Key benchmark indices settled with small gains after hovering in positive terrain throughout the session. The barometer index, the S&P BSE Sensex rose 123.78 points or 0.4% at 31,369.34, as per the provisional figures. The Nifty 50 index gained 31.10 points or 0.32% at 9,668.70, as per the provisional figures. The intraday gains saw Sensex hitting highest level in two weeks while Nifty hit one-month high in mid-afternoon trade. However, weakness in global stocks kept gains under check. Key indices rose for the second day in a row.
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. Indices trimmed gains in late trade on lower European stocks.
The S&P BSE Mid-Cap index provisionally rose 0.3%. The S&P BSE Small-Cap index provisionally gained 0.31%. Both these indices underperformed the Sensex.
The breadth, indicating overall health of the market was positive. On BSE, 1,533 shares rose and 1,179 shares fell. A total of 131 shares were unchanged.
The total turnover on BSE amounted to Rs 3853.85 crore, higher than turnover of Rs 3139.53 crore registered during the previous trading session.
The Sensex gained 215.14 points or 0.68% at the day's high of 31,460.7, 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 63.10 points or 0.65% at the day's high of 9,700.70, in mid-afternoon trade, its highest level since 6 June 2017. The index rose 2.35 points or 0.02% at the day's low of 9,639.95, in early trade.
Shares of index heavyweight ITC gained 1.87%.
Most realty stocks rose for the second straight day. DLF (up 2.28%), Unitech (up 6.41%), Godrej Properties (up 0.72%), Housing Development & Infrastructure (HDIL) (up 0.12%), and Phoenix Mills (up 0.32%) edged higher. D B Realty (down 1.7%) and Indiabulls Real Estate (down 1.33%) declined.
Sobha rose 2.88% after the company achieved good new sales volume in Q1 June 2017. The announcement was made after market hours yesterday, 5 July 2017.
Sobha said it achieved new sales volume of 8.15 lakh square feet (sq ft) in Q1 June 2017 valued at Rs 623.4 crore with an average realisation of Rs 7647 per sq ft. The company in its real estate operational update for Q1 said its share of sales value is Rs 562.70 crore with an average realisation of Rs 6,903 per sq ft. The sales volume and total sales value are up by 12.7% and 11.9%, respectively, compared with Q4 March 2017.
NBCC (India) declined 0.41%. The company said it secured total business worth approximately Rs 630 crore in June 2017. The announcement was made after market hours yesterday, 5 July 2017.
Satin Creditcare Network rose 1.33% after the company scheduled a board meeting on 8 July 2017 to consider further issuance of securities on private placement basis, to persons belonging to non promoter category. The announcement was made after market hours yesterday, 5 July 2017.
RPP Infra Projects gained 0.02% after the company said it bagged order from Tamilnadu State Agriculture Marketing Board (TNSAMB) for establishment of primary processing centre for supply chain management at Pochampalli in Krishnagiri district of Tamilnadu worth Rs 19.1 crore. The work is to be completed within 12 months. The announcement was made during market hours today, 6 July 2017.
ARSS Infrastructure Projects rose 1.89% after the company said it won an order amounting to Rs 71.57 crore from the East Coast Railway. The announcement was made during trading hours today, 6 July 2017. The work order involves construction of a major bridge between Koraput and Damanjodi stations in connection with the doubling of the Koraput-Singapur Road section of the East Coast Railway, ARSS Infrastructure Projects said in a statement.
Overseas, European equities dropped 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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