Key benchmark indices hit fresh intraday high in morning trade. At 10:16 IST, the barometer index, the S&P BSE Sensex, was up 134.04 points or 0.43% at 31,417.68. The Nifty 50 index was up 35.30 points or 0.37% at 9,668.90. Positive Asian cues boosted investors sentiment.
The Sensex hit more than 2-weeks high in morning trade. The Sensex rose 141.09 points, or 0.45% at the day's high of 31,424.73 in morning trade, its highest level since 6 June 2017. The index rose 53.32 points, or 0.17% at the day's low of 31,336.96 in morning trade. The Nifty rose 38.50 points, or 0.40% at the day's high of 9,672.10 in morning trade, its highest level since 20 June 2017. The index rose 8.75 points, or 0.09% at the day's low of 9,642.35 in morning trade.
Among secondary barometers, the BSE Mid-Cap index was up 0.48%. The BSE Small-Cap index was up 0.57%. Both these indices outperformed the Sensex.
The broad market depicted strength. There were more than two gainers against every loser on BSE. 1,359 shares rose and 653 shares fell. A total of 88 shares were unchanged.
Metal shares were in demand. Bhushan Steel (up 3.71%), National Aluminium Company (up 1.75%), Hindustan Zinc (up 1.49%), Hindustan Copper (up 1.40%), JSW Steel (up 1.07%), Steel Authority of India (up 1.05%), Jindal Steel & Power (up 0.80%), Vedanta (up 0.80%), Tata Steel (up 0.67%), NMDC (up 0.45%) and Hindalco Industries (up 0.28%), edged higher.
Meanwhile, copper price edged lower in the global commodities markets. High Grade Copper for July 2017 delivery was currently down 0.23% at $2.596 per pound on the COMEX.
Cement shared rose. Ambuja Cements (up 0.79%), ACC (up 0.41%) and UltraTech Cement (up 0.27%), edged higher.
Grasim Industries was up 2.18%. Grasim has exposure to cement sector through its holding in UltraTech Cement.
Overseas, Asian shares edged higher as crude oil prices inched up after hitting a 10-month low overnight. In US, the S&P 500 and Dow industrials ended slightly lower overnight, weighed down by losses in the energy sector as oil prices continued to slide. But the Nasdaq Composite posted moderate gains thanks to a surge in biotechnology shares.
The S&P 500 index closed with a loss of 1.42 points, or less than 0.1%, at 2,435.61. The Dow Jones Industrial Average lost 57.11 points, or 0.3%, to 21,410.03. The Nasdaq Composite Index bucked the trend, closing 45.92 points, or 0.7%, higher at 6,233.95.
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