Buying frenzy in index pivotals propelled the key benchmark indices to fresh intraday high in afternoon trade. At 13:27 IST, the barometer index, the S&P BSE Sensex, was up 434.76 points or 1.14% at 38,686.56. The Nifty 50 index was up 126 points or 1.09% at 11,683.10. The Sensex and the Nifty, both, scaled fresh all-time highs in afternoon trade. The gains were supported by favourable global cues.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1525 shares rose and 1076 shares fell. A total of 169 shares were unchanged.
Power Grid Corporation of India (up 3.2%), SBI (up 3.13%), ICICI Bank (up 3.12%), Yes Bank (up 2.14%) and Infosys (up 2.05%) edged higher from the Sensex pack.
Reliance Industries rose 0.9%. Reliance Brands, a subsidiary of the Reliance Industries (RIL), has purchased an additional 3.07% equity holding in Genesis Colors (GCL) for about Rs 8.32 crore, taking its total stake in GCL to 49.46%. GCL was incorporated in November 1998 and is in the business of retailing and wholesale of branded readymade garments, bags, footwear and accessories directly and through its subsidiary/joint ventures. GCL belongs to a similar industry as Reliance Brands. This acquisition will add to the existing portfolio of branded fashion retail outlets. The announcement was made after market hours on Friday, 24 August 2018.
L&T rose 0.87%. The Water & Effluent Treatment Business of L&T Construction has won an EPC order worth Rs 1394 crore from the Water Resources Department, Government of Madhya Pradesh for the execution of the Kundalia Irrigation Project - Right Bank. The announcement was made during market hours today, 27 August 2018.
The scope includes survey, investigation, design, procurement, construction and installing of pumping system, rising and gravity main line / branch lines / distribution network with control and automation system.
Overseas, Asian and European stocks gained as investors react to comments from US Federal Reserve Chairman Jerome Powell on the US central bank's policy tightening path. This also follows an announcement by China's central bank regarding the yuan's daily midpoint the same day.
In US, the S&P 500 and Nasdaq Composite reached all-time highs on Friday as Netflix shares rose. Sentiment was also boosted by strong earnings and solid economic data being reported earlier last week.
Last Friday, Powell delivered a speech at the Jackson Hole Symposium in Wyoming, where leading central bankers met to discuss the future of monetary policy. He said "further, gradual" rate hikes were likely in the future, noting the economy is "strong" and able to withstand tighter monetary policy.
Powell's comments came hours after announced that it was tweaking its methodology for the fixing of the yuan's daily midpoint in an effort to stabilize the currency market.
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