Key benchmark indices traded with modest gains in afternoon trade. At 13:15 IST, the barometer index, the S&P BSE Sensex gained 93.01 points or 0.29% at 32,599.73. The Nifty 50 index rose 27.35 points or 0.27% at 10,212.20.
Market edged higher in early trade on firm Asian stocks. Stocks extended gains in morning trade. Indices traded with modest gains in a range-bound manner later during the session so far.
The S&P BSE Mid-Cap index rose 0.24%, underperforming the Sensex. The S&P BSE Small-Cap index advanced 0.74%, outperforming the Sensex.
The breadth, indicating the overall health of the market, was positive. On the BSE, 1,482 shares rose and 1,115 shares declined. A total of 121 shares were unchanged.
Capital goods stocks were mostly higher. ABB India (up 1.8%), BEML (up 1.49%), Bharat Heavy Electricals (up 1.15%), Praj Industries (up 1.1%), Siemens (up 0.67%) and Bharat Electronics (up 0.46%) edged higher. Thermax (down 0.99%) and L&T (down 0.37%) edged lower.
FMCG stocks were mixed. Tata Global Beverages (up 2.02%), Hindustan Unilever (up 1.51%), Dabur India (up 0.63%), Godrej Consumer Products (up 0.58%) gained. Marico (down 1.31%), Colgate-Palmolive (India) (down 0.89%), Britannia Industries (down 0.66%) and Nestle India (down 0.15%) edged lower.
HDFC Bank was down 0.12% at Rs 1,860.35. The stock had hit a high of Rs 1,876.95 and a low of Rs 1,854 so far. The bank's net profit rose 20.13% to Rs 4151.03 crore on 16.55% growth in total income to Rs 23276.18 crore in Q2 September 2017 over Q2 September 2016. The result was announced during market hours today, 24 October 2017.
Premier Explosives advanced 3.12% at Rs 449.90 after the company said it got nod for setting up manufacturing facility at Katepally village in Hyderabad. The company would manufacture HMX, ammunition, solid propellants and warheads at this Greenfield project which is located about 80 km from Hyderabad. Premier Explosives had already received industrial licenses for these products. With receipt of this approval, the company can now start construction of the plant and plans to complete it by December 2018. The announcement was made during market hours today, 24 October 2017.
Overseas, European stocks opened lower as investors continued to monitor the latest corporate earnings reports and kept a close eye on Spain's constitutional crisis. Spain's central government took the unprecedented step of firing the government of Catalonia on Saturday in a last-ditch effort to prevent the restive region's push for independence. In response, Catalan separatist leaders called for mass civil disobedience.
Most Asian stocks shrugged off overnight declines in the US stocks, where a gauge of equity volatility climbed as market participants assessed the recent rally in global stocks before a slew of earnings reports. China's ruling Communist Party approved an amendment to its constitution directly mentioning Chinese President Xi Jinping's name and his Xi Jinping Thought on Socialism with Chinese Characteristcs for a New Era.
Japanese manufacturing activity expanded in October at a slower pace than the previous month, a preliminary gauge of activity showed. The Markit/Nikkei Japan Manufacturing flash Purchasing Managers Index (PMI) fell to a seasonally adjusted 52.5 in October from a final reading of 52.9 in September.
US stocks began the week with losses yesterday, 23 October 2017 as industrial and technology companies and retailers all stumbled. The Chicago Fed national activity index for September improved to 0.17 in September from negative 0.37 in August.
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