Firmness prevailed on the bourses in early afternoon trade on steady buying demand in index pivotals. At 12:15 IST, the barometer index, the S&P BSE Sensex, was up 198.09 points or 0.56% at 35,681.56. The Nifty 50 index was up 57.05 points or 0.53% at 10,844. Most FMCG stocks rose. Sentiment on the domestic bourses was boosted by upbeat Asian stocks after US President Donald Trump and North Korean leader Kim Jong Un reportedly signed an unspecified document in Singapore.
Domestic stocks edged higher in early trade. Key benchmark indices extended gains and hit fresh intraday high in morning trade. Stocks hovered near day's high in mid-morning trade.
The S&P BSE Mid-Cap index was up 0.66%. The S&P BSE Small-Cap index was up 0.5%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,337 shares rose and 1,028 shares fell. A total of 133 shares were unchanged.
Most FMCG stocks rose. Jyothy Laboratories (up 6.89%), Godrej Consumer Products (up 2.11%), Britannia Industries (up 0.58%), Dabur India (up 0.25%), Hindustan Unilever (up 0.47%), Nestle India (up 0.16%), Tata Global Beverages (up 0.66%), Procter & Gamble Hygiene and Health Care (up 0.34%) and Bajaj Corp (up 0.33%) rose.
Marico (down 1.19%), GlaxoSmithkline Consumer Healthcare (down 0.24%) and Colgate-Palmolive (India) (down 0.76%) fell.
IndusInd Bank rose 1.23%. The Overseas Private Investment Corporation (OPIC) announced that $5 million in local currency financing has been mobilized to Grameen Impact under an OPIC loan guarantee agreement with IndusInd Bank. The financing was deployed through IndusInd Bank's Impact Investing division, which will support Grameen Impact's lending to local small and medium enterprises. The announcement was made during market hours today, 12 June 2018.
L&T rose 0.91%. The Heavy Civil Infrastructure business of L&T Construction will design and construct a 3.2 km, six-lane iconic bridge across the river Krishna, which includes 2.72 km of approach bridges, on EPC basis. The bridge will connect Pavitrasangamam in Vijayawada and N10 Road in Amaravati. The Rs 1387 crore project was received from Amaravati Development Corporation (ADCL) and L&T has also been entrusted with the operation and maintenance for the bridge for five years. The announcement was made during market hours today, 12 June 2018.
KDDL rose 2.44% after the company announced that its board approved increasing the investment limit to permit foreign portfolio investors (FPIs)/the foreign institutional investors (FIIs), registered with the Securities Exchange Board of India (Sebi), to acquire and hold in aggregate upto 49% of equity paid up capital of the company. The board also approved the proposal to raise upto Rs 30 crore by issuing equity shares through preferential issue/qualified institutional placement (QIP)/combination thereof. The announcement was made after market hours yesterday, 11 June 2018.
Traders and investors are closely awaiting a series of domestic and global events this week. Consumer price index (CPI)-inflation and index of industrial production (IIP) data is due today, 12 June 2018, while the wholesale price index (WPI) inflation data will be announced on Thursday, 14 June 2018.
On the global front, North Korean leader Kim Jong Un and US President Donald Trump have met at the Capella Hotel in Sentosa island, Singapore for a historic summit, after both sides sought to narrow differences over how to end a nuclear standoff. The historic meeting has come to an end. Trump and Kim Jong Un have reportedly signed an unspecified document in Singapore.
UK Prime Minister Theresa May faces votes that could derail her Brexit policy today, 12 June 2018. The US Federal Reserve is expected to raise interest rates Wednesday, 13 June 2018 as the US economy remains solid. European Central Bank rates decision is on Thursday, 14 June 2018 in which policy makers are poised to hold formal talks on ending its bond-buying program. The Bank of Japan meets on Friday, 15 June 2018 with no change to policy expected.
Overseas, most Asian stocks were trading higher as a landmark meeting between US President Donald Trump and North Korean leader Kim Jong Un took place in Singapore and ahead of central bank meetings in the coming days.
US stocks rose in a relatively quiet day yesterday, 11 June 2018 as investors started a hectic week during which three major central banks set interest rates.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
