Firmness continued on the bourses in mid-morning trade. At 11:15 IST, the barometer index, the S&P BSE Sensex, was up 263.28 points or 0.94% at 28,121.98. The Nifty 50 index was currently up 76.75 points or 0.89% at 8,668.90. The Sensex was currently trading above the psychologically important 28,000 mark after surpassing that level in early trade. Positive cues from global markets aided the upmove on the domestic bourses.
In overseas stock markets, main Asia markets rose after all the three main indices in the US attained record closing high overnight. Chinese stocks rose after release of a slew of economic data. In mainland China, the Shanghai Composite index was currently up 0.31%. In Hong Kong, the Hang Seng index was currently up 0.74%. Industrial output in China rose 6% in July from a year earlier, slowing from 6.2% in June, data from the National Bureau of Statistics showed. Retail sales grew 10.2% in July from a year earlier, slowing from a 10.6% increase in June. Fixed asset investment from January to July increased by 8.1% from a year earlier, the slowest rate in more than 16 years.
US stocks edged higher yesterday, 11 August 2016, with the Dow Jones Industrial Average, the Nasdaq Composite index and the S&P 500 index closing at record highs, amid sharp gains in crude oil prices and strong quarterly results from retailers.
Closer home, the market breadth indicating the overall health of the market was strong. On BSE, 1,378 shares rose and 822 shares fell. A total of 125 shares were unchanged. The BSE Mid-Cap index was currently up 1.02%, outperforming the Sensex. The BSE Small-Cap index was currently up 0.71%, underperforming the Sensex.
Metal and mining stocks rallied. Vedanta (up 2.97%), JSW Steel (up 1.28%), Tata Steel (up 1.9%), Steel Authority of India (Sail) (up 1.76%), National Aluminium Company (up 0.74%), Hindustan Zinc (up 1.04%), Jindal Steel & Power (up 1.28%), NMDC (up 1.2%), Hindustan Copper (up 5.75%) edged higher.
Hindalco Industries gained 3.02% ahead of its Q1 June 2016 results today, 12 August 2016.
Copper edged lower in the global commodities market. High Grade Copper for September 2016 delivery was currently off 0.46% at $2.181 per pound on the COMEX.
Auto stocks gained. Tata Motors (up 2.58%), Maruti Suzuki India (up 0.33%), Mahindra & Mahindra (M&M) (up 1.64%), Bajaj Auto (up 1.61%), Hero MotoCorp (up 1.64%), TVS Motor Company (up 1.6%), Eicher Motors (up 0.61%) and Ashok Leyland (up 0.4%) gained.
Meanwhile, the India Meteorological Department (IMD) in its weekly monsoon update issued yesterday, 11 August 2016, said that for the country as a whole, cumulative rainfall during this year's monsoon season was 3% above the long period average (LPA) until 10 August.
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