Key benchmark indices hovered near day's high in morning trade. At 10:18 IST, the S&P BSE Sensex was up 73.53 points or 0.26% at 28,294.51. The Nifty 50 index was currently up 23.05 points or 0.26% at 8,767. Positive Asian stocks boosted sentiment on domestic bourses.
The Sensex rose 105.75 points or 0.37% at the day's high of 28,326.73 in morning trade. The barometer index rose 17.11 points or 0.06% at the day's low of 28,238.09 at onset of the day's trading session. The Nifty rose 30.85 points or 0.35% at the day's high of 8,774.80 in morning trade. The index lost 2.60 points or 0.03% at the day's low of 8,741.35 at onset of the day's trading session.
In overseas stock markets, Asian stocks rose as a healthy US economic report and rising oil prices overnight bolstered investor optimism. Markets in mainland China were closed for a weeklong holiday. US stocks rose yesterday, 5 October 2016 on positive economic data. Activity at US service companies expanded in September at the fastest pace in nearly a year, according to a private report. The Institute for Supply Management's services index jumped to 57.1 last month, its highest since October last year, adding to evidence that the world's biggest economy is strengthening and raising expectations the Federal Reserve will soon raise rates from ultralow levels.
Closer home, the broad market depicted strength. There were more than two gainers against every loser on BSE. 1,495 shares gained and 690 shares fell. A total of 99 shares were unchanged. The BSE Mid-Cap index was up 0.45%. The BSE Small-Cap index was up 0.46%. Both these indices outperformed the Sensex.
Capital goods stocks rose. Bharat Heavy Electricals (Bhel) (up 1.71%), BEML (up 1.12%), Bharat Electronics (up 0.32%), Crompton Greaves (up 0.13%), ABB India (up 0.14%), L&T (up 0.81%), Siemens (up 0.18%) and Thermax (up 0.37%) gained.
IT stocks fell. HCL Technologies (down 1.92%), TCS (down 0.09%), MindTree (down 1.69%), Hexaware Technologies (down 0.55%), Infosys (down 0.65%) and Wipro (down 0.05%) declined. Oracle Financial Services Software (up 0.3%), Tech Mahindra (up 0.13%) and MphasiS (up 0.32%) rose.
Transformers & Rectifiers (India) rose 5.91% after the company said it entered into a joint venture agreement with China's Jiangsu Jingke Smart Electric Company. The announcement was made after market hours yesterday, 5 October 2016. Transformers & Rectifiers (India) (TRIL) announced that it has entered into a joint venture agreement with Jiangsu Jingke Smart Electric Company (Jingke), a company incorporated under laws of People's Republic of China (PRC) for purpose of starting the business of manufacturing and marketing of GIS/HGIS/TGIS systems and products for 220 kilovolt (kV) and below and distribution products of 40.5 kV and below in India. TRIL will hold majority of 60% of share of joint venture and balance will be held by Jingke. The company neither has any interest in Jingke nor fall within related party transactions.
Jaiprakash Power Ventures jumped 8.61% ahead of a board meeting today, 6 October 2016, to consider proposals of restructuring including divestment of one or more units. The announcement was made after market hours yesterday, 5 October 2016. Jaiprakash Power Ventures scheduled a board meeting today, 6 October 2016, to consider the recommendations of Committee of Directors (for restructuring) regarding proposals of restructuring including divestment of one or more units and review the progress made in the reduction of company's debt.
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