Key benchmarks extended intraday gains and hit fresh intraday high in afternoon trade. At 13:17 IST, the barometer index, the S&P BSE Sensex, rose 182.22 points or 0.57% at 32,211.11. The Nifty 50 index was up 45 points or 0.45% at 9,960.25. Both the Sensex, and the Nifty, hit record high in afternoon trade.
The Sensex advanced 222.94 points or 0.70% at the day's high of 32251.83 in afternoon trade, a record high. It rose 29.44 points or 0.09% at the day's low of 32,058.33 in early trade. The Nifty advanced 54.75 points or 0.55% at the day's high of 9,970 in afternoon trade, a record high. It rose 4.35 points or 0.04% at the day's low of 9,919.60 in early trade.
Indices opened on a positive note and later traded firm in positive terrain so far. 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.
Among secondary barometers, the S&P BSE Mid-Cap index rose 0.33%, underperforming the Sensex. The S&P BSE Small-Cap index advanced 0.64%, outperforming the Sensex.
The breadth, indicating the overall health of the market, was positive. On the BSE, 1,426 shares rose and 1,139 shares declined. A total of 157 shares were unchanged.
HDFC Bank was up 1.74% to Rs 1,733.05 after net profit rose 20.22% to Rs 3893.84 crore on 14.82% increase in total income to Rs 22185.38 crore in Q1 June 2017 over Q1 June 2016. The result was announced during trading hours today, 24 July 2017.
Metal shares were mixed. Jindal Steel & Power (up 0.84%), Bhushan Steel (up 0.69%), Steel Authority of India (up 0.64%), NMDC (up 0.49%) and Hindustan Copper (up 0.08%), edged higher. JSW Steel (down 0.09%), Hindalco Industries (down 0.14%), Hindustan Zinc (down 0.21%), National Aluminium Company (down 0.35%), Tata Steel (down 0.52%) and Vedanta (down 0.89%), edged lower.
Meanwhile, copper price edged higher in the global commodities markets. High Grade Copper for September 2017 delivery was currently up 0.04% at $2.7235 per pound on the COMEX.
Pharmaceutical shares were mixed. Strides Shasun (up 1.44%), Cadila Healthcare (up 1.38%), Alkem Laboratories (up 1.26%), Cipla (up 1.01%), Lupin (up 0.64%), Piramal Enterprises (up 0.52%), Aurobindo Pharma (up 0.34%) and Wockhardt (up 0.31%), edged higher. IPCA Laboratories (down 0.39%), Glenmark Pharmaceuticals (down 0.47%), Sun Pharmaceutical Industries (down 0.76%), GlaxoSmithKline Pharmaceuticals (down 0.89%), Dr Reddy's Laboratories (down 2.08%) and Divi's Laboratories (down 4.18%), edged lower.
Speciality Restaurants rose 1.8% after the company announced opening of a new progressive oriental house restaurant at Mumbai. The announcement was made on Saturday, 22 July 2017.
Speciality Restaurants said that as continuation of determination to dominate in Chinese and Pan Asian Market in India, the company has given birth to a new boutique oriental restaurant called POH (Progressive Oriental House). The restaurant at Kamala Mills, Mumbai is targeted towards cre de la cre and high networth individuals (HNIs), who are looking for newer flavours and experience.
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.
Overseas, European stocks were trading lower as the weakness of the US dollar continued to affect global markets. French business activity slowed more than expected in July to a six-month low, though manufacturing sped up, a survey showed on Monday, 24 July 2017. Data compiler IHS Markit said its preliminary monthly purchasing managers (PMI) index fell to 55.7 points from 56.6 in June 2017, the lowest reading since January.
Most Asian stocks rose, with traders focused on the wobbling dollar and the upcoming two-day policy meeting from the US Federal Reserve later in the week. 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.
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