Market traded with modest gains in early afternoon trade. At 12:20 IST, the barometer index, the S&P BSE Sensex rose 135.39 points or 0.43% at 31,272.98. The Nifty 50 index advanced 37.15 points or 0.39% at 9,653.25.
Earlier, both the Sensex, and the Nifty, hit record high in mid-morning trade. The market sentiment was boosted by hopes of good southwest monsoon rains. Positive global cues also lifted investors' spirit.
The S&P BSE Mid-Cap index rose 0.72%. The S&P BSE Small-Cap index advanced 0.53%. Both these indices outperformed the Sensex.
The breadth, indicating the overall health of the market, was strong. On the BSE, 1,461 shares rose and 971 shares declined. A total of 137 shares were unchanged.
IT stocks were mixed. Oracle Financial Services Software (up 1.21%), TCS (up 0.68%), HCL Technologies (up 0.27%) and Wipro (up 0.05%) edged higher. Persistent Systems (down 1.63%), Infosys (down 0.31%) and Tech Mahindra (down 0.28%) edged lower.
Metal and mining stocks also witnessed mixed trend. Jindal Steel & Power (up 1.66%), Steel Authority of India (up 1.06%), NMDC (up 0.49%), JSW Steel (up 0.41%), Hindustan Copper (up 0.4%) and Hindustan Zinc (up 0.34%) edged higher. Tata Steel (down 1.31%), National Aluminium Company (down 0.68%), Vedanta (down 0.63%) and Hindalco Industries (down 0.41%) edged lower.
BPCL was down 0.56% at Rs 731.40. The company said it has fixed 15 July 2017 as the record date for the purpose of bonus issue. The announcement was made during market hours today, 2 June 2017.
Simplex Infrastructures rose 3.14% after net profit jumped 157.69% to Rs 67 crore on 0.31% decline in topline to Rs 1590 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 1 June 2017.
The year ended 31 March 2017 (FY 2017) saw a cumulative order inflow of Rs 8117 crore and ended with order book backlog of Rs 16518 crore in addition to lowest bidder (L1) of Rs 558 crore.
The India Meteorological Department (IMD) in its press release today, 2 June 2017 said that conditions are favourable for further advance of southwest monsoon into remaining parts of south Arabian Sea, Lakshadweep area and Kerala, some parts of central Arabian Sea, coastal & south interior Karnataka, some more parts of Tamilnadu, southwest, west central & east central & east central Bay of Bengal, most parts of northeast Bay of Bengal and some more parts of northeastern states during next 2 to 3 days.
Overseas, Asian stocks edged higher buoyed by overnight gains on Wall Street. US equities closed higher yesterday, 1 June 2017, as Wall Street got ready for the release of the monthly jobs report. The US government's nonfarm payrolls report is set for release today, 2 June 2017.
Meanwhile, data released by the private payroll firm ADP yesterday, 1 June 2017 showed that private US companies hired at a blistering pace in May, accelerating from the pause in April. Non-farm private employment surged 253,000 in May.
An improving labor market will likely support investors' expectations that the Federal Reserve will raise interest rates further in the coming months.
Among other global news, US President Donald Trump announced yesterday, 1 June 2017 that he will withdraw the US from the Paris climate pact, saying it favours other nations at the expense of American workers, while vowing to pursue a better deal.
The move reportedly drew an immediate condemnation from the leaders of France, Germany and Italy, who issued a statement insisting that the agreement was irreversible and cannot be renegotiated.
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