Key benchmark indices ended with small gains after hitting record high in the intraday. The barometer index, the S&P BSE Sensex, rose 54.03 points or 0.17% to 32,074.78, as per the provisional closing data. The Nifty 50 index rose 29.60 points or 0.30% to 9,915.95, as per the provisional closing data. Positive Asian stocks boosted investors sentiment.
The Sensex rose 111.17 points, or 0.35% at the day's high of 32,131.92 in mid-morning trade, its record high. The index rose 16.46 points, or 0.05% at the day's low of 32037.21 in late trade. The Nifty rose 41.85 points, or 0.42% at the day's high of 9,928.20 in mid-afternoon trade, its record high. The index rose 8.35 points, or 0.08% at the day's low of 9,894.70 in morning trade.
Bluechips outperformed side counters. Among secondary barometers, the BSE Mid-Cap index provisionally rose 0.07%. The BSE Small-Cap index provisionally rose 0.01%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, turned negative from positive in late trade. On BSE, 1,392 shares fell and 1,301 shares rose. A total of 143 shares were unchanged.
The total turnover on BSE amounted to Rs 3536.43 crore, lower than turnover of Rs 4054.02 crore registered during the previous trading session on Friday, 14 July 2017.
Cigarette major ITC fell 4.21% to Rs 323 on fears of likely increase in cess on cigarette. According to media reports, the Goods and Services Tax (GST) Council may consider hiking the compensation cess on cigarettes if prices come down post the implementation of the GST. The GST Council will reportedly meet later today, 17 July 2017, to take stock of the implementation of the new indirect tax regime. After the rollout of GST, excise duty has automatically been removed on tobacco products. Now only GST and cess are levied on these products.
GST and cess combined on cigarettes is currently 6-8% lower than pre-GST regime.
Reliance Industries rose 1.17% to Rs 1,549, with the stock extending recent strong gains ahead of its Q1 results scheduled later this week. RIL stock has surpassed Rs 5 lakh crore market capitalization for the first time in history.
RIL's telecom subsidiary Reliance Jio Infocomm (Jio) had announced on 11 July 2017 that Jio Prime Members can enjoy unlimited services for 3 months with Rs 399 plan. The earlier launched Rs 309 plan will provide 2 months of unlimited Jio services. The company will announce its Q1 results on 20 July 2017.
Jubilant FoodWorks advanced 9.01% to Rs 1,271 after net profit rose 25.53% to Rs 23.84 crore on 10.62% growth in total income to Rs 681.81 crore in Q1 June 2017 over Q1 June 2016. The result was announced during market hours today, 17 July 2017. Jubilant FoodWorks' President & CFO Sachin Sharma has resigned from the services of the company. His last working day will be 21 July 2017. The Board will appoint his successor in due course.
On the macro front, the monsoon session of Parliament kickstarted today, 17 July 2017. The session will see a total of 19 sittings spread over a span of 26 days including four Private Members' days. A total of 21 Bills pending in Lok Sabha and 42 Bills pending in Rajya Sabha will be in focus.
Overseas, most European bourses declined as investors monitored the second round of formal Brexit talks in Brussels. Asian stocks rose, boosted by stronger-than-expected economic growth in China and bets that lackluster US data will keep the Federal Reserve cautious about the pace of policy tightening. Japan's Nikkei 225 was shut for a public holiday.
China reported stronger-than-expected economic growth data on Monday as the world's second-largest economy was supported by robust industrial output, retail sales and exports. The Chinese economy grew 6.9% (year-on-year) in the second quarter to keep pace with the first quarter of 2017, according to the National Bureau of Statistics.
US stocks closed higher on Friday, 14 July 2017, after data showed consumer prices were unchanged in June and retail sales fell for a second straight month. The Dow Jones Industrial Average rose 84.65 points, or 0.4% to finish at 21,637.74. The S&P 500 index rose 11.44 points, or 0.5%, to finish at a record 2,459.27. The Nasdaq Composite Index gained 38.03 points, or 0.6%, to close at 6,312.47.
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