Key benchmark indices logged modest gains led by index heavyweights Reliance Industries and HDFC. The barometer index, the S&P BSE Sensex, gained 202.52 points or 0.52% to settle at 38,896.63. The Nifty 50 index rose 46.55 points or 0.4% to settle at 11,738.50. Sentiment was boosted after the United States and Mexico agreed to overhaul the North American Free Trade Agreement.
Indices opened higher and hit fresh intraday high in early trade. Indices pared gains in morning trade. Indices firmed up once again and hovered near the day's high since afternoon trade.
The Sensex gained 202.52 points or 0.52% to settle at 38,896.63, a record closing high. The index hit high of 38,938.91 and low of 38,760.58 in intraday trade.
The Nifty rose 46.55 points or 0.4% to settle at 11,738.50, a record closing high. The index hit high of 11,760.20 and low of 11,710.50 in intraday trade.
Among secondary barometers, the BSE Mid-Cap index fell 0.35%. The BSE Small-Cap index rose 0.36%. Both these indices underperformed the Sensex.
Among the sectoral indices on BSE, the S&P BSE Metal index (up 1.89%), the S&P BSE Auto index (up 0.57%) outperformed the Sensex. The S&P BSE Consumer Durables index (down 0.82%), the S&P BSE Oil & Gas index (down 0.73%), the S&P BSE Realty index (down 0.72%) underperformed the Sensex.
The market breadth, indicating the overall health of the market, was negative. On BSE, 1188 shares rose and 1508 shares fell. A total of 177 shares were unchanged.
Adani Ports & Special Economic Zone (up 2.2%), Reliance Industries (up 2.06%), Maruti Suzuki India (up 1.72%), Axis Bank (up 1.62%) and HDFC (up 1.48%) were the major Sensex gainers.
Yes Bank (down 3.07%), State Bank of India (down 1.07%), Hindustan Unilever (down 1.04%), ONGC (down 0.94%) and IndusInd Bank (down 0.77%) were the major Sensex losers.
Metal and mining stocks were in demand as copper prices rose in global commodity markets. Vedanta (up 2.2%), JSW Steel (up 2.95%), Tata Steel (up 1.43%), Steel Authority of India (Sail) (up 0.65%), National Aluminium Company (up 0.88%), Hindustan Zinc (up 0.48%), Jindal Steel & Power (up 0.68%), Hindalco Industries (up 3.56%) and NMDC (up 0.88%) edged higher. Hindustan Copper (down 0.08%) fell.
Copper edged higher in the global commodities market. High Grade Copper for December 2018 delivery was currently up 0.73% at $32.7525 per pound on the COMEX.
Jet Airways (India) rose 4.61% after the company declared its Q1 June 2018 result after market hours yesterday, 27 August 2018. Jet Airways (India) reported net loss of Rs 1323 crore in Q1 June 2018 as compared to net profit of Rs 53.50 crore in Q1 June 2017. Total income rose 1.9% to Rs 6066.91 crore in Q1 June 2018 over Q1 June 2017.
Macroeconomic factors led by an increase in Brent fuel price by more than 36%, a depreciating rupee and the resulting mismatch between high fuel prices and low fares primarily undermined Jet Airways' performance in the quarter. Significantly, the board also considered various cost cutting measures, debt reduction and funding options, including infusion of capital, monetization of assets including the company's stake in its loyalty programme.
Oriental Bank of Commerce lost 3.43%. Oriental Bank of Commerce said that the meeting of the board of directors of the bank is scheduled on 30 August 2018 to consider and approve the raising of capital from the market through QIP for an amount not exceeding Rs 1000 crore. The announcement was made after market hours yesterday, 27 August 2018.
Vipul jumped 4.69% after the company received letter of award for the operations, maintenance, management and transfer of Wayside Amenities Facility along Agra-Lucknow Expressway. The announcement was made after market hours yesterday, 27 August 2018.
Overseas, European shares rose after the United States and Mexico reached a trade agreement. Shares in Asia advanced amid hopes global tariff tensions were abating as the United States and Mexico made a deal to overhaul the North American Free Trade Agreement. US stocks gained Monday, with the S&P 500 and the Nasdaq closing at records for a second straight session, as the market rallied on enthusiasm over a new trade deal between the US and Mexico.
On Monday, the United States and Mexico announced that a deal had been agreed upon after months of negotiations between the two countries over the future of the North American Free Trade Agreement. The new deal, which President Donald Trump has said would be called The United States-Mexico Trade Agreement, is expected to last 16 years and will be reviewed every six years pending its approval by Congress, according to US Trade Representative Robert Lighthizer.
On the US data front, a measure of the US economy from the Chicago Federal Reserve slowed in July from June's robust performance, owed in large part to lighter output at the nation's factories. The Chicago Fed's index of national economic activity registered at a positive 0.13 last month, down from an upwardly revised positive 0.48 in June.
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