Key benchmark indices surged on broad-based buying support. The barometer index, the S&P BSE Sensex, up 278.18 points or 0.90% to 31,028.21, as per the provisional closing data. The Nifty 50 index rose 85.35 points or 0.90% to 9,595.10, as per the provisional closing data. The Sensex and the Nifty, both, hit their record high levels in late trade.
The Sensex provisionally settled above the psychologically important 31,000 mark after crossing that level in intraday trade. The Nifty provisionally settled below the psychologically important 9,600 mark after hitting that level in intraday trade. Gains in index heavyweight Reliance Industries (RIL) and ITC boosted key benchmarks higher.
The Sensex and the Nifty, both, hit their record high levels in late trade. The Sensex rose 324.04 points, or 1.05% at the day's high of 31,074.07 in late trade, its record high level. The index fell 4.46 points, or 0.01% at the day's low of 30,745.57 in early trade. The Nifty rose 95.15 points, or 1% at the day's high of 9,604.90 in late trade, its record high level. The index fell 14.35 points, or 0.15% at the day's low of 9,495.40 in early trade.
Among secondary barometers, the BSE Mid-Cap index provisionally rose 2.06%. The BSE Small-Cap index provisionally rose 1.60%. Both these indices outperformed the Sensex.
The broad market depicted strength. There were more than two gainers against every loser on BSE. 1,809 shares rose and 858 shares fell. A total of 181 shares were unchanged.
The total turnover on BSE amounted to Rs 3811.93 crore, higher than turnover of Rs 3398.89 crore registered during the previous trading session.
Cigarette major ITC rose 2.14% to Rs 306.10 after net profit rose 12.13% to Rs 2669.47 crore on 6.2% growth in total income to Rs 15410.92 crore in Q4 March 2017 over Q4 March 2016. The result was announced during market hours today, 26 May 2017. The stock hit a high of Rs 313.40 and a low of Rs 300 in intraday trade.
Index heavyweight Reliance Industries (RIL) rose 2.69% to Rs 1,338. The stock hit a high of Rs 1,344.05 and a low of Rs 1,301 in intraday trade.
Sun Pharmaceutical Industries lost 4.44% to Rs 565.55, with the stock extending recent sharp slide ahead of the company's Q4 earnings today, 26 May 2017.
Metal shares were in demand. Jindal Steel & Power (up 5.57%), Tata Steel (up 5.57%), Hindalco Industries (up 4.77%), Bhushan Steel (up 4.58%), Vedanta (up 4.32%), JSW Steel (up 3.89%), Steel Authority of India (up 3.68%), Hindustan Zinc (up 3.07%), Hindustan Copper (up 3.02%) and National Aluminium Company (up 2.55%), edged higher.
NMDC fell 0.72% to Rs 116.65. NMDC's net profit rose 11.5% to Rs 511.88 crore on 87.69% rise in total income from operations to Rs 2871.98 crore in Q4 March 2017 over Q4 March 2016. The announcement was made after market hours yesterday, 25 May 2017.
Meanwhile, copper price edged lower in the global commodities markets. High Grade Copper for July 2017 delivery was currently down 0.21% at $2.592 per pound on the COMEX.
Meanwhile on the national front, the Indian Army today, 26 May 2017, reportedly said its troops foiled an attack by Pakistan's Border Action Team (BAT) on a patrol party along the Line of Control (LoC) in Uri sector of Kashmir, killing two militants. The BAT attack was effectively repulsed, the official said.
Overseas, Asian ended on a mixed note while most European stocks were trading lower as a slump in crude prices spoiled global risk appetite. In the global commodities markets, Brent crude oil futures fell overnight as the Organization of the Petroleum Exporting Countries (OPEC) extended the production cut, but was silent on a long term plan.
Brent for July 2017 settlement was up 36 cents at $51.82 a barrel. The contract fell $2.50 a barrel or 4.63% to settle at $51.46 a barrel in the previous trading session.
OPEC and some non-OPEC members agreed yesterday, 25 May 2017 to extend oil supply cuts of 1.8 million barrels per day for a further nine months in a bid to stem sliding prices.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
