Key benchmark indices extended gains in mid-afternoon trade. At 14:15 IST, the barometer index, the S&P BSE Sensex was up 432.38 points or 1.57% at 27,962.35. The Nifty 50 index was currently up 126.95 points or 1.49% at 8,647.35. Gains in European and Asian stocks aided the upmove on the domestic bourses.
The Sensex rose 437.50 points or 1.58% at the day's high of 27,967.47 in mid-afternoon trade, its highest level since 13 October 2016. 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 129.10 points or 1.51% at the day's high of 8,649.50 in mid-afternoon trade, its highest level since 13 October 2016. 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, European and Asian stocks edged higher with commodities-related stocks leading the gains after prices of major industrial metals and crude oil rose on a softer dollar. 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 two gainers against every loser on BSE. 1,856 shares rose and 823 shares declined. A total of 206 shares were unchanged. The BSE Mid-Cap index was currently up 1.41%. The BSE Small-Cap index was currently up 1.11%. Both these indices underperformed the Sensex.
Metal and mining stocks edged higher as copper prices rose in global commodities markets. Hindustan Copper (up 2.5%), Tata Steel (up 2.64%), Hindustan Zinc (up 2.27%), Steel Authority of India (up 1.8%), Jindal Steel & Power (up 2.12%), National Aluminium Company (up 0.98%), JSW Steel (up 1.24%), NMDC (up 1.39%), Vedanta (up 1.3%) and Hindalco Industries (up 0.13%) rose.
High Grade Copper for December 2016 delivery was currently up 0.5% at $2.1175 per pound on the COMEX.
Power generation and power distribution stocks rose. Reliance Infrastructure (up 2.15%), CESC (up 1.33%), GMR Infrastructure (up 1.61%), Adani Power (up 1.52%), NHPC (up 1%), Reliance Power (up 0.97%), Tata Power Company (up 1.1%), JSW Energy (up 0.64%), Jaiprakash Power Ventures (up 2.04%), Power Grid Corporation of India (up 0.43%), NTPC (up 0.34%) and Torrent Power (up 0.12%) edged higher.
Index heavyweight Reliance Industries was up 1.5% at Rs 1,076. The stock hit a high of Rs 1,080 and a low of Rs 1,062.80 so far during the day.
Aarti Industries rose 4.38% after the company fixed 2 November 2016 as the record date for the purpose of buyback of equity shares. Aarti Industries said that the board of directors of the company at its meeting held yesterday, 17 October 2016, approved the buyback up to 12 lakh equity shares of the company representing up to 1.44% of the total equity capital at Rs 800 per share for an aggregate amount of up to Rs 96 crore. The buyback will be on a proportionate basis through the tender offer to all of the equity shareholders/ beneficial owners who hold shares on the record date. Members of the promoter and promoter group of the company have indicated their intention to participate in the proposed buyback, Aarti Industries said. The announcement was made after market hours yesterday, 17 October 2016.
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