After seeing a gap-up opening, the key benchmark indices extended gains and hit fresh intraday high in morning trade. At 10:25 IST, the barometer index, the S&P BSE Sensex, was up 252.61 points or 0.86% at 29,666.27. The Nifty 50 index was up 74.70 points or 0.82% at 9,214. Gains in ICICI Bank, HDFC Bank and ITC boosted sentiment.
The broad market depicted strength. There were almost three gainers against every loser on BSE. On the BSE, 1,712 shares rose and 577 shares fell. A total of 101 shares were unchanged.
Metal and mining stocks gained on reports that China has proposed plans of halting aluminium plants that violate production guidelines issues in 2015. Vedanta (up 3.92%), JSW Steel (up 1.34%), Steel Authority of India (Sail) (up 1.79%), National Aluminium Company (up 3.47%), Hindustan Zinc (up 1.02%), Jindal Steel & Power (up 3.05%), Hindalco Industries (up 4.19%), NMDC (up 2.46%), Hindustan Copper (up 1.21%) edged higher.
Copper edged lower in the global commodities market. High Grade Copper for May 2017 delivery was currently off 0.37% at $2.5865 per pound on the COMEX.
Tata Steel rose 2.06% after the company said its board meeting will be held on 20 April 2017, to consider a proposal for fund raising. The announcement was made after market hours yesterday, 17 April 2017.
Telecom stocks rose. Idea Cellular (up 0.7%), MTNL (up 0.06%), Tata Teleservices (Maharashtra) (up 1.94%) and Reliance Communications (up 2.05%) gained.
Bharti Airtel (down 0.15%) fell.
Shares of Bharti Infratel rose 0.54%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.
Gruh Finance surged 7.13% after net profit rose 25.76% to Rs 110.45 crore on 13.4% rise in revenue from operations to Rs 416.11 crore in Q4 March 2017 over Q4 March 2016. The company's loan assets have increased to Rs 13244 crore as on 31 March 2017, from Rs 11115 crore as on 31 March 2016, registering a growth of 19%. The result was announced after market hours yesterday, 17 April 2017.
National Fertilizers rose 1.06% after the company said it received letter of intent from Satish Dhawan Space Centre, Sriharikota for establishing di-nitrogen tetroxide production plant. The announcement was made after market hours yesterday, 17 April 2017.
National Fertilizers (NFL) said that it has received letter of intent (LOI) from SDSC-SHAR (Satish Dhawan Space Centre, Sriharikota) for establishing Di-Nitrogen Tetroxide (N2O4) production plant (NPP) on build, Own, operate & supply model. The project is to be set-up on build, own, operate & supply (BOOS) model at NFL Vijaipur, Guna, Madhya Pradesh. The plant capacity shall be around 1,095 metric tonnes (MT) N2O4 per annum.
The product (N2O4) shall be exclusively supplied to SDSC-SHAR under long term agreement for 25 years period. The project activities (zero date) shall start around July 2017 with a gestation period of 18 months. The estimated capex requirement shall be around Rs 350 crore.
On the macro front, India Meteorological Department (IMD) will announce its first long range forecast for 2017 southwest monsoon, today, 18 April 2017. The June-September southwest monsoon is critical for the country's agriculture because a considerable part of the country's farmland is dependent on the rains for irrigation.
Overseas, Asian stocks were trading on a mixed note. US stocks rose the most in six weeks yesterday, 17 April 2017 as investors turned their attention to first-quarter corporate earnings.
Geopolitical tensions, notably those between the US and North Korea, have heightened worries about aggressions escalating into a nuclear confrontation. Over the weekend, North Korea put on a massive military parade, followed by a failed missile launch. In an unannounced visit to the Korean Peninsula's demilitarized zone, US Vice President Mike Pence yesterday, 17 April 2017 warned North Korea not to test the resolve of President Donald Trump or the military strength of the US.
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