Key benchmark indices extended intraday gains in morning trade. At 10:15 IST, the barometer index, the S&P BSE Sensex was up 242.54 points or 0.88% at 27,772.51. The gains for the Nifty 50 index were lower than those for the Sensex in percentage terms. The Nifty was currently up 66.10 points or 0.78% at 8,586.50. Gains in Asian stocks aided the upmove on the domestic bourses.
The Sensex rose 251.44 points or 0.91% at the day's high of 27,781.41 in morning trade. The barometer index rose 122.79 points or 0.44% at the day's low of 27,652.76 at the onset of trading session. The Nifty rose 67.65 points or 0.79% at the day's high of 8,588.05 in morning trade. The index rose 35.50 points or 0.41% at the day's low of 8,555.90 at the onset of trading session.
In overseas stock markets, Asian stocks edged higher tracking a rebound in oil prices. US stocks registered small losses yesterday, 17 October 2016, amid falling oil prices, as investors digested a number of corporate results, key economic data and remarks from a key Federal Reserve official. Fed Vice Chair Stanley Fischer reportedly warned of the dangers of low interest rates, suggesting they could lead to longer and deeper recessions, making the economy more vulnerable.
Closer home, the broad market depicted strength. There were more than three gainers against every loser on BSE. 1,568 shares rose and 491 shares declined. A total of 102 shares were unchanged. The BSE Mid-Cap index was currently up 0.89%. The BSE Small-Cap index was currently up 0.93%. Both these indices outperformed the Sensex.
Realty stocks edged higher. Prestige Estates Projects (up 1.88%), Indiabulls Real Estate (up 1.54%), Unitech (up 1.79%), DLF (up 1.77%), Housing Development and Infrastructure (up 1.28%), Godrej Properties (up 1.11%) and Oberoi Realty (up 0.81%) gained. Sobha (down 0.64%) and D B Realty (down 0.31%) edged lower.
Cement stocks declined. ACC (down 0.31%), Shree Cement (down 0.67%) and UltraTech Cement (down 0.12%) edged lower. Ambuja Cements (up 0.51%) edged higher.
Grasim Industries was up 0.98%. Grasim has exposure to cement sector through its holding in UltraTech Cement.
Index heavyweight and housing finance major HDFC was up 1.96% at Rs 1,327.50. The stock hit a high of Rs 1,328 and a low of Rs 1,308.15 so far during the day.
Indian Hume Pipe Company jumped 15.68% at Rs 774.95 after the company scheduled a board meeting on 26 October 2016 to consider the proposal for issuing bonus shares by capitalization of free reserves. The announcement was made after market hours yesterday, 17 October 2016.
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