Key indices further extended gains and hit fresh intraday highs in mid-afternoon trade, tracking positive global cues. The Nifty marched ahead towards 11,900 mark. At 14:25 IST, the barometer index, the S&P BSE Sensex, was up 343.05 points or 0.87% at 39,737.69. The Nifty 50 index was up 90.90 points or 0.77% at 11,879.75.
The S&P BSE Mid-Cap index was up 0.56%. The S&P BSE Small-Cap index was up 0.35%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1236 shares rose and 1186 shares fell. A total of 163 shares were unchanged.
Realty stocks were in demand. Godrej Properties (up 5.17%), Sunteck Realty (up 4.55%), Oberoi Realty (up 3.17%), Indiabulls Real Estate (up 2.99%), Mahindra Lifespace Developers (up 1.56%), The Phoenix Mills (up 1.51%), DLF (up 0.85%), Omaxe (up 0.03%) advanced. Sobha (down 0.39%) and Prestige Estates Projects (down 0.26%) declined.
Anant Raj was up 6.38% to Rs 31.7 after the company announced a joint venture with Birla Estates. The JV agreement will cover development of two residential projects at Gurugram, Haryana.
JK Tyre & Industries was up 0.25% to Rs 80.25. Care Rating downgraded the ratings of company's commercial paper from 'Care A1+' to 'Care A'. The revision in the ratings for Commercial Paper of the company is mainly because of the lower than expected cash accruals leading to low coverage & return indicators and slower than expected deleveraging at a consolidated level, which has led to weakening of the Company's overall financial & liquidity profile.
New Delhi Television (NDTV) was down 1.99% to Rs 34.55. The company and its subsidiary, NDTV Worldwide ('Worldwide'), have received orders in relation to certain domestic transactions. Order dated 21 June 2019 in the case of NDTV for assessment year ('AY') 2015-16 wherein a penalty of Rs 63.22 lakh has been levied. Order dated 21 June 2019 in the case of Worldwide for AY 2015-16 wherein a penalty of Rs 1 lakh has been levied. Order dated 21 June 2019 in the case of Worldwide for AY 2015-16 wherein a penalty of Rs 10.17 lakh has been levied. NDTV said the penalties have been levied without basis. The company is currently in the process of preparing appeals against the above orders and will file them shortly.
Shares of most public sector oil marketing companies (PSU OMCs) declined as Brent crude oil price increased. Hindustan Petroleum Corporation (down 2.81%), Bharat Petroleum Corporation (down 2.63%) and Indian Oil Corporation (down 2.28%) declined.
In the commodities market, Brent crude for August 2019 settlement was up 185 cents at $66.59 a barrel. The contract ended flat at $66.5 a barrel in the previous trading session.
OPEC members are set to meet on July 1 in Vienna, followed by a meeting with non-OPEC states on July 2. Oil producers may reportedly extend a deal to curb oil production.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 69.040, compared with its close of 69.03 during the previous trading session.
The yield on 10-year benchmark federal paper rose to 6.911% at 14:21 IST compared with 6.879% at close in the previous trading session.
MCX Gold futures for 5 August 2019 settlement fell 1.3% at Rs 33,760.
Overseas, shares in Europe and Asia edged higher on Monday. Investors globally were rejoiced after U.S. President Donald Trump and Chinese President Xi Jinping agreed to hold off on slapping additional tariffs in an effort to resume trade talks.
The moves came after Trump and Xi emerged from a meeting on the sidelines of the Group of 20 summit in Osaka, Japan. Both sides confirmed in separate comments that they did not plan to levy any new tariffs against each other's products at the present time.
Data released Monday from a private survey showed that Chinese factory activity in June was at its lowest since January. The Caixin/Markit factory Purchasing Managers' Index (PMI) for June was 49.4. The PMI reading for May was 50.2. Separately, the Purchasing Managers' Index (PMI) stood at 49.4 in June, China's National Bureau of Statistics said on Sunday, unchanged from the previous month.
US stocks closed higher on Friday, 28 June 2019 led by banks after the Federal Reserve's second round of stress test results. In U.S. economic data, the Commerce Department reported U.S. consumer spending rose 0.4% in May, while personal incomes rose 0.5% during the same period.
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