Buying frenzy in index pivotals especially RIL, ICICI Bank and Infosys propelled the key benchmark indices to fresh intraday high in afternoon trade. At 13:25 IST, the barometer index, the S&P BSE Sensex, was up 438.15 points or 1.25% at 35,617.03. The Nifty 50 index was up 129.70 points or 1.21% at 10,814.35. Positive leads from Asian markets and overnight rally on the Wall Street boosted sentiment. Sustained buying by domestic institutional investors also supported shares.
Broader market witnessed strong buying support. Among secondary barometers, the BSE Mid-Cap index was up 1.36%. The BSE Small-Cap index was up 2%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On BSE, 1896 shares rose and 616 shares fell. A total of 100 shares were unchanged.
Tata Steel (up 3.33%), Axis Bank (up 3.22%), ICICI Bank (up 2.78%), Tata Motors (up 2.44%) and RIL (up 2.19%) edged higher from the Sensex pack.
Tata Consultancy Services (TCS) rose 1.09% after the company announced that Bahrain National Holding (BNH) has selected TCS BaNCS for insurance as part of its transformation strategy to enhance both enterprise agility and customer- centric growth in Bahrain. The announcement was made during market hours today, 7 June 2018.
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Power Grid Corporation of India rose 0.17%. POWERGRID Parli Transmission, a 100% wholly owned subsidiary of Power Grid Corporation of India, secured through tariff based competitive bidding (TBCB), has successfully completed the Project-progressively and the same has been declared commercial operation on 4 June 2018. The announcement was made during market hours today, 7 June 2018.
Majesco rose 4.45% after the company announced that a new start-up selected Majesco Core Suite for P&C platform on the Majesco Cloudlnsurer platform to support their market launch and growth strategies in a SaaS model. The evaluation process was rapid and focused on minimum viable product that could leverage out-of-thebox capabilities as much as possible to achieve speed to value. The announcement was made during market hours yesterday, 6 June 2018.
Majesco Cloudlnsurer platform leverages Majesco's experience with over 35 cloud customers, providing a business platform with broad appeal for all insurers from greenfields, new start-ups and incubators to mid-market and tier one insurers.
Prateek Kumar, EVP for the P&C Business for Majesco said that this startup is part of a growing number of new greenfields and startups that are aggressively executing strategies to capture new market opportunities focused on rapid launch.
Overseas, Asian shares rose following overnight gains on Wall Street, which saw the Dow Jones industrial average close above 25,000.
In US, the Dow Jones Industrial Average recorded its best daily gain since mid April as a rally in bank shares amplified a broad-market run-up that has been supported by gains in internet and technology shares. Market participants attributed Wednesday's rally to rising government bond rates. Higher rates tend to benefit the business of financials.
A rise in the yield of the benchmark 10-year Treasury note was supported by remarks from European Central Bank (ECB) senior officials, which showed the central bank remained on track to debate the timetable for ending its asset purchases soon.
Underlying strength in the euro area economy was making ECB confident that inflation will move toward target. The institution would next week discuss how it will wind down its 30 billion euro (about $35 billion) monthly-purchase program.
On the data front, the US trade deficit shrank 2.1% in April and tumbled to a seven-month low. Meanwhile, the productivity of American businesses rose at a revised 0.4% annual pace in the first quarter instead of 0.7% as originally reported. Outputor goods and services producedclimbed 2.7% instead of 2.8%, while unit-labor costs, or how much it costs to make each product, rose by 2.9%, a bit higher than the preliminary 2.7% estimate.
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