Key benchmark indices logged strong gains on first trading day of the week and month led by index heavyweights HDFC, L&T and Reliance Industries (RIL). The S&P BSE Sensex rose 377.33 points or 1.35% at 28,243.29, as per the provisional closing data. The Nifty 50 index rose 126.95 points or 1.47% at 8,738.10, as per the provisional closing data. The Sensex provisionally settled 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 407.06 points or 1.46% at the day's high of 28,273.02 in late 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 134.05 points or 1.56% at the day's high of 8,745.20 in late 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.
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.
Back home, the broad market depicted strength. There were more than three gainers against every loser on BSE. 2,224 shares gained and 663 shares fell. A total of 118 shares were unchanged. The BSE Mid-Cap index provisionally rose 2.4%. The BSE Small-Cap index provisionally rose 2.67%. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 3612.87 crore, higher than turnover of Rs 3594.73 crore registered during the previous trading session.
Index heavyweight and housing finance major HDFC advanced 2.15% to Rs 1,423. The stock hit high of Rs 1,428.90 and low of Rs 1,387 in intraday trade.
Index heavyweight Reliance Industries rose 0.96% to Rs 1,092.50. The stock hit high of Rs 1,107.35 and low of Rs 1,076.95 in intraday trade.
Index heavyweight and engineering and construction major L&T advanced 2.75% after the company said that its construction arm L&T Construction has won orders worth Rs 6024 crore across various business segments. The announcement was made during market hours today, 3 October 2016.
Realty stocks rose on renewed buying. DLF (up 4%), Indiabulls Real Estate (up 1.9%), Housing Development and Infrastructure (up 4.15%), D B Realty (up 3.03%), Unitech (up 2.37%), Sobha (up 2.62%), Godrej Properties (up 1.08%), Oberoi Realty (up 0.31%), Prestige Estates Projects (up 5.06%), and Parsvnath Developers (up 3.47%) gained.
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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