Fresh buying in index pivotals propelled the key benchmark indices to fresh intraday high in afternoon trade. At 13:25 IST, the barometer index, the S&P BSE Sensex, was up 233.92 points or 0.66% at 35520.66. The Nifty 50 index was up 57.70 points or 0.54% at 10,768.15. Gains were led by index heavyweights Reliance Industries (RIL), HDFC Bank and HDFC. Recovery in global stocks boosted sentiment on the domestic bourses.
Among secondary barometers, the BSE Mid-Cap index was up 0.25%. The BSE Small-Cap index was up by 0.36%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,292 shares rose and 1,143 shares fell. A total of 135 shares were unchanged.
Vedanta (up 2.16%), Yes Bank (up 1.73%) and Axis Bank (up 1.4%) edged higher from the Sensex pack.
Coal India (down 1.34%), ONGC (down 1.09%) and L&T (down 0.76%) edged lower from the Sensex pack.
Index heavyweight Reliance Industries (RIL) gained 2.51% to Rs 1,020.60.
Index heavyweight and private sector banking giant HDFC Bank advanced 1% to Rs 2,045.75.
Index heavyweight and housing finance major HDFC rose 0.83% to Rs 1,841.85.
Sadbhav Infrastructure Project advanced 2.56%. Sadbhav Infrastructure Project has signed a maintenance contract with Sadbhav Jodhpur Ring Road, a wholly owned subsidiary, worth Rs 55 crore for maintenance and repairs works during the development period and construction period. The announcement was made after market hours yesterday, 19 June 2018.
Sadbhav Jodhpur Ring Road has undertaken the project for four laning of Dangiywas to Jajiwal of NH-65 Nagaur Road of Jodhpur Ring Road in Rajasthan under NHDP Phase-VII.
On the political front, President Ram Nath Kovind approved the imposition of governor's rule in Jammu and Kashmir, a day after the BJP pulled out of its alliance with the Peoples Democratic Party (PDP) in Jammu and Kashmir. Following the President's approval, governor NN Vohra will be presiding over the state.
Overseas, European stocks rose as markets awaited the next development in the trade dispute between the US and China, whose central bank called for investors to remain calm. China's central bank Governor, Yi Gang, reportedly pledged late Tuesday to use monetary policy comprehensively and said policy makers are prepared for outside shocks.
Asian stocks bounced back and were trading higher due to bargain hunting after sharp losses made in the previous session. US stocks declined on Tuesday, as investors sold stocks following President Donald Trump's late-Monday threat to slap an additional $400 billion in tariffs on China goods. The announcement represented the latest escalation in a dispute between the two largest economies in the world, rattling investors.
After Beijing's retaliation against US planned tariffs on $50 billion worth of Chinese imports, Trump asked US Trade Representative Robert Lighthizer late Monday to identify $200 billion more in Chinese products that could be subject to tariffs of 10%. The US president also threatened to find $200 billion more worth of goods if China tried to retaliate against those additional tariffs.
A spokesperson from China's Ministry of Commerce reportedly said China will have no choice but to take comprehensive measures in response to the US's trade moves
On the US data front, Housing starts ran at a seasonally adjusted annual 1.35 million annual rate in May, the Commerce Department said Tuesday. Permits were at a 1.3 million seasonally adjusted annual rate.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
