Key benchmark indices ended higher amid a volatile trading session. The barometer index, the S&P BSE Sensex, rose 55.52 points or 0.17% to 32,241.93, as per the provisional closing data. The Nifty 50 index rose 7.30 points or 0.07% to 10,086.60, as per the provisional closing data.
The Sensex pared gains after hitting fresh intraday high in mid-morning trade. The Sensex rose 142.20 points, or 0.44% at the day's high of 32,328.61 in mid-morning trade. The index rose 0.43 points at the day's low of 32,186.84 in early afternoon trade. The Nifty rose 47.20 points, or 0.47% at the day's high of 10,126.50 in morning trade. The index fell 8.95 points, or 0.09% at the day's low of 10,070.35 in early afternoon trade.
Among secondary barometers, the BSE Mid-Cap index provisionally rose 0.57%. The BSE Small-Cap index provisionally rose 0.64%. Both these indices outperformed the Sensex.
The breadth, indicating the overall health of the market, was positive. On BSE, 1,311 shares rose and 1,304 shares fell. A total of 153 shares were unchanged.
The total turnover on BSE amounted to Rs 3415.52 crore, lower than turnover of Rs 3571.86 crore registered during the previous trading session.
State-run Bharat Heavy Electricals (Bhel) rose 3.73% after report suggested that the company and Kawasaki will make rolling stock for the country's first bullet train from Ahmedabad to Mumbai. Prime Minister Narendra Modi and Japanese PM Shinzo Abe laid the foundation stone for Rs 1.1 lakh crore bullet train project today, 14 September 2017. Railways Minister Piyush Goyal said that PM Modi wants the train to start a year ahead of schedule, on 15 August 2022, when India completes 75 years of Independence.
IT major Wipro fell 4.02% to Rs 284.15. The company said that it has become the official technology partner to McLaren Technology Group to help drive digitalization across its businesses. The announcement was made before market hours today, 14 September 2017.
Separately, Wipro said after market hours yesterday, 13 September 2017, that it has joined Hyperledger to design and develop open source-based blockchain solutions for enterprise grade blockchain deployments.
Jubilant FoodWorks rose 3.89% to Rs 1,373.25 after the company reassured that all its food ingredients are safe for consumption. The company issued the clarification after market hours yesterday, 13 September 2017, with respect to news report suggesting that live bugs were found in Domino's Pizza seasoning sachet.
Jubilant FoodWorks said that it has not received any other complaint of this nature. The news report was with respect to a consumer complaint received on 11 September 2017, regarding oregano sachets, supplied by one of its vendors, in an outlet in Gurugram. The company has since carried out a comprehensive inspection across vendors and stores and gave the above reassurance. The company said that it values its consumers experience and would like to reassure all its consumers about best quality products, service and a great Domino's experience at all times.
Apex Frozen Foods was locked at 5% upper circuit at Rs 309.80, with the stock extending recent strong rally post its debut on the bourses. Apex Frozen Foods had settled at Rs 209.85 on BSE, a premium of 19.91% over the issue price of Rs 175 on its debut on the stock exchanges on 4 September 2017. The stock has jumped 77.02% in nine sessions to its ruling price, from the issue price of Rs 175.
Reliance Communications (RCom) fell 0.92% to Rs 21.60 after the Indian unit of Sweden's Ericsson has filed insolvency petitions against RCom and two of its subsidiaries before the National Company Law Tribunal (NCLT) in Mumbai. Network services provider Ericsson India, an operational creditor to RCom, has sought the intervention of the tribunal for recovering dues totalling about Rs 1154 crore from RCom and subsidiaries Reliance Infratel and Reliance Telecom, the Anil Ambani-led company said in a stock exchange filing after market hours yesterday, 13 September 2017.
RCom owes Rs 491.41 crore and Reliance Infratel and Reliance Telecom owe Rs 534.75 crore and Rs 129.34 crore, respectively to Ericsson India. The company intends to challenge the said petitions, RCom stated. NCLT will take up the petition on 26 September 2017.
Sobha rose 0.34%. The company announced after market hours yesterday, 13 September 2017, that its board of directors approved the buyback of up to 14.58 lakh equity shares representing up to 1.5% of the total paid-up equity share capital of the company at a price of Rs 425 per equity share.
On macro front, the annual rate of inflation, based on monthly Wholesale Price Index (WPI), stood at 3.24% (provisional) for August 2017, compared with 1.88% (provisional) in July 2017 and 1.09% in August 2016. The data was announced during trading hours today, 14 September 2017.
Overseas, most European stocks declined as investors assessed geopolitical developments and looked ahead to the Bank of England's latest policy decision. Asian stocks ended on a mixed note after disappointing economic data out of China. China's National Bureau of Statistics said the world's second-largest economy saw 6% annual growth in its industrial output in August, slower than 6.4% growth in July. Retail sales expanded 10.1% on year in August, compared with 10.4% in July. The data suggested that China's economy continued to cool.
Investors are waiting for the latest updates on the US economy ahead of the Federal Reserve meeting due next week. Later in the global day today, the US Labor Department is scheduled to release reports on consumer price for August and the number of people who applied for unemployment benefit last week.
US market edged higher overnight, but trading was subdued as investors searched for catalysts that could breathe new life into the rally.
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