Key benchmark indices were hovering in a narrow range near day's high in early afternoon trade. At 12:18 IST, the barometer index, the S&P BSE Sensex, was up 193.57 points or 0.64% at 30,495.21. The Nifty 50 index was up 55.95 points or 0.60% at 9,416.50. Positive leads from Asian markets and overnight gains on the Wall Street boosted investors sentiment. Most power generation stocks advanced. Most automobile shares rose.
Among secondary barometers, the BSE Mid-Cap index was up 0.66%. The BSE Small-Cap index was up 0.94%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On BSE, 1,584 shares rose and 837 shares fell. A total of 130 shares were unchanged.
Most power generation stocks advanced. Jaiprakash Power Ventures (up 3.50%), GMR Infrastructure (up 2.74%), JSW Energy (up 1.84%), Reliance Power (up 1.55%), CESC (up 1.14%), NHPC (up 0.52%), Adani Power (up 0.36%), Reliance Infrastructure (up 0.30%) and Tata Power (up 0.25%), edged higher. NTPC (down 0.03%) and Torrent Power (down 0.36%), edged lower.
State-run Coal India was up 0.71% to Rs 263.95. State-run Power Grid Corporation of India was down 0.93% to Rs 198.
Most automobile shares rose. TVS Motor Company (up 2.29%), Escorts (up 1.38%), Tata Motors (up 1.16%), Ashok Leyland (up 0.61%), Eicher Motors (up 0.32%), Mahindra & Mahindra (up 0.18%) and Maruti Suzuki India (up 0.18%), edged higher. Hero MotoCorp (down 0.05%) and Bajaj Auto (down 0.13%), edged lower.
Cupid rose 1.57% to Rs 287, with the stock recovering on bargain hunting after Wednesday's slide triggered by the company reporting uninspiring Q4 results. Shares of Cupid had tumbled 9.76% in a single trading session to settle at Rs 282.55 yesterday, 24 May 2017, after the company announced uninspiring Q4 results after market hours on 23 May 2017. Net profit rose 6.72% to Rs 4.92 crore on 1.37% growth in total revenue to Rs 18.49 crore in Q4 March 2017 over Q4 March 2016.
NHPC gained 0.69% to Rs 29.05 after the company said its board of directors will meet on 30 May 2017 to consider the proposal for raising of Rs 1756 crore through issuance of 'W' series corporate bonds. The announcement was made after market hours yesterday, 24 May 2017.
Overseas, Asian shares rose after the US Federal Reserve signalled a cautious approach to future rate hikes and the reduction of its $4.5 trillion of bond holdings. Investors also looked ahead to an OPEC gathering widely expected to extend output cuts.
US stocks closed higher for a fifth-straight day yesterday, 24 May 2017, buoyed by the minutes of the Federal Reserve's May meeting. The S&P 500 rose 5.97 points, or 0.3%, to close at 2,404.39. The Dow Jones Industrial Average also rose for a fifth straight day, gaining 74.51 points, or 0.4%, to finish at 21,012.42, just 0.5% below its record close set on 1 March 2017. The Nasdaq Composite Index climbed 24.31 points, or 0.4%, to end at 6,163.02.
Minutes from the Fed's last policy meeting showed policymakers agreed they should hold off on raising interest rates until it was clear a recent US economic slowdown was temporary. The minutes also showed that policymakers favored a gradual reduction in its massive balance sheet. Fed staff proposed that the central bank set a cap on the amount of bonds that would be allowed to run off each month, initially setting it at a low level and raising it every three months.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)