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Market hits fresh intraday high on positive European cues

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Key benchmark indices hit fresh intraday high in afternoon trade, tracking positive opening in the European market. At 13:16 IST, the barometer index, the S&P was up 340.38 points or 1.24% at 27,870.35. The 50 index was currently up 98.75 points or 1.16% at 8,619.15. The broad market depicted strength. There were more than two gainers against every loser on 1,835 shares rose and 799 shares declined. A total of 186 shares were unchanged. The Mid-Cap index was currently up 1.24%, matching Sensex's gains. The BSE Small-Cap index was currently up 1.06%, underperforming the Gains in global stocks aided the upmove on the domestic bourses.

The rose 350.34 points or 1.27% at the day's high of 27,880.31 in 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 rose 101.10 points or 1.19% at the day's high of 8,621.50 in 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 shares edged higher in early trade today, 18 October 2016, with commodities-related stocks leading the market higher after prices of major industrial metals and crude oil rose on a softer dollar. 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.

Back home, shares of pharmaceutical companies were in demand. Divi's Laboratories (up 4.35%), Aurobindo Pharma (up 2.55%), Wockhardt (up 1.28%), Lupin (up 1.13%), Glenmark Pharmaceuticals (up 1.07%), Sun Pharmaceutical Industries (up 0.81%), Cipla (up 0.56%), Dr Reddy's Laboratories (up 0.48%), Cadila Healthcare (up 0.32%), IPCA Laboratories (up 0.29%), Piramal Enterprises (up 0.28%), GlaxoSmithKline Pharmaceuticals (up 0.22%) and Alkem Laboratories (up 0.04%), edged higher. Strides Shasun was down 0.05%.

FMCG shares edged higher. Marico (up 2.21%), Dabur India (up 1.27%), Nestle India (up 0.95%), Godrej Consumer Products (up 0.93%), Bajaj Corp (up 0.89%), Tata Global Beverages (up 0.83%), Colgate Palmolive (India) (up 0.70%), Jyothy Laboratories (up 0.46%), Procter & Gamble Hygiene & Health Care (up 0.39%), GlaxoSmithKline Consumer Healthcare (up 0.38%) and Hindustan Unilever (up 0.26%), edged higher. Britannia Industries was down 1.22%.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, October 18 2016. 13:15 IST