Key benchmark indices extended gains and hit fresh intraday high in mid-morning trade as firmness in Asian stocks boosted sentiment. At 11:25 IST, the barometer index, the S&P BSE Sensex was up 192.15 points or 0.71% at 27,337.06. The Nifty 50 index was currently up 56.15 as points or 0.67% at 8,384.50. The Sensex hit its highest level in more than eight months. The Nifty hit its highest level in more than ten months.
The Sensex rose 225.96 points or 0.83% at the day's high of 27,370.87 in mid-morning trade, its highest level since 26 October 2015. The barometer index rose 148.62 points or 0.54% at the day's low of 27,293.53 at the onset of the trading session. The Nifty rose 66.45 points or 0.79% at the day's high of 8,394.80 in mid-morning trade, its highest level since 20 August 2015. The index rose 44.30 points or 0.53% at the day's low of 8,372.65 at the onset of the trading session.
In overseas stock markets, Asian stocks edged higher led by gains in Chinese stocks as expectations increased that central banks might ease monetary policy following Britain's vote to leave the European Union last month. In mainland China, the Shanghai Composite was currently up 1.73%. In Hong Kong, the Hang Seng index was currently up 1.4%. US stocks rose for the fourth day on Friday, 1 July 2016, amid optimism on American growth and as central banks continued to signal support in staving off fallout from Britain's decision to leave the European Union. US market will remain shut today, 4 July 2016, on account of Independence Day.
Closer home, the broad market depicted strength. There were more than two gainers against every loser on BSE. 1,676 shares rose and 630 shares declined. A total of 106 shares were unchanged. The BSE Mid-Cap index was currently up 0.87%. The BSE Small-Cap index was currently up 1.19%. Both these indices outperformed the Sensex.
Telecom stocks gained. Bharti Airtel (up 0.94%), Tata Teleservices (Maharashtra) (up 1.02%) Reliance Communications (up 1.48%) and Idea Cellular (up 0.75%) gained.
Shares of Bharti Infratel gained 0.84%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.
Mahanagar Telephone Nigam (MTNL) rose 3.82% after the company said it has received income tax refund worth Rs 112.95 crore for the assessment year 2000-2001. MTNL said that the amount includes Rs 52.35 crore towards interest on refund. The announcement was made after market hours on Friday, 1 July 2016.
Cement stocks also gained. Shree Cement (up 0.43%), Ambuja Cements (up 0.83%), and ACC (up 0.51%) gained.
UltraTech Cement rose 0.95%. The stock turned ex-dividend today, 4 July 2016 for dividend of Rs 9.50 per share for the year ended 31 March 2016 (FY 2016).
Grasim Industries advanced 0.22%. Grasim has exposure to the cement sector through its holding in UltraTech Cement.
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