Key indices further extended gains and hit fresh intraday high in early afternoon trade. At 12:16 IST, the barometer index, the S&P BSE Sensex, was up 210.89 points or 0.67% at 31,494.53. The Nifty 50 index was up 59.95 points or 0.62% at 9,693.55. Positive Asian cues boosted investors sentiment.
The Sensex hit record high level in early afternoon trade. The Nifty hit its highest intraday level in more than two weeks in early afternoon trade. The Sensex rose 239.23 points, or 0.76% at the day's high of 31,522.87 in early afternoon trade, its record high level. The index rose 53.32 points, or 0.17% at the day's low of 31,336.96 in morning trade. The Nifty rose 65.25 points, or 0.68% at the day's high of 9,698.85 in early afternoon trade, its highest level since 6 June 2017. The index rose 8.75 points, or 0.09% at the day's low of 9,642.35 in morning trade.
Among secondary barometers, the BSE Mid-Cap index was up 0.49%, underperforming the Sensex. The BSE Small-Cap index was up 0.67%, matching the Sensex rise in percentage terms.
The market breadth, indicating the overall health of the market, was strong. On BSE, 1,459 shares rose and 944 shares fell. A total of 138 shares were unchanged.
Most pharmaceutical shares rose. Piramal Enterprises (up 2.29%), Sun Pharmaceutical Industries (up 1.72%), Aurobindo Pharma (up 1.67%), Cadila Healthcare (up 0.65%), Glenmark Pharmaceuticals (up 0.37%), Wockhardt (up 0.26%), IPCA Laboratories (up 0.24%), Cipla (up 0.21%), Strides Shasun (up 0.21%), Alkem Laboratories (up 0.09%) and GlaxoSmithKline Pharmaceuticals (up 0.01%), edged higher. Divi's Laboratories (down 0.12%), Dr Reddy's Laboratories (down 0.46%) and Lupin (down 1.87%), edged lower.
Auto stocks rose. Eicher Motors (up 1.23%), Mahindra & Mahindra (up 1.06%), Maruti Suzuki India (up 0.99%), Bajaj Auto (up 0.70%), TVS Motor Company (up 0.35%), Escorts (up 0.26%) and Ashok Leyland (up 0.16%), edged higher. Hero MotoCorp was down 0.10%.
Tata Motors rose 0.70% to Rs 460.50 after the company said that a duly authorised committee approved offering for subscription, on a private placement basis, up to 5,000 rated, listed, unsecured, 7.50% coupon, redeemable, non-convertible debentures (NCDs) of face value Rs 10 lakh each, at par, aggregating up to Rs 500 crore. The announcement was made after market hours yesterday, 21 June 2017.
Overseas, most Asian shares edged higher as crude oil prices inched up after hitting a 10-month low overnight. In US, the S&P 500 and Dow industrials ended slightly lower overnight, weighed down by losses in the energy sector as oil prices continued to slide. But the Nasdaq Composite posted moderate gains thanks to a surge in biotechnology shares.
The S&P 500 index closed with a loss of 1.42 points, or less than 0.1%, at 2,435.61. The Dow Jones Industrial Average lost 57.11 points, or 0.3%, to 21,410.03. The Nasdaq Composite Index bucked the trend, closing 45.92 points, or 0.7%, higher at 6,233.95.
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