Key benchmark indices were hovering in positive terrain after hitting fresh intraday high in early trade. At 10:21 IST, the barometer index, the S&P BSE Sensex, was up 128.33 points or 0.40% at 32,010.49. The Nifty 50 index was up 37 points or 0.37% at 10,043.05. Positive leads from Asian markets and overnight rally on the Wall Street boosted investors' sentiment.
The Sensex was trading above the psychologically important 32,000 mark. The Nifty was trading above the psychologically important 10,000 mark. The Sensex and the Nifty, both, hit their highest levels in more than one month. The Sensex rose 155.78 points, or 0.49% at the day's high of 32,037.94 in early trade, its highest level since 8 August 2017. The index rose 68.08 points, or 0.21% at the day's low of 31,950.24 in morning trade. The Nifty rose 50.80 points, or 0.51% at the day's high of 10,056.85 in early trade, its highest level since 8 August 2017. The index rose 22 points, or 0.22% at the day's low of 10,028.05 in morning trade.
Among secondary barometers, the BSE Mid-Cap index was up 0.58%. The BSE Small-Cap index was up 0.64%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,225 shares rose and 822 shares fell. A total of 84 shares were unchanged.
Engineering and construction major L&T was up 0.58% to Rs 1,224. The company announced during trading hours today, 12 September 2017, that its construction arm won orders worth Rs 2525 crore across various business segments.
State-run oil marketing company BPCL was up 2.03% to Rs 522.90. The company announced during trading hours today, 12 September 2017, that the Government of India conferred BPCL with Maharatna Status. Accordingly, BPCL is empowered to exercise the powers of a Maharatna Company as governed by relevant guidelines issued by Department of Public Enterprises.
Metal shares were in demand. Tata Steel (up 3.40%), Jindal Steel & Power (up 1.85%), Hindustan Copper (up 1.78%), JSW Steel (up 1.50%), Vedanta (up 0.86%), Hindalco Industries (up 0.74%), Steel Authority of India (up 0.71%), Hindustan Zinc (up 0.53%), Bhushan Steel (up 0.44%) and NMDC (up 0.04%), edged higher. National Aluminium Company was down 0.66%.
IT shares were mixed. Persistent Systems (up 1.69%), MphasiS (up 0.78%), Hexaware Technologies (up 0.44%), Oracle Financial Services Software (up 0.38%) and Infosys (up 0.27%), edged higher. HCL Technologies (down 0.15%), TCS (down 0.17%), MindTree (down 0.61%) and Tech Mahindra (down 0.85%), edged lower.
Wipro was down 0.12%. The company announced the launch of an Automotive Center of Excellence (CoE) in Timisoara, Romania. This CoE will help Wipro deliver innovative embedded software solutions for its global and European clients. This engineering center in Romania is part of Wipro's global delivery network that offers best-in-class engineering and IT services. The announcement was made before market hours today, 12 September 2017.
The company plans to hire experienced technology professionals and engineering graduates from top universities in Romania, to work across technology domains such as in-vehicle infotainment, cluster display, telematics, connected cars and Advanced Driver assistance Systems (ADAS). Currently, Wipro has development centers in Bucharest and Timisoara. In order to accommodate the increasing workforce, Wipro has expanded the office space to 12,000+ square metres in Bucharest and 3,000+ square metres in Timisoara.
Overseas, Asian stocks extended yesterday's gains, mirroring strength in the US equities overnight as concerns faded over the potential damage of Hurricane Irma and as Korean Peninsula tensions took a backseat.
US stocks closed sharply higher on Monday, as Hurricane Irma hit Florida with less force than expected and North Korea failed to conduct another nuclear missile test over the weekend, helping to lure investors into buying assets perceived as risky like equities. The Dow Jones Industrial Average closed about 259.58 points, or 1.2%, higher at 22,057.37, while the S&P 500 index climbed 1.1% at 2,488.11, marking a fresh record for the broad-market gauge. The Nasdaq Composite Index rallied 1.1% at 6,432.26, and ended within range of its all-time closing high.
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