Domestic stocks logged strong gains on steady buying demand in index heavyweights Larsen & Toubro, Reliance Industries and HDFC. The barometer index, the S&P BSE Sensex, gained 330.87 points or 0.87% at 38,278.75, as per the provisional closing data. The Nifty 50 index gained 81 points or 0.71% at 11,551.75, as per the provisional closing data. Positive global stocks boosted sentiment on the domestic bourses.
The market sentiment was also boosted by data showing that domestic and foreign funds, both, were net buyers of Indian stocks on Friday, 17 August 2018. Foreign portfolio investors (FPIs) bought shares worth a net Rs 147.31 crore on Friday, 17 August 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 151.89 crore on Friday, 17 August 2018, as per provisional data.
Domestic stocks drifted higher in early trade on positive Asian stocks. Stocks extended gains in morning trade. Key benchmark indices held firm in mid-morning trade. Indices extended gains in afternoon trade. Stocks hit fresh intraday high in mid-afternoon trade, with the Sensex and the Nifty, both, scaling fresh record high. Indices held firm in late trade.
The S&P BSE Mid-Cap index rose 1.05%, outperforming the Sensex. The S&P BSE Small-Cap index rose 0.14%, underperforming the Sensex.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,464 shares rose and 1,281 shares fell. A total of 203 shares were unchanged.
Tata Motors (up 4.9%), ONGC (up 3.56%), Tata Steel (up 3.18%), Vedanta (up 3.02%), Reliance Industries (up 2.65%) and HDFC (up 1.93%) were the major Sensex gainers.
Maruti Suzuki India (down 0.83%), ICICI Bank (down 0.65%) and Axis Bank (down 0.46%) were the major Sensex losers.
Engineering and construction major Larsen & Toubro (L&T) gained 6.51% after the company announced that its board will meet on 23 August 2018, to consider a proposal for buyback of equity shares of the company. The announcement was made on Saturday, 18 August 2018.
IT major Infosys lost 2.89% after the company said that its board has accepted the resignation of M D Ranganath as the chief financial officer and key managerial personnel of the company. Ranganath will continue in his current position as chief financial officer till 16 November 2018. The board will immediately commence the search for the next chief financial officer. The announcement was made on Saturday, 18 August 2018.
Goa Carbon gained 5% after the company announced that the maintenance work at its Goa unit located at St. Jose de Areal, Salcete-Goa has been completed and the Kiln has been lit up. After preliminary heat up, feeding of raw material will commence and normal production will resume from 18 August 2018. The announcement was made after market hours on 17 August 2018.
Overseas, European stocks were trading higher, with investors awaited developments on proposed US-China trade talks later this week. Most Asian stocks rose following a higher finish on Wall Street last Friday.
China and the United States will hold lower-level trade talks this month, offering hope that they might resolve an escalating tariff war. Reports suggested the talks in Washington would take place on Aug. 21 and 22, just before $16 billion in new US tariffs on Chinese goods take effect. The talks could set the stage for a summit between US President Donald Trump and Chinese President Xi Jinping in November.
US stocks rose on Friday on strength in technology hardware shares and optimism for a resolution in America's trade dispute with China. On the US data front, the University of Michigan said its consumer-sentiment index in August fell to 95.3, down from 97.9 in July, the lowest level in 11 months.
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