The stock market continued to trade with modest gains in afternoon trade as gains in Asian stocks boosted sentiment. At 13:15 IST, the barometer index, the S&P BSE Sensex advanced 174.86 points or 0.52% at 33,534.76. The Nifty 50 index rose 46.70 points or 0.45% at 10,345.55.
Sighting firm Asian cues, market opened with modest gains and held firm in morning trade. Stocks extended gains in mid-morning trade and traded firm till afternoon trade so far.
The S&P BSE Mid-Cap index rose 0.36%, underperforming the Sensex. The S&P BSE Small-Cap index advanced 0.72%, outperforming the Sensex.
Overseas, Asian stocks gained as investors took heart from further evidence of strength in the global economy. US stock market closed higher yesterday, 20 November 2017, as investors continued to focus on corporate earnings and prospects for tax cuts. The leading economic index surged 1.2% in October and suggested no letup in a steadily growing US economy with the end of the year fast approaching.
In Europe, reports suggested that the negotiations to form a new government in Germany collapsed, throwing the euro region's growth engine into political turmoil. The breakdown abruptly raised the prospect of new elections in Germany. The development came less than two months after the last elections seemed to assure that Angela Merkel would remain Germany's leader for a fourth term.
Closer home, the breadth, indicating the overall health of the market, was strong. On BSE, 1,558 shares rose and 958 shares declined. A total of 147 shares were unchanged.
IT stocks were mixed. Tech Mahindra (up 1.76%), Infosys (up 0.64%) and Oracle Financial Services Software (up 0.64%) gained. TCS (down 0.87%), HCL Technologies (down 0.71%) and Wipro (down 0.08%) declined.
Auto stocks nudged higher. Bajaj Auto (up 1.35%), Hero MotoCorp (up 0.71%), Tata Motors (up 0.66%), Mahindra & Mahindra (up 0.54%), Maruti Suzuki India (up 0.07%) and Ashok Leyland (up 0.04%) edged higher. Eicher Motors (down 0.63%) declined.
Power Mech Projects rose 4.73% at Rs 785 after the company said it has received various work orders aggregating to Rs 381 crore. The announcement was made during trading hours today, 21 November 2017.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
