Business Standard

Key benchmarks bounce back from day's low

Image

Capital Market

A bout of volatility was witnessed as key benchmark indices bounced back from the day's low and hit fresh intraday high in morning trade. At 10:16 IST, the barometer index, the S&P BSE Sensex, was up 86.69 points or 0.27% at 32,245.35. The Nifty 50 index was up 21.25 points or 0.21% at 10,114.30.

The Sensex hit its highest levels in more than five weeks in morning trade. The Nifty hit its highest levels in more than six weeks in morning trade. The Sensex rose 99.62 points, or 0.31% at the day's high of 32,258.28 in morning trade, its highest intraday level since 8 August 2017. The index fell 20.95 points, or 0.07% at the day's low of 32,137.71 in early trade. The Nifty rose 27.65 points, or 0.27% at the day's high of 10,120.70 in morning trade, its highest intraday level since 2 August 2017. The index fell 9 points, or 0.09% at the day's low of 10,084.05 in early trade.

 

Among secondary barometers, the BSE Mid-Cap index was up 0.50%. The BSE Small-Cap index was up 0.37%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was positive. On BSE, 1,205 shares rose and 830 shares fell. A total of 90 shares were unchanged.

Telecom major Bharti Airtel was down 0.22% to Rs 404. The company during trading hours today, 13 September 2017, announced a strategic partnership with SK Telecom, Korea's largest telecommunications company, under which, Airtel will leverage SK Telecom's expertise to build the most advanced telecom network in India.

The partnership will work across several areas including developing bespoke software to dramatically improve network experience, leveraging advanced digital tools including machine learning, big data and building customized tools to improve network planning based on every customer's device experience. The capacity to identify, monitor and deliver improvements to the network experience on an individual device basis will be a first in India, helped by SK Telecom's global leadership in this area.

Among other telecom stocks, Tata Teleservices (Maharashtra) (up 1.18%), MTNL (up 0.48%) and Idea Cellular (up 0.38%), edged higher. Reliance Communications was down 0.22%

Telecom tower infrastructure provider Bharti Infratel was up 0.42%.

Metal shares were mixed. National Aluminium Company (up 1.28%), Bhushan Steel (up 0.74%), JSW Steel (up 0.54%), Jindal Steel & Power (up 0.41%), NMDC (up 0.33%), Hindustan Copper (up 0.31%) and Vedanta (up 0.09%), edged higher. Hindustan Zinc (down 0.08%), Steel Authority of India (down 0.08%), Tata Steel (down 0.08%) and Hindalco Industries (down 0.16%), edged lower.

On macro front, India's industrial production rose 1.2% in July 2017 over July 2016, while snapping 0.2% decline for June 2017. The growth for June 2017 has been revised downwards to -0.2% from -0.1% reported earlier. The data was unveiled after market hours yesterday, 12 September 2017.

The all-India general consumer price index (CPI)-based inflation accelerated to 3.36% in August 2017, compared with 2.36% in July 2017. The data was unveiled after market hours yesterday, 12 September 2017.

Overseas, most Asian stocks were trading lower. All three major US stock indexes booked all-time closing highs on Tuesday, 12 September 2017. It marks the first time all three benchmarks finished at records on the same day since 26 July 2017. The Dow Jones Industrial Average rose 61.49 points, or 0.3%, to finish at 22,118.86. The S&P 500 added 8.37 points, or 0.3%, to close at 2,496.48. The Nasdaq Composite Index finished up 22.02 points, or 0.3%, at 6,454.28.

Powered by Capital Market - Live News

Disclaimer: No Business Standard Journalist was involved in creation of this content

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Sep 13 2017 | 10:16 AM IST

Explore News