Stocks of pharma companies, two-wheeler makers and index heavyweights ITC and Reliance Industries (RIL) led the latest upmove on the domestic bourses. The barometer index, the S&P BSE Sensex, rose 124.49 points or 0.43% at 29,050.85, as per the provisional closing data. The Nifty 50 index rose 34.55 points or 0.39% at 8,952.50, as per the provisional closing data. The Sensex provisionally settled above the psychologically important 29,000 level. The barometer index alternately moved above and below the mark since early afternoon trade. The Sensex hit its highest level in almost 17 months in late trade. The Nifty hit its highest level in more than 18 months in late trade.
The Sensex jumped 150.92 points or 0.52% at the day's high of 29,077.28 in late trade, its highest level since 15 April 2015. The barometer index lost 71.80 points or 0.25% at the day's low of 28,854.56 at onset of the trading session, its lowest level since 6 September 2016. The Nifty rose 42.40 points or 0.48% at the day's high of 8,960.35 in late trade, its highest level since 4 March 2015. The index lost 21.95 points or 0.25% at the day's low of 8,896 at onset of the trading session, its lowest level since 6 September 2016.
The market breadth indicating the overall health of the market was positive. On BSE, 1,598 shares rose and 1,156 shares declined. A total of 199 shares were unchanged. The BSE Mid-Cap index provisionally rose 0.15%, underperforming the Sensex. The BSE Small-Cap index provisionally rose 0.83%, outperforming the Sensex.
The total turnover on BSE amounted to Rs 3963 crore, lower than turnover of Rs 4178.26 crore registered during the previous trading session.
Index heavyweight and cigarette major ITC gained 1.64% to Rs 266. The stock hit a high of Rs 266 and low of Rs 262.90 in intraday trade.
Index heavyweight Reliance Industries (RIL) advanced 1.34% to Rs 1,031.10. The stock hit a high of Rs 1,035.50 and low of Rs 1,020 in intraday trade.
Pharma stocks gained on renewed buying. Sun Pharmaceutical Industries (up 3.84%), Cipla (up 2.14%), Cadila Healthcare (up 3.03%), Dr Reddy's Laboratories (up 1.31%), Glenmark Pharmaceuticals (up 2.95%), Lupin (up 2.15%), Alkem Laboratories (up 1.79%), Aurobindo Pharma (up 3.62%) and Wockhardt (up 5.51%) rose. GlaxoSmithKline Pharmaceuticals fell 0.72%.
Shares of TCS dropped 4.9% to Rs 2,327 after the company warned of a slowdown in discretionary spending in banking, financial services and insurance (BFSI) vertical by its US clients. TCS announced after market hours yesterday, 7 September 2016, that it intends to update investors on business trends in Q2 September 2016. Based on data at the end of August 2016, the company has characterized customer outlook as one marked by abundant caution, with some holding back of discretionary spending - particularly in the BFSI vertical in the United States - resulting in a sequential loss of momentum.
In overseas stock markets, European stocks were trading on a mixed note ahead of the European Central Bank (ECB)'s monetary policy decision later in the global day. The ECB is reportedly expected to leave interest rates unchanged, but may announce an extension of its quantitative easing program. Asian stocks ended mixed following mixed lead overnight from Wall Street. US stocks ended on a mixed note yesterday, 7 September 2016, as investors digested the release of the Federal Reserve's Beige Book, a key indicator of the US economic health, which said economic activity continued to expand at a modest pace from July through late August.
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