Market extended gains in morning trade. At 10:27 IST, the barometer index, the S&P BSE Sensex, rose 169.43 points or 0.53% at 32,198.32. The Nifty 50 index was up 44.05 points or 0.44% at 9,959.30. Both the Sensex, and the Nifty, hit record high in morning trade.
Market has got a boost from the reported comments by NITI Aayog Vice Chairman Arvind Panagariya that India is likely to clock a 7.5% economic growth in FY 2018.
The S&P BSE Mid-Cap index rose 0.34%, underperforming the Sensex. The S&P BSE Small-Cap index advanced 0.63%, outperforming the Sensex.
The breadth, indicating the overall health of the market, was strong. On the BSE, 1,334 shares rose and 799 shares declined. A total of 107 shares were unchanged.
Cement stocks were mixed. ACC (up 0.35%) and Shree Cement (up 0.17%) edged higher. UltraTech Cement (down 0.16%) and Grasim Industries (down 0.65%) edged lower.
Ambuja Cements was up 0.25%. The company is scheduled to announce April -June 2017 quarterly earnings today, 24 July 2017.
Telecom stocks also witnessed a mixed trend. Bharti Airtel (up 0.89%) and Reliance Communications (up 0.21%) gained. Idea Cellular (down 1.58%) declined.
Bharti Infratel was down 0.06%. The company is scheduled to announce April -June 2017 quarterly earnings today, 24 July 2017.
Zee Entertainment Enterprises (Zee) was up 0.21% at Rs 555.60. The company said it has completed the requisite formalities and has acquired the balance 49% equity stake in India Webportal (IWPL). IWPL has now become a wholly owned subsidiary of Zee effective 22 July 2017. The announcement was made during market hours today, 24 July 2017.
Divi's Laboratories dropped 4.03% after net profit dropped 41.51% to Rs 176.54 crore on 17.67% fall in total revenue from operations to Rs 850.88 crore in Q1 June 2017 over Q1 June 2016. The result was announced on Saturday, 22 July 2017.
Overseas, Asian stocks witnessed a mixed trend. The Nikkei Flash Japan Manufacturing Purchasing Managers' Index, or PMI, dropped to an eight-month low of 52.2 in July from 52.4 in June. A reading above 50 signals an improvement, while one below 50 points to a contraction in activity.
US equities fell on Friday, 21 July 2017, as General Electric led industrial stocks edged lower. Meanwhile, the US Federal Reserve will announce its interest rate decision on Wednesday, 26 July 2017. The Federal Reserve had raised the target range for its federal funds rate by 25 basis points to 1% to 1.25% during its June 2017 meeting.
On the macro front, NITI Aayog Vice Chairman Arvind Panagariya reportedly said that India is likely to clock a 7.5% economic growth in FY 2018, even as he acknowledged that creation of "good jobs" in the country remains a big challenge. With the Indian government implementing the big ticket reform of the Goods and Services Tax, Panagariya reportedly said while there could be some teething troubles as the country embraces the ambitious financial reform, he does not see it significantly impacting economic growth going forward.
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