Key benchmark indices hit fresh intraday high in morning trade. At 10:17 IST, the barometer index, the S&P BSE Sensex, was up 111.26 points or 0.35% at 32,297.67. The Nifty 50 index was up 38.95 points or 0.39% at 10,118.25.
The Sensex rose 137.16 points, or 0.43% at the day's high of 32,323.57 in morning trade. The index rose 47.31 points, or 0.15% at the day's low of 32,233.72 in early trade. The Nifty rose 47.20 points, or 0.47% at the day's high of 10,126.50 in morning trade. The index rose 18.50 points, or 0.18% at the day's low of 10,097.80 in early trade.
Among secondary barometers, the BSE Mid-Cap index was up 0.91%. The BSE Small-Cap index was up 0.87%. Both these indices outperformed the Sensex.
The broad market depicted strength. There were more than two gainers against every loser on BSE. 1,390 shares rose and 649 shares fell. A total of 86 shares were unchanged.
Shares of public sector oil marketing companies rose after the government ruled out interfering in daily revision of petrol and diesel prices done by the oil marketing companies. BPCL (up 2.81%), Indian Oil Corporation (up 2.14%) and HPCL (up 1.48%), edged higher.
The government has no business to interfere in day to day operations of oil companies, Oil Minister Dharmendra Pradhan was quoted by the media as saying.
Metal shares were in demand. Jindal Steel & Power (up 1.80%), JSW Steel (up 1.31%), Hindalco Industries (up 0.99%), Vedanta (up 0.89%), NMDC (up 0.83%), Steel Authority of India (up 0.73%), Hindustan Zinc (up 0.72%), Bhushan Steel (up 0.59%), National Aluminium Company (up 0.55%), Hindustan Copper (up 0.47%) and Tata Steel (up 0.29%), edged higher.
Pharmaceutical shares rose. Divi's Laboratories (up 3.39%), Sun Pharmaceutical Industries (up 3.12%), Piramal Enterprises (up 2.29%), Strides Shasun (up 1.97%), Lupin (up 1.82%), Glenmark Pharmaceuticals (up 1.66%), Dr Reddy's Laboratories (up 1.58%), Aurobindo Pharma (up 1.50%), IPCA Laboratories (up 1.32%), Cipla (up 1.11%), Cadila Healthcare (up 0.85%) and Wockhardt (up 0.61%), edged higher. GlaxoSmithKline Pharmaceuticals (down 0.15%) and Alkem Laboratories (down 0.31%), edged lower.
Overseas, most Asian stocks declined ahead of the US inflation report for August. Financial markets are on tenterhooks ahead of a run of data due later today, 14 September 2017, from China, including factory output, fixed asset investment and retail sales.
US market edged higher overnight, but trading was subdued as investors searched for catalysts that could breathe new life into the rally.The S&P 500 added 1.89 points to finish at 2,498.37. The Dow Jones Industrial Average edged up 39.32 points, or 0.2%, to end at 22,158.18 while the Nasdaq Composite Index rose 5.91 points to close at 6,460.19.
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