The BSE Sensex hit fresh intraday high, while the NSE Nifty was trading near the day's high in mid-morning trade. At 11:26 IST, the barometer index, the S&P BSE Sensex, was up 207.75 points or 0.66% at 31,895.27. The Nifty 50 index was up 56.55 points or 0.57% at 9,991.35. Positive cues from other Asian stocks boosted investors sentiment.
Nifty pared gains after touching the psychologically important 10,000 mark. The Sensex hit its highest intraday level in one week. The Nifty hit its highest intraday level in more than one month. The Sensex rose 208.05 points, or 0.66% at the day's high of 31,895.57 in mid-morning trade, its highest level since 4 September 2017. The index rose 110.37 points, or 0.35% at the day's low of 31,797.89 in early trade. The Nifty rose 65.75 points, or 0.66% at the day's high of 10,000.55 in early trade, its highest level since 8 August 2017. The index rose 34 points, or 0.34% at the day's low of 9,968.80 in early trade.
Among secondary barometers, the BSE Mid-Cap index was up 0.89%. The BSE Small-Cap index was up 0.81%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. 1,489 shares rose and 813 shares fell. A total of 122 shares were unchanged.
Most pharmaceutical shares rose. IPCA Laboratories (up 4.99%), Divi's Laboratories (up 2.24%), Strides Shasun (up 1.98%), Cipla (up 0.79%), Dr Reddy's Laboratories (up 0.73%), Piramal Enterprises (up 0.53%), Lupin (up 0.5%), Aurobindo Pharma (up 0.46%), Wockhardt (up 0.25%) and Alkem Laboratories (up 0.15%), edged higher. Sun Pharmaceutical Industries (down 0.12%), Cadila Healthcare (down 0.39%), GlaxoSmithKline Pharmaceuticals (down 0.43%) and Glenmark Pharmaceuticals (down 1.16%), edged lower.
Most auto stocks rose after getting relief from the less than expected hike in cess on cars and SUVs by the GST Council. Ashok Leyland (up 1.61%), Escorts (up 1.60%), Maruti Suzuki India (up 1.58%), TVS Motor Company (up 1.18%), Tata Motors (up 0.76%), Bajaj Auto (up 0.21%), and Hero MotoCorp (up 0.07%), edged higher. Eicher Motors was down 0.09%.
The Goods and Services Tax (GST) Council at its meeting held on Saturday, 9 September 2017, raised the vehicle cess in the range of 2-7%, which is less than 10% maximum possible hike stated in the ordinance. The GST Council left untouched the rates on small cars and hybrid vehicles. But mid-sized cars now attract a cess that's 2% higher, larger sedans 5%, and SUVs 7%. Initially, the cess was proposed to be raised by a maximum of 10%. The revised rates mean a partial reversal of the price benefits buyers initially enjoyed in the immediate aftermath of the GST's July 1 introduction. Still, the total tax incidence on vehicles in the mid-sized, large and SUV categories will be lower by 1.6%, 3.8% and 5.3%, respectively, compared to pre-GST levies, reports suggested.
Mahindra & Mahindra up 0.64% at Rs 1,303. The company announced the launch on e-Alfa mini electric rickshaw for passenger movement on 8 September 2017. A complete 3 wheeler, specifically designed for pollution free last mile connectivity, it boasts of the tough and rugged Mahindra DNA. It is attractively priced at Rs 1.12 lakhs (ex-showroom Delhi). The announcement was made after market hours on Friday, 8 September 2017.
IndusInd Bank rose 0.64% to Rs 1,707.25 after the bank said that it has entered into an exclusivity agreement with Bharat Financial Inclusion to have an exclusive discussion about the proposed potential strategic combination. The announcements were made by IndusInd Bank and Bharat Financial Inclusion, separately, before market hours today, 11 September 2017.
IndusInd Bank and Bharat Financial Inclusion, separately, said that they have entered into an exclusivity agreement for agreeing to have an exclusive discussion about the proposed potential strategic combination by way of amalgamation through a scheme of arrangement, or any other suitable structure. The agreement primarily provides for confidentiality of information/discussion and finalisation of the terms and conditions relating to the proposed transaction with a view to entering into a definitive documentation after the necessary approvals. The proposed transaction would be subject to due diligence, approval of the boards, shareholders, statutory/regulatory and other third party approvals as may be required under the applicable laws.
Overseas, Asian shares edged higher after North Korean dictator Kim Jong Un decided to hold a party over the weekend rather than launch another missile. The United States and its allies had been bracing for another long-range missile launch by North Korea in time for the 69th anniversary of North Korea's founding on Saturday, 9 September 2017.
Investors, however, remained cautious over the possible economic impact of Hurricane Irma in the US as it chewed its way up the Florida coast, knocking out electricity to 3 million homes and businesses statewide.
US equity benchmarks ended Friday, 8 September 2017, on a mixed note, with both the S&P 500 and the Nasdaq Composite in the red but the Dow Jones Industrial Average slightly higher as Hurricane Irma made landfall in Florida over the weekend. Tensions with North Korea also weighed on investors' minds, as the market fears the country will test a ballistic missile to commemorate its founding on Saturday. The S&P 500 slipped 0.1% to 2,462. The tech-focused Nasdaq Composite Index weakened 0.7% to 6,357. The Dow finished the week more or less flat at 21,789.
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