Wednesday, March 05, 2025 | 11:16 AM ISTहिंदी में पढें
Business Standard
Notification Icon
userprofile IconSearch

Market spurts on broad based buying

Image

Capital Market

Buying picked up momentum as key benchmark indices hit fresh intraday high in mid-afternoon trade. At 14:15 IST, the barometer index, the S&P BSE Sensex, was up 310.06 points or 1.02% at 30,611.70. The Nifty 50 index was up 103.40 points or 1.10% at 9,463.95. Positive global stocks boosted sentiment on the domestic bourses.

The Sensex rose 334.35 points, or 1.10% at the day's high of 30,635.99 in mid-afternoon trade, its highest intraday level since 22 May 2017. The index rose 50.62 points, or 0.17% at the day's low of 30,352.26 in early trade. The Nifty rose 110.15 points, or 1.18% at the day's high of 9,470.70 in mid-afternoon trade, its highest intraday level since 22 May 2017. The index rose 18.65 points, or 0.20% at the day's low of 9,379.20 in early trade.

 

Among secondary barometers, the BSE Mid-Cap index was up 1.01%, underperforming the Sensex. The BSE Small-Cap index was up 1.54%, outperforming the Sensex.

The broad market depicted strength. There were more than two gainers against every loser on BSE. 1,720 shares rose and 838 shares fell. A total of 142 shares were unchanged.

Sugar stocks were in demand. Sakthi Sugars (up 14.23%), Simbhaoli Sugars (up 6.66%), KCP Sugar & Industries Corporation (up 6.16%), Shree Renuka Sugar (up 5.03%), EID Parry (India) (up 4.16%), Triveni Engineering & Industries (up 3.86%), DCM Shriram Industries (up 3.18%), Balrampur Chini Mills (up 2.64%), Dhampur Sugar Mills (up 2.21%), Dwarikesh Sugar Industries (up 2.03%), Rana Sugars (up 1.33%), Empee Sugars and Chemicals (up 0.89%) and Bajaj Hindusthan Sugar (up 0.21%), edged higher.

Most realty shares rose. Anant Raj (up 3.77%), Oberoi Realty (up 2.75%), Mahindra Lifespace Developers (up 2.69%), D B Realty (up 2.47%), Prestige Estates Projects (up 2.26%), Godrej Properties (up 2.14%), Sobha (up 1.99%), Housing Development and Infrastructure (HDIL) (up 1.85%), Parsvnath Developers (up 0.37%), Omaxe (up 0.35%), DLF (up 0.34%) and Peninsula Land (up 0.25%), edged higher. Unitech (down 0.19%), Sunteck Realty (down 0.73%), Phoenix Mills (down 0.81%) and Indiabulls Real Estate (down 0.85%), edged lower.

Bosch rose 2.87% after the company announced better-than-expected Q4 results during market hours today, 25 May 2017. Bosch's net profit fell 10.21% to Rs 440.47 crore on 3.14% growth in total income from operations to Rs 2780.20 crore in Q4 March 2017 over Q4 March 2016.

Overseas, European shares reversed early gains and edged lower. The UK economy slowed more sharply than first thought in the first quarter, according to a fresh estimate today, 25 May 2017. The Office for National Statistics said its latest data suggest the economy expanded at a quarterly rate of 0.2% in the first quarter, a weaker pace of growth than the 0.3% preliminary estimate published last month and much weaker than the 0.7% pace notched up in the final three months of 2016. On an annualized basis, the economy grew 0.7%, compared to an earlier estimate of 1.2%.

Asian stocks were trading higher after the minutes of the Federal Reserve's latest meeting sparked uncertainty over the next US rate hike. On Wednesday, the European Central Bank published its latest Financial Stability Review report, in which the bank suggested that debt sustainability concerns had risen over the past six months amid a potential uptick in yields.

Meanwhile, market participants were looking ahead to an OPEC meeting scheduled to begin later in the day. The members of the cartel are expected to discuss a possible extension to output cuts. In an accord reached in December 2016, OPEC and 11 non-members agreed to cut oil output by about 1.8 million barrels per day in the first half of 2017.

US stocks closed higher for a fifth-straight day yesterday, 24 May 2017, buoyed by the minutes of the Federal Reserve's May meeting. The S&P 500 rose 5.97 points, or 0.3%, to close at 2,404.39. The Dow Jones Industrial Average also rose for a fifth straight day, gaining 74.51 points, or 0.4%, to finish at 21,012.42, just 0.5% below its record close set on 1 March 2017. The Nasdaq Composite Index climbed 24.31 points, or 0.4%, to end at 6,163.02.

The minutes from the US central bank's May 2-3 policy meeting showed that the Fed would gradually raise rates and wind down its $4.5 trillion of mortgage-backed bond holdings and longer-term US government bonds. The Fed also signaled that interest rates could be raised soon, but added that it would be prudent to wait for more US economic data.

Powered by Capital Market - Live News

Disclaimer: No Business Standard Journalist was involved in creation of this content

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: May 25 2017 | 2:23 PM IST

Explore News