Key benchmark indices edged higher for third consecutive session amid positive cues from Asian market. The barometer index, the S&P BSE Sensex, up 190.11 points or 0.63% to 30,133.35, as per the provisional closing data. The Nifty 50 index up 45.25 points or 0.49% to 9,351.85, as per the provisional closing data.
The session was filled with volatility as key benchmark indices sharply pared gains after hitting fresh intraday high in mid-afternoon trade. The key benchmarks, however, bounced back in late trade to end near the day's high levels. The Sensex provisionally ended above the psychologically important 30,000 mark, after falling below that level in mid-afternoon trade. The Sensex and the Nifty, both, hit their record high levels in mid-afternoon trade. Broader market, however, witnessed selling pressure.
The Sensex rose 222.53 points, or 0.74% at the day's high of 30,165.77 in mid-afternoon trade, its record high level. The index rose 25.33 points, or 0.08% at the day's low of 29,968.57 in mid-afternoon trade. The Nifty rose 60.40 points, or 0.65% at the day's high of 9,367 in mid-afternoon trade, its record high level. The index fell 5.25 points, or 0.06% at the day's low of 9,301.35 in early trade.
Among secondary barometers, the BSE Mid-Cap index provisionally declined 0.12%. The BSE Small-Cap index provisionally declined 0.63%. Both these indices underperformed the Sensex.
The broad market depicted weakness. There were more than two losers against every gainer on BSE. 1,956 shares fell and 948 shares rose. A total of 141 shares were unchanged. The market breadth was strong in morning trade.
The total turnover on BSE amounted to Rs 4908.46 crore, higher than turnover of Rs 4006.89 crore registered during the previous trading session.
Most IT shares declined. HCL Technologies (down 2.33%), Tech Mahindra (down 2.12%), Infosys (down 1.72%), Wipro (down 0.85%), MphasiS (down 0.3%), Hexaware Technologies (down 0.25%), Oracle Financial Services Software (down 0.23%) and TCS (down 0.01%), edged lower. MindTree (up 1.16%) and Persistent Systems (up 2.14%), edged higher.
Auto major Mahindra & Mahindra rose 3.72% to Rs 1,356.20, extending gains triggered by the news of brokerage upgrade. A foreign brokerage has upgraded the stock to outperform from neutral with increased target price. The stock had risen 3.4% to settle at Rs 1,307.50 yesterday, 25 April 2017.
As per reports, the brokerage has upgraded the M&M stock to outperform from neutral with increased target price at Rs 1,500 from Rs 1,390 earlier. The brokerage house cited potential for M&M's tractor business that will surprise positively going ahead. Reports suggested that the brokerage believes with number of state governments planning to introduce farm loan waivers, tractor demand could get further boost. The brokerage added that weakness in utility vehicle market already factored in by M&M.
KSB Pumps lost 0.78% to Rs 716.05 after net profit fell 20.83% to Rs 13.34 crore on 1.51% decline in total income to Rs 227.11 crore in Q1 March 2017 over Q1 March 2016.
Overseas, most European stocks were trading lower as markets eyed a fresh batch of corporate earnings, although the first round of the French presidential election on Sunday still lent some support. Asian indices ended higher following the rise in US stocks on the back of strong earnings announcements and on expectations for US President Donald Trump's impending tax reforms. In the US, stocks soared as McDonald's and Caterpillar reported strong earnings, with the Nasdaq surpassing the 6,000 mark for the first time. The Dow Jones industrial average surged 1.12% to close at 20,996.12.
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