Key benchmark indices extended early gains and hit fresh intraday high in morning trade. At 10:17 IST, the barometer index, the S&P BSE Sensex, was up 146.55 points or 0.42% at 34,809.66. The Nifty 50 index was up 49.75 points or 0.47% at 10,563.60.
Sustained buying by domestic institutional investors (DIIs) in equity market boosted investors sentiment. DIIs bought shares worth a net Rs 1480.51 crore yesterday, 24 May 2018, as per provisional data. Foreign portfolio investors (FPIs) sold shares worth a net Rs 701.93 crore yesterday, 24 May 2018, as per provisional data released by the stock exchanges.
The market firmed up after a positive opening. The Sensex rose 190.03 points, or 0.55% at the day's high of 34,853.14 in morning trade, its highest intraday level since 21 May 2018. The index rose 37.41 points, or 0.11% at the day's low of 34,700.52 in early trade. The Nifty rose 59.25 points, or 0.56% at the day's high of 10,573.10 in morning trade, its highest intraday level since 21 May 2018. The index rose 10.15 points, or 0.10% at the day's low of 10,524 in early trade.
Among secondary barometers, the BSE Mid-Cap index was up 0.78%. The BSE Small-Cap index was up 0.63%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On BSE, 1,235 shares rose and 711 shares fell. A total of 107 shares were unchanged.
Metal shares were in demand. JSW Steel (up 2.12%), Tata Steel (up 2.02%), Hindalco Industries (up 1.99%), Jindal Steel & Power (up 1.52%), Hindustan Copper (up 1.49%), Steel Authority of India (up 1.22%), National Aluminium Company (up 1.20%), Hindustan Zinc (up 0.26%) and NMDC (up 0.17%), edged higher. Vedanta was down 3.15%.
FMCG shares rose. GlaxoSmithKline Consumer Healthcare (up 1.74%), Dabur India (up 1.55%), Colgate Palmolive (India) (up 1.24%), Jyothy Laboratories (up 1.14%), Tata Global Beverages (up 1.10%), Britannia Industries (up 0.55%), Marico (up 0.52%), Hindustan Unilever (up 0.51%), Procter & Gamble Hygiene & Health Care (up 0.06%) and Nestle India (up 0.03%), edged higher. Bajaj Corp (down 0.54%) and Godrej Consumer Products (down 1.24%), edged lower.
United Spirits jumped 5.73% after the company reported net profit of Rs 211 crore in Q4 March 2018 as compared with net loss of Rs 104.20 crore in Q4 March 2017. Total income rose 13.99% to Rs 2422.80 crore in Q4 March 2018 over Q4 March 2017. The result was announced after market hours yesterday, 24 May 2018.
Reported earnings before interest, taxation, depreciation and amortization (EBITDA) was Rs 274 crore, up 5%, driven by increased gross profit, partially offset by timing of staff costs and increased marketing investment. Reported EBITDA margin was 12.6%, down 27 basis points. Interest costs were Rs 59 crores, 31% lower driven by favourable rates and mix of debt.
Anand Kripalu, CEO, said the company has overcome some of the biggest challenges the spirits industry has ever faced including the highway ban and the introduction of GST.
Overseas, Asian shares were mixed after US President Donald Trump cancelled a planned meeting with North Korean Leader Kim Jong Un that had been set to take place in Singapore on 12 June 2018. Trump said participating in the summit would be inappropriate given the tremendous anger and open hostility displayed by North Korea, which had reportedly suspended direct communication with the US this week.
US stocks finished lower Thursday as a sharp decline in energy-related shares pressured the broader market lower. On the data front, initial jobless claims rose by 11,000 to 234,000 in the week ended 19 May 2018. Separately, existing-home sales ran at a seasonally adjusted annual 5.46 million pace in April.
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