Key benchmark indices extended initial gains and hit fresh intraday high in morning trade. At 10:20 IST, the barometer index, the S&P BSE Sensex was up 112.01 points or 0.36% at 31,357.57. The Nifty 50 index was up 25.15 points or 0.26% at 9,662.75. The Sensex and the Nifty, both, hit highest level in two weeks.
Good monsoon rains so far perked up sentiment. The June-September southwest monsoon is critical for the country's agriculture because a considerable part of the country's farmland is dependent on the rains for irrigation.
The Sensex gained 132.10 points or 0.42% at the day's high of 31,377.66, in morning trade, its highest level since 22 June 2017. The index rose 19.30 points or 0.06% at the day's low of 31,264.86, in early trade. The Nifty gained 31.25 points or 0.32% at the day's high of 9,668.85, in morning trade, its highest level since 22 June 2017. The index rose 2.35 points or 0.02% at the day's low of 9,639.95, in early trade.
The S&P BSE Mid-Cap index rose 0.51%. The S&P BSE Small-Cap index gained 0.7%. Both these indices outperformed the Sensex.
The broad market depicted strength. There were more than two gainers against every loser on BSE. 1,433 shares rose and 617 shares fell. A total of 90 shares were unchanged.
Telecom stocks were mixed. Tata Teleservices (Maharashtra) (up 0.54%) Reliance Communications (up 0.23%) and Idea Cellular (up 0.12%) gained. Bharti Airtel dropped 0.17%.
Shares of Bharti Infratel fell 0.21%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.
Realty stocks rose for the second straight day. DLF (up 0.76%), D B Realty (up 3.77%), Indiabulls Real Estate (up 0.1%), Unitech (up 3.37%), NBCC (up 0.66%), Godrej Properties (up 1.16%), Housing Development & Infrastructure (HDIL) (up 0.41%), and Oberoi Realty (up 1.03%) edged higher.
Sobha rose 4.35% after the company achieved good new sales volume in Q1 June 2017. The announcement was made after market hours yesterday, 5 July 2017.
Sobha said it achieved new sales volume of 8.15 lakh square feet (sq ft) in Q1 June 2017 valued at Rs 623.4 crore with an average realisation of Rs 7647 per sq ft. The company in its real estate operational update for Q1 said its share of sales value is Rs 562.70 crore with an average realisation of Rs 6,903 per sq ft. The sales volume and total sales value are up by 12.7% and 11.9%, respectively, compared with Q4 March 2017.
Shriram EPC jumped 9.45% after the company said it bagged a Rs 71 crore order from Palani Temple in Tamil Nadu. The announcement was made after market hours yesterday, 5 July 2017.
With this order, Shriram EPC has marked its foray into the transportation business. The scope of this project includes design, manufacture, supply, erection, testing, commissioning, operating and maintenance of the second ropeway to the temple that will serve 1,200 people per hour, the company said in a statement.
India Meteorological Department said that area weighted rainfall for the country as a whole till 5 July 2017 was 217.3 mm compared to normal of 206.7 mm with a departure of excess 5%.
Overseas, most Asian stocks declined after underwhelming overnight moves in the US, as investors adopted a collective wait-and-see attitude. Market participants are especially concerned about the repercussions of North Korea's missile launch earlier this week, in addition to a Group of 20 meeting in Germany and Friday's US jobs report.
In the US, the Nasdaq Composite Index and S&P 500 index finished higher while the Dow Jones Industrials Average closed fractionally lower yesterday, 5 July 2017, as Federal Reserve policy meeting minutes indicated a reduction in the central bank's economy-boosting balance sheet could begin soon, and technology stocks rallied amid a disappointing manufacturing report and a tumble in crude futures.
In minutes released from the Fed's June meeting, several members showed they're in favor of starting a reduction of the central bank's $4.5 trillion balance sheet. The minutes also showed that officials are divided on unemployment figures.
New orders for US-made goods fell more than expected in May. Factory goods orders dropped 0.8%, the Commerce Department said after a revised 0.3% decline in April. It was the second straight monthly decrease in orders.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
