Market ended with strong gains, tracking positive leads from Asian markets and overnight gains on the Wall Street. The barometer index, the S&P BSE Sensex, rose 289.52 points or 0.82% to 35,535.79, as per the provisional closing data. The Nifty 50 index rose 89.95 points or 0.84% to 10,806.50, as per the provisional closing data.
Global risk appetite got a boost from soft US inflation, helping alleviate worries of faster rate hikes by the Federal Reserve. Domestic market sentiment was also driven by encouraging earnings releases.
The market opened higher and trimmed gains in morning trade. Indices firmed up once again in mid-morning trade. After hovering in a narrow range, indices hit fresh intraday high in late trade. The Sensex rose 349.88 points, or 0.99% at the day's high of 35,596.15 in late trade. The index rose 15.79 points, or 0.04% at the day's low of 35,262.06 in morning trade. The Nifty rose 95.50 points, or 0.89% at the day's high of 10,812.05 in late trade. The index rose 7.90 points, or 0.07% at the day's low of 10,724.45 in morning trade.
Among secondary barometers, the BSE Mid-Cap index rose 0.40%. The BSE Small-Cap index fell 0.12%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was negative. On BSE, 1121 shares rose and 1542 shares fell. A total of 142 shares were unchanged.
Sun Pharmaceutical Industries (down 5.21%), Hero MotoCorp (down 0.84%), Tata Motors (down 0.79%), Bajaj Auto (down 0.59%) and NTPC (down 0.36%), were the major losers from the Sensex pack.
Tata Steel (up 1.91%), Larsen & Toubro (up 1.61%), Infosys (up 1.34%), Axis Bank (up 1.34%) and ITC (up 1.32%), were the major gainers from the Sensex pack.
Telecom shares tumbled after Reliance Jio announced all-time low tariffs for postpaid customers. Idea Cellular (down 11.65%), Bharti Airtel (down 6.45%), MTNL (down 3.06%), Tata Teleservices (Maharashtra) (down 2.59%), Reliance Communications (down 1.43%), edged lower.
Telecom tower infrastructure provider Bharti Infratel was down 0.12% to Rs 321.15.
Reliance Jio Infocomm (Jio), a subsidiary of RIL, launched post-paid plan with monthly rental of Rs 199, and an ISD calling service at a starting price of 50 paise per minute. The company also announced international roaming service with outgoing calls at Rs 2 per minute onwards. The new Jio plan has expanded the tariff war to the post-paid segment. The announcement was made after market hours yesterday, 10 May 2018.
Index heavyweight Reliance Industries (RIL) rose 0.37% to Rs 984.30.
Asian Paints rose 6.26%. Consolidated net profit of the company rose 3.4% to Rs 495.91 crore on 13.41% rise in total income to Rs 4527.83 crore in Q4 March 2018 over Q4 March 2017. K.B.S. Anand, managing director & CEO, Asian Paints said that the decorative paint business in India registered double digit volume growth in the current quarter with improved demand conditions. Material prices continued to witness an upward trend thereby exerting pressure on margins which was mitigated to an extent by the price increases taken. Good demand conditions in the auto OEM and general industrial business segment led to improved performance of the automotive coating JV (PPG-AP). The performance of industrial coating JV (AP-PPG) saw an improvement in the current quarter based on good growth registered in the powder coating segment, K.B.S. Anand said. The announcement was made after market hours yesterday, 10 May 2018.
Overseas, European stocks were trading lower. Asian shares edged higher, tracking gains on Wall Street overnight, as softer-than-forecast US inflation data tempered expectations for faster Federal Reserve interest rate rises this year.
Investors also welcomed continued moves between the United States and North Korea to reduce tensions in the region. US President Donald Trump will meet North Korean leader Kim Jong un in Singapore next month amid high hopes of doing something very meaningful to curtail Pyongyang's nuclear ambitions.
US stocks jumped on Thursday, with equities advancing in a broad rally that gave the Dow Jones Industrial Average its longest winning streak since February. Gains were supported by the latest economic data, which suggested the economy was healthy, but not growing so quickly that it was at risk of overheating.
In US, the consumer-price index rose 0.2% in April, while core CPI, which strips out food and energy, rose 0.1%. In another report on Thursday, the number of people who applied for first-time US unemployment benefits in early May stood at 211,000 for the second straight week, near a 49-year low.
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