Stocks hovered in positive zone in morning trade. At 10:19 IST, the barometer index, the S&P BSE Sensex, was up 62.84 points or 0.19% at 33,212.19. The Nifty 50 index was up 20.50 points or 0.2% at 10,247.05. Shares of index heavyweight and cigarette major ITC gained. Many FMCG stocks rose. Cement stocks rose. Data showing India's economic growth has bounced back in the July-September quarter boosted sentiment.
Key benchmark indices edged higher in early trade reacting to positive GDP data.
The S&P BSE Mid-Cap index was up 0.79%. The S&P BSE Small-Cap index was up 0.93%. Both these indices outperformed the Sensex.
The broad market depicted strength. There were more than three gainers against every loser on BSE. 1,606 shares rose and 514 shares fell. A total of 94 shares were unchanged.
Index heavyweight and cigarette major ITC gained 1.39% to Rs 259.20.
Many FMCG stocks rose. Godrej Consumer Products (up 2.11%), Britannia Industries (up 1.07%), Colgate-Palmolive (India) (up 0.5%), Marico (up 0.26%), Nestle India (up 1.11%), Tata Global Beverages (up 1.88%), Jyothy Laboratories (up 1.26%) and Bajaj Corp (up 1.33%) rose. GlaxoSmithkline Consumer Healthcare (down 0.43%), Dabur India (down 1.59%), Hindustan Unilever (down 0.49%) and Procter & Gamble Hygiene and Health Care (down 0.27%) fell.
Cement stocks rose. Ambuja Cements (up 1.29%), ACC (up 0.68%), UltraTech Cement (up 0.81%) and Shree Cement (up 0.14%) gained.
Grasim Industries was unchanged at Rs 1,170.25. Grasim has exposure to the cement sector through its holding in UltraTech Cement.
Bliss GVS Pharma advanced 2.68% after the company reported strong Q2 September 2017 results. Bliss GVS Pharma's consolidated net profit surged 88.22% to Rs 39.49 crore on 40.24% growth in income from operations to Rs 224.43 crore in Q2 September 2017 over Q2 September 2016. The result was announced after market hours yesterday, 30 November 2017.
Usha Martin rose 6.84% to Rs 24.20, with the stock recovering on bargain hunting after recent slide. Shares of Usha Martin had declined 6.59% in the preceding ten trading sessions to settle at Rs 22.65 yesterday, 30 November 2017, from its closing of Rs 24.25 on 16 November 2017.
Usha Martin informed to the exchanges after trading hours yesterday, 30 November 2017 that ratings agency Credit Analysis and Research (CARE Ratings) has downgraded the rating of the company's short-term bank facilities of Rs 2275 crore from existing 'CARE A3' to 'CARE A4+'.
On the macro front, India's gross domestic product (GDP) growth recovered to 6.3% in quarter ended September 2017 from low of 5.7% recorded in the previous quarter ended June 2017. Quarterly GVA at basic price at constant (2011-12) prices improved 6.1% in Q2 of 2017-18, showing improvement in growth from 5.6% in Q1 of 2017-18. The GDP growth stood at 6% in April-September 2017, compared with 7.7% recorded in the corresponding period last year. The data was released by government after market hours yesterday, 30 November 2017.
The Eight Core Industries comprising 40.27% of the weight of items included in the Index of Industrial Production (IIP) recorded 4.7% growth in its output in October 2017 over October 2016. Its cumulative growth was 3.5% during April to October 2017-18. The data was announced after market hours yesterday, 30 November 2017.
Overseas, most Asian stocks were trading higher buoyed by record highs in US equities. US stocks rallied yesterday, 30 November 2017 with the Dow finishing above 24,000 for the first time in history, as investors grew more optimistic about the prospects for a tax overhaul out of Washington.
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