.
Overseas, European shares bounced back in early trading. Asian shares were mixed after US President Donald Trump cancelled a planned meeting with North Korean Leader Kim Jong Un that had been set to take place in Singapore on 12 June 2018. Trump said participating in the summit would be inappropriate given the tremendous anger and open hostility displayed by North Korea, which had reportedly suspended direct communication with the US this week.
US stocks finished lower Thursday as a sharp decline in energy-related shares pressured the broader market lower. On the data front, initial jobless claims rose by 11,000 to 234,000 in the week ended 19 May 2018. Separately, existing-home sales ran at a seasonally adjusted annual 5.46 million pace in April.
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