Key benchmark indices held firm in mid-morning trade as firmness in Asian stocks boosted sentiment. At 11:20 IST, the barometer index, the S&P BSE Sensex rose 151.21 points or 0.48% at 31,429.60. The Nifty 50 index gained 47.60 points or 0.49% at 9,816.55.
Market opened with a positive bias and extended gains in early trade. Stocks hovered in positive terrain later during the session.
The S&P BSE Mid-Cap index rose 1.02%. The S&P BSE Small-Cap index gained 1.15%. Both these indices outperformed the Sensex.
The broad market depicted strength. There were more than three gainers for every lower on BSE. 1,594 shares rose and 465 shares fell. A total of 114 shares were unchanged.
Realty stocks rose for the second straight day on bargain hunting. DLF (up 3.74%), D B Realty (up 1.84%), Sobha (up 0.32%), Indiabulls Real Estate (up 5.98%), Unitech (up 1.51%), NBCC (up 0.73%), Godrej Properties (up 0.44%), Housing Development & Infrastructure (HDIL) (up 2.87%), and Oberoi Realty (up 0.89%) edged higher.
Capital goods stocks also gained after last two days of losses. Bharat Heavy Electricals (Bhel) (up 0.84%), Havells India (up 1.31%), ABB India (up 0.45%), Bharat Electronics (up 0.34%), L&T (up 0.54%), Thermax (up 0.43%), and Siemens (up 2.01%) gained.
GAIL (India) surged 7.28% on reports Petroleum and Natural Gas Regulatory Board has put up a consultation document on unified pipeline tariff proposing a 60% hike in tariff by the company. According to reports, Petroleum and Natural Gas Regulatory Board's (PNGRB) proposal for a uniform tariff for natural gas is not only expected to boost GAIL (India)'s earnings but will also make piped cooking gas cheaper for consumers away from the source.
PNGRB proposed a tariff of Rs 2 per standard cubic metres, 60% higher compared to the average tariff earned by state-run GAIL in the year to March. It has a network of more than 10,000 kilometres of natural gas pipeline in India. The unified tariff will bring parity to the cost of gas across networks, ensuring a return on capital employed of 12% for the pipeline transmission companies. Gujarat State Petronet, which owns and operates two inter-connected gas networks in Gujarat, will also benefit from the proposed tariffs.
Overseas, most Asian stocks gained after advances in US stocks overnight. Japanese industrial production rose in August, government data showed. Industrial output increased 2.1% on month, according to the Ministry of Economy, Trade and Industry. Japanese consumer prices rose for an eighth straight month and at a faster pace in August. The core consumer price index in August rose 0.7% from a year earlier, compared with a 0.5% increase in July
US stock benchmarks posted slight gains yesterday, 28 September 2017, as the Trump administration's tax-overhaul proposal continued to fuel some buying appetite for equities.
The latest economic data painted a mixed picture of the economy. Jobless claims rose by 12,000 in the latest week, although this spike was tied to Hurricanes Irma and Harvey, which devastated Florida and parts of Texas. Separately, a read on second-quarter economic growth was raised to 3.1% from 3%.
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