Firmness prevailed on the bourses in mid-afternoon trade as the key benchmark indices held onto strong gains after hitting fresh intraday in mid-afternoon trade. At 14:16 IST, the S&P BSE Sensex was up 328.10 points or 1.18% at 28,194.06. The Nifty 50 index was currently up 112.45 points or 1.31% at 8,723.60. The Sensex was trading above the psychologically important 28,000 mark after regaining that level in morning trade. Positive global stocks underpinned sentiment on the domestic bourses.
The Sensex rose 364.02 points or 1.31% at the day's high of 28,229.98 in mid-afternoon trade, its highest level since 29 September 2016. The barometer index rose 53.93 points or 0.19% at the day's low of 27,919.89 in early trade. The Nifty rose 121.80 points or 1.41% at the day's high of 8,732.95 in mid-afternoon trade, its highest level since 29 September 2016. The index rose 23.85 points or 0.28% at the day's low of 8,635 in early trade.
The broad market depicted strength. There were more than three gainers against every loser on BSE. 2,132 shares gained and 615 shares fell. A total of 106 shares were unchanged. The BSE Mid-Cap index was up 2.11%. The BSE Small-Cap index was up 2.21%. Both these indices outperformed the Sensex.
In overseas stock markets, European and Asian stocks rose as investors weighed the prospects of a further US interest rate hike and a report on business sentiment out of Japan. Stock markets in China and South Korea were closed for holiday. In Japan, the Nikkei 225 Average ended 0.9% higher. The Bank of Japan's tankan survey released today, 3 October 2016 showed Japan's large manufacturers now expect their pretax profit to drop 14.6% in this financial year through March, compared with a previous forecast for a 11.6% fall. Meanwhile, activity in China's manufacturing sector expanded again in September, data released on 1 October 2016 showed. The official Purchasing Managers' Index (PMI) stood at 50.4 in September, identical with the previous month's level, the National Bureau of Statistics said. The non-manufacturing PMI rose to 53.7 from 53.5 in August. US stocks closed sharply higher on Friday, 30 September 2016 as Deutsche Bank shares rebounded amid a report that the German banking giant was near a settlement with the Justice Department.
Index heavyweight and housing finance major HDFC advanced 1.83% to Rs 1,418.50. The stock hit high of Rs 1,419 and low of Rs 1,387 so far during the day.
Index heavyweight Reliance Industries rose 0.98% to Rs 1,092.75. The stock hit high of Rs 1,107.35 and low of Rs 1,076.95 so far during the day.
FMCG stocks rose. Britannia Industries (up 2.03%), GlaxoSmithkline Consumer Healthcare (up 1.9%), Colgate-Palmolive (India) (up 1.14%), Dabur India (up 2.19%), Godrej Consumer Products (up 2.1%), Hindustan Unilever (up 0.06%), Marico (up 2.83%), Nestle India (up 2.66%), Tata Global Beverages (up 1.83%), Jyothy Laboratories (up 2.08%), Bajaj Corp (up 0.99%) rose. Procter & Gamble Hygiene and Health Care slipped 0.03%.
Most IT stocks rose. Oracle Financial Services Software (up 2.38%), Wipro (up 0.18%), HCL Technologies (up 0.52%), MindTree (up 1.67%), Hexaware Technologies (up 1.11%) and MphasiS (up 2.67%) rose. Tech Mahindra (down 0.05%), TCS (down 0.33%), Infosys (down 0.25%) fell.
Multi Commodity Exchange of India rose 1.78% after the Reserve Bank of India allowed foreign investors to hike their stake in the company to upto 34% from 24% earlier. RBI notified that foreign institutional investors (FIIs)/registered foreign portfolios investors (RFPIs) can under the portfolio investment scheme (PIS) now invest upto 34% of the paid up capital of Multi Commodity Exchange of India (MCX). The purchases could be made through primary market and stock exchanges. RBI stated that the company's board of directors' has passed a resolution and its shareholders have passed a special resolution agreeing for enhancing the limit for the purchase of its equity shares by FIIs/RFPIs. The Reserve Bank of India (RBI) made the announcement after market hours on Friday, 30 September 2016.
Meanwhile, India's manufacturing upturn was sustained in September, as a further increase in order books underpinned growth of output and purchasing activity, a survey showed today, 3 October 2016. That said, rates of expansion eased in all cases. One area of strength was external demand, with firms noting the strongest rise in new export orders since July 2015. Both input costs and output charges increased at quicker rates. Posting above the crucial 50 threshold for the ninth consecutive month, the seasonally adjusted Nikkei India Manufacturing Purchasing Managers' Index (PMI) fell to 52.1 in September from 52.6 in August.
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