Key benchmark indices extended initial gains and hit fresh intraday high in morning trade. At 10:20 IST, the barometer index, the S&P BSE Sensex was up 100.95 points or 0.36% at 28,443.96. The gains for the Nifty 50 index were higher than the Sensex's gains in percentage terms. The Nifty was currently up 43.10 points or 0.49% at 8,787.45. The Sensex hit highest level in more than thirteen months. The Nifty hit highest level in more than sixteen months.
The Sensex rose 147.20 points or 0.51% at the day's high of 28,490.21 in morning trade, its highest level since 23 July 2015. The barometer index gained 20.09 points or 0.07% at the day's low of 28,363.10 at the onset of the trading session. The Nifty rose 57.15 points or 0.65% at the day's high of 8,801.50 in morning trade, its highest level since 15 April 2015. The index gained 9.70 points or 0.11% at the day's low of 8,754.05 at the onset of the trading session.
In overseas stock markets, Asian stocks were mixed. US stocks slipped yesterday, 30 August 2016, as the dollar strengthened on expectations that the Federal Reserve was moving closer to raising interest rates. US consumer confidence rose to an 11-month high in August, with households more upbeat about the labour market, data showed overnight. The focus is now on US nonfarm-payroll data for August due on Friday, 2 September 2016.
Closer home, the market breadth indicating the overall health of the market was strong. On BSE, 1,204 shares rose and 660 shares declined. A total of 133 shares were unchanged. The BSE Mid-Cap index was currently up 0.42%. The BSE Small-Cap index was currently up 0.41%. Both these indices outperformed the Sensex.
Realty stocks rose. DLF (up 0.92%), D B Realty (up 2.47%), Sobha (up 0.62%), Indiabulls Real Estate (up 0.66%), Unitech (up 0.19%), NBCC (up 0.42%), Godrej Properties (up 0.54%), Housing Development & Infrastructure (HDIL) (up 1.39%), and Oberoi Realty (up 1.64%) edged higher.
The BSE Realty index had underperformed the market over the past one month till 30 August 2016, falling 3.26% compared with 1.04% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 10.37% as against Sensex's 6.05% rise.
Cement stocks also gained. ACC (up 0.68%) and Ambuja Cements (up 0.95%) gained. Shree Cement fell 0.48%.
UltraTech Cement rose 3.22% after the Reserve Bank of India notified increase in the ceiling on investment in the company's shares by foreign investors to 30% of the company's paid up capital. Ultra Tech Cement's board of directors and the company's shareholders have already approved increase in ceiling on investment in the company's shares by foreign institutional investors.
Grasim Industries advanced 0.36%. Grasim has exposure to the cement sector through its holding in UltraTech Cement.
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