Amid a divergent trend among various index constituents, the Nifty 50 index traded near the flat line and the barometer index, the S&P BSE Sensex, traded with tiny gains. At 10:20 IST, the Sensex was up 54.46 points or 0.2% at 27,862.60. The gains for the Nifty index were lower than those for the Sensex in percentage terms. The Nifty was currently up 6.10 points or 0.07% at 8,527.15.
The Sensex gained 120.62 points or 0.43% at the day's high of 27,928.76 at the onset of trading session, its highest level since 20 August 2015. The barometer index rose 9.88 points or 0.04% at the day's low of 27,818.02 in morning trade. The Nifty gained 29.20 points or 0.34% at the day's high of 8,550.25 at onset of trading day, its highest level since 11 August 2015. The index fell 8.30 points or 0.1% at the day's low of 8,512.75 in morning trade.
In overseas stock markets, most Asian stocks rose, adding to the gains in the past few sessions amid improved risk appetite following the positive lead overnight from Wall Street. US stocks edged higher yesterday, 12 July 2016, with Dow Jones Industrial Average and the S&P 500 index, both, finishing at record high, reflecting hopes about stimulus from Japan and China along with optimism that the Bank of England will lower rates to help the UK economy sidestep the pitfalls of the so-called Brexit.
Closer home, the market breadth indicating the overall health of the market was positive. On BSE, 1,028 shares rose and 940 shares declined. A total of 91 shares were unchanged. The BSE Mid-Cap index was currently up 0.07%. The BSE Small-Cap index was currently up 0.04%. Both these indices underperformed the Sensex.
Metal and mining stocks edged higher as copper prices rose in global commodity markets. Tata Steel (up 2.6%), Steel Authority of India (Sail) (up 2.93%), Hindalco Industries (up 2.73%), National Aluminium Company (up 1.6%), Jindal Steel & Power (up 2.01%), NMDC (up 2.07%), Hindustan Copper (up 6.65%) edged higher.
High Grade Copper for September 2016 delivery was currently up 2.19% at $2.2615 per pound on the COMEX.
JSW Steel rose 1.12% to Rs 1,559.05. The stock hit a high of Rs 1,560 in intraday trade, a record high for the counter. The stock hit low of Rs 1,524.95 in intraday trade.
Vedanta jumped 8.71% to Rs 173.40. The stock hit a high of Rs 174.60 in intraday trade, also its 52-week high. The stock hit low of Rs 159.55 in intraday trade.
Hindustan Zinc rose 2.87% to Rs 200.90. The stock hit a high of Rs 203.30 in intraday trade, a record high for the counter. The stock hit low of Rs 195.80 in intraday trade.
Telecom stocks fell. Bharti Airtel (down 0.32%), MTNL (down 0.67%), Tata Teleservices (Maharashtra) (down 2.49%) and Reliance Communications (down 0.58%) declined. Idea Cellular rose 0.53%.
Shares of Bharti Infratel fell 0.88%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.
On the macro front, data released by government after market hours yesterday, 12 July 2016, showed that India's industrial production increased 1.2% in May 2016 over May 2015, while snapping 1.35% dip recorded in the previous month. The manufacturing sector production rebounded 0.7%, after two months of decline, contributing to the rise in industrial output in May 2016.
Another data released by government after market hours yesterday, 12 July 2016, showed that the all-India general consumer price index (CPI) inflation accelerated to 5.77% in June 2016 from 5.76% in May 2016. Increase in food price was responsible for the acceleration in consumer price inflation. The consumer food price index rose to 7.79% in June 2016 from 7.47% in May 2016. The core CPI inflation fell to 4.39% in June 2016 from 4.49% in May 2016.
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