Key benchmark indices further strengthened and hit fresh intraday high in mid-afternoon trade. At 14:18 IST, the barometer index, the S&P BSE Sensex was up 199.70 points or 0.64% at 31,445.26. The Nifty 50 index was up 58.70 points or 0.61% at 9,696.30. The Sensex and the Nifty, both, hit highest level in two weeks in mid-afternoon trade.
Good monsoon rains so far during the current monsoon season perked up sentiment. The June-September southwest monsoon is critical for the country's agriculture because a considerable part of the country's farmland is dependent on the rains for irrigation.
Key indices opened with small gains and accumulated further gains till mid-morning trade. After holding ground for some time, stocks extended gains in mid-afternoon trade.
The S&P BSE Mid-Cap index rose 0.61%, underperforming the Sensex. The S&P BSE Small-Cap index gained 0.74%, outperforming the Sensex.
The breadth, indicating overall health of the market was strong. On BSE, 1,642 shares rose and 946 shares fell. A total of 134 shares were unchanged.
The Sensex gained 206.55 points or 0.66% at the day's high of 31,452.11, in mid-afternoon trade, its highest level since 22 June 2017. The index rose 19.30 points or 0.06% at the day's low of 31,264.86, in early trade. The Nifty gained 59.35 points or 0.61% at the day's high of 9,696.95, in mid-afternoon trade, its highest level since 22 June 2017. The index rose 2.35 points or 0.02% at the day's low of 9,639.95, in early trade.
Pharma stocks traded mixed. Sun Pharmaceutical Industries (down 1.02%), Cipla (down 0.07%), and Cadila Healthcare (up down 0.05%) declined. Aurobindo Pharma (up 0.85%), Lupin (up 0.53%), Wockhardt (up 1.77%), Dr Reddy's Laboratories (up 0.07%), Divi's Laboratories (up 1.17%), and Glenmark Pharmaceuticals (up 0.76%) gained.
Shares of power generation and power distribution companies were also mixed. Torrent Power (down 0.11%), Adani Power (down 0.87%), Power Grid Corporation of India (down 0.12%), and NTPC (down 0.38%) declined. NHPC (up 0.16%), Tata Power Company (up 0.43%), Reliance Infrastructure (up 1.27%) and Reliance Power (up 0.82%) gained.
Shares of psu coal mining major Coal India gained 1.88%.
Redington India gained 4.76% to Rs 133.05 after a huge bulk deal of 2.01 crore shares saw 5% equity stake of the company changing hands at Rs 135.85 per share at 09:22 IST on BSE.
Meanwhile, the India Meteorological Department said that area weighted rainfall for the country as a whole for the current monsoon season till 5 July 2017 was 217.3 mm compared to normal of 206.7 mm with a departure of excess 5%.
Overseas, European equities were mixed as investors digest minutes from key central banks and follow geopolitical events. German manufacturing orders rebounded in May, albeit by less than expected, depressed by a relatively low share of bulk orders. Germany's economics ministry said that total orders for the important sector increased by 1% compared with April, adjusted for seasonal swings and calendar effects.
Most Asian stocks declined after underwhelming overnight moves in the US, as investors adopted a collective wait-and-see attitude. Market participants are especially concerned about the repercussions of North Korea's missile launch earlier this week, in addition to a Group of 20 meeting in Germany and Friday's US jobs report.
In the US, the Nasdaq Composite Index and S&P 500 index finished higher while the Dow Jones Industrials Average closed fractionally lower yesterday, 5 July 2017, as Federal Reserve policy meeting minutes indicated a reduction in the central bank's economy-boosting balance sheet could begin soon, and technology stocks rallied amid a disappointing manufacturing report and a tumble in crude futures.
In minutes released from the Fed's June meeting, several members showed they're in favor of starting a reduction of the central bank's $4.5 trillion balance sheet. The minutes also showed that officials are divided on unemployment figures.
New orders for US-made goods fell more than expected in May. Factory goods orders dropped 0.8%, the Commerce Department said after a revised 0.3% decline in April. It was the second straight monthly decrease in orders.
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