Key equity benchmarks firmed up in afternoon trade. At 12:30 IST, the barometer index, the S&P BSE Sensex, was up 71.03 points or 0.21% at 33,689.62. The Nifty 50 index was up 19.20 points or 0.19% at 10,389.45. The Sensex hit fresh intraday high while the Nifty was hovering near the day's high.
Key benchmark indices nudged higher in early trade. Stocks hovered in positive zone in morning trade. Stocks extended gains in morning trade.
The S&P BSE Mid-Cap index was up 0.23%. The S&P BSE Small-Cap index was up 0.47%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,474 shares rose and 1,083 shares fell. A total of 155 shares were unchanged.
Coal India was up 1.78% on reports a foreign brokerage house has upgraded its ratings to outperform from neutral on the stock. The foreign brokerage house also reportedly hiked target price on Coal India stock to Rs 310 from earlier Rs 280. It expects domestic coal market to remain tight in near to medium term, while lower supply and strong global prices to help e-auction prices from third quarter. It feels that the supply tightness makes the risk-reward favourable. Wage hikes and grade slippage has factored in the first half of the current financial year (FY 2018), while low coal inventory is going to keep volumes elevated in the next financial year, it added. The brokerage house expects Coal India's earnings per share (EPS) to grow after five years and expecting 100% dividend payout in FY 2018.
Bharat Heavy Electricals (Bhel) was down 0.42%. Bhel announced during trading hours today, 29 November 2017, that it has successfully commissioned the second unit of the 2x30 MW Tuirial Hydro Electric Project (HEP) in Mizoram. Significantly, the unit has been commissioned by Bhel in less than a hundred days of the commissioning of the first unit.
Most pharmaceutical stocks rose. Divi's Laboratories (up 1.90%), Piramal Enterprises (up 1.44%), Alkem Laboratories (up 1.18%), Wockhardt (up 1.03%), Aurobindo Pharma (up 0.70%), Sun Pharmaceutical Industries (up 0.44%), Lupin (up 0.42%), Cadila Healthcare (up 0.25%), Strides Shasun (up 0.10%), Glenmark Pharmaceuticals (up 0.09%) and Cipla (up 0.01%), edged higher. GlaxoSmithKline Pharmaceuticals (down 0.46%) and IPCA Laboratories (down 0.65%), edged lower.
Dr. Reddy's Laboratories was down 0.21%. The company announced during trading hours today, 29 November 2017, that the US Securities Class Action Lawsuit has been served on the company in the US by the lead plaintiff. The company said it believes that the asserted claims are without merit and intends to vigorously defend itself against the allegations.
Most metal shares declined. Steel Authority of India (down 2.53%), National Aluminium Company (down 1.03%), Hindalco Industries (down 0.84%), Vedanta (down 0.68%), Hindustan Copper (down 0.55%), NMDC (down 0.32%) and Jindal Steel & Power (down 0.23%), edged lower. Tata Steel (up 0.07%), JSW Steel (up 0.18%), Hindustan Zinc (up 1.83%) and Bhushan Steel (up 3.57%), edged higher.
Overseas, Asian stocks were mixed as Chinese equities added to declines and a North Korean missile test overshadowed an overnight surge in US equities. US stocks rose to records yesterday, 28 November 2017 on progress towards passage of US tax cuts and a benign confirmation hearing with Federal Reserve Chair nominee Jerome Powell.
The Senate Budget Committee approved the Senate's tax plan on Tuesday, bringing the upper chamber closer to a floor vote, which is expected to take place Thursday. Meanwhile, during his testimony, Powell said that current regulations on the financials sector are tough enough. He also said he supported the tailoring of some regulations to ease the burden on small banks.
On the data front, the Conference Board's consumer-confidence index jumped to 129.5 in November, marking a 17-year high. The advanced US trade deficit in goods rose 6.5% to $68.3 billion in October. Separately, home prices rose at their fastest pace in more than three years in September.
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