Key indices pared gains in afternoon trade. At 13:23 IST, the barometer index, the S&P BSE Sensex, was up 280.34 points or 0.76% at 37,264.98. The Nifty 50 index was up 77.90 points or 0.70% at 11,245.20. Positive global stocks boosted sentiment on the domestic bourses.
Key benchmark indices saw a gap-up opening triggered by positive Asian stocks. Stocks extended gains and hit fresh record high in morning trade. The Sensex and the Nifty, both, scaled fresh record high in morning trade. Stocks held firm in mid-morning trade on sustained buying demand in index pivotals. Indices pared gains in afternoon trade.
The S&P BSE Mid-Cap index was up 0.99%. The S&P BSE Small-Cap index was up 0.90%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1558 shares rose and 873 shares fell. A total of 152 shares were unchanged.
Tata Motors (up 3.98%), Hero MotoCorp (up 2.62%), Tata Steel (up 2.61%), Bajaj Auto (up 2.32%) and ICICI Bank (up 1.78%), were the major Sensex gainers.
Power Grid Corporation of India (down 2.11%), Hindustan Unilever (down 1.34%), TCS (down 0.94%), Mahindra & Mahindra (down 0.78%) and ONGC (down 0.68%), were the major Sensex losers.
ITC gained 4.56%. The company's net profit rose 10.1% to Rs 2818.68 crore on 6.9% increase in net sales to Rs 10554.66 crore in Q1 June 2018 over Q1 June 2017. The result was announced after market hours yesterday, 26 July 2018.
Reliance Industries rose 1.94% ahead of its June 2018 quarterly result today, 27 July 2018.
Adani Ports and Special Economic Zone (APSEZ) lost 1.49%. APSEZ after market hours yesterday, 26 July 2018 said it had signed a long term agreement with GAIL (India) to provide Liquefied Natural Gas (LNG) regasification services on a use or pay basis, at its upcoming LNG import terminal at Dhamra in Odisha. The terminal is expected to be commissioned during the second half of 2021.
As per the contract, GAIL (India) has booked 1.5 million tonnes per annum (MTPA) regasification capacity for a period of 20 years. GAIL plans to supply the gas to its portfolio of customers located in the eastern region and along the under development Jagdishpur- Haldia gas grid. The proposed Dhamra LNG import terminal is designed for an initial capacity of 5 MTPA, expandable up to 10 MTPA. Initially, it will have two full containment type tanks of 180,000 m3 capacity each. It will be first of its kind in India and second LNG terminal on the east coast after IOC's Ennore terminal in Tamilnadu.
Overseas, European shares were trading higher Friday as traders monitored new corporate earnings and looked ahead to key growth data due out in the US later in the session.
On the economic data front, gross domestic product figures for France were released before the bell. According to INSEE stats group, France's economy grew by 0.2% in the second quarter as the European nation was hit by strikes and a drop in consumer spending. The French economic data is just hours before the US is set to publish its own GDP figures before the US market opens.
Most Asian stocks edged higher following a series of steps by China shifting to stimulus mode. Investors are awaiting the second-quarter US GDP report due later in the day.
US stocks closed mostly lower on Thursday, weighed down by sharp losses in technology shares as Facebook posted its biggest one-day drop ever following disappointing quarterly results. Investors cheered Wednesday's upbeat meeting between Trump and the European Commission's president.
In economic data, the US trade deficit in goods widened to $68.3 billion in June, up 5.5% or $3.6 billion, according to the Commerce Department's advanced estimate released Thursday.
Elsewhere, European Central Bank left interest rates unchanged and affirmed its plan to end its monthly bond-buying program in December, as had been expected. In addition, ECB President Mario Draghi said that uncertainty around the inflation outlook was receding.
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