Key benchmark indices extended gains and hit fresh intraday high in mid-morning trade. At 11:28 IST, the barometer index, the S&P BSE Sensex, was up 70.88 points or 0.21% at 34,465.94. The Nifty 50 index was up 14.90 points or 0.14% at 10,563.60. Index heavyweight and cigarette major ITC gained advanced. FMCG stocks gained. Most realty stocks declined.
Domestic stocks drifted higher in early trade tracking positive Asian stocks. Stocks turned volatile in morning trade as the key equity benchmark indices regained positive zone soon after hitting an intraday low in negative zone.
The S&P BSE Mid-Cap index was up 0.20%. The S&P BSE Small-Cap index was up 0.18%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,192 shares rose and 1,085 shares fell. A total of 123 shares were unchanged.
Index heavyweight and cigarette major ITC gained 2.93% to Rs 275.60.
FMCG stocks gained. Godrej Consumer Products (up 3.28%), Dabur India (up 2.53%), Britannia Industries (up 0.28%), GlaxoSmithkline Consumer Healthcare (up 0.42%), Hindustan Unilever (up 0.3%), Marico (up 0.03%), Nestle India (up 0.55%), Tata Global Beverages (up 0.68%), Procter & Gamble Hygiene and Health Care (up 0.04%) and Bajaj Corp (up 1.49%) rose. Jyothy Laboratories (down 0.62%) and Colgate-Palmolive (India) (down 0.2%) fell.
Most realty stocks declined. D B Realty (down 1.68%), Prestige Estates Projects (down 0.52%), DLF (down 0.58%), Housing Development and Infrastructure (down 0.85%), Unitech (down 0.32%) and Sobha (down 0.29%) fell.
Godrej Properties (up 2.34%), Indiabulls Real Estate (up 0.31%) and Oberoi Realty (up 1%) rose.
Indian Hume Pipe Company rose 6.23% after the company said it bagged a work order worth Rs 108.19 crore from Narmada Water Resources, Water Supply & Kalpsar Department, Gujarat for lift irrigation project for transmission 100 cusecs of water from Kherva to Visnagar. The announcement was made after market hours yesterday, 17 April 2018.
Overseas, Asian stocks rose as an encouraging US earnings season underscored resilient growth. Japan's exports edged up in March, on strong demand for cars and equipment to make semiconductors, data from Japan's finance ministry showed. Exports rose 2.1% from a year ago, on a rebound in demand after a lull last month. The increase helped Japan log a 10.8% rise in exports for the business year ended March, the first annual rise in three years.
US stocks rallied yesterday, 17 April 2018 amid better-than-expected earnings from industry heavyweights, adding to evidence that the strengthening economy is lifting corporate profits. Meanwhile, a lack of escalation in the trade tensions between China and the US has also emboldened investors.
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