Key benchmark indices were trading firm in afternoon trade on steady buying demand in index pivotals Reliance Industries (RIL), ITC and HDFC Bank. At 13:30 IST, the barometer index, the S&P BSE Sensex, was up 155.12 points or 0.5% at 31,211.52. The Nifty 50 index was up 38.90 points or 0.41% at 9,626.95. Positive global cues boosted sentiment on the domestic bourses.
The market breadth, indicating the overall health of the market, was negative. On BSE, 1,335 shares fell and 1,199 shares rose. A total of 135 shares were unchanged.
Index heavyweight and cigarette major ITC gained 1.27% to Rs 310.20. The stock hit a high of Rs 311.60 and low of Rs 308 so far during the day.
FMCG stocks saw mixed trend. Britannia Industries (up 1.2%), Colgate-Palmolive (India) (up 0.9%), Godrej Consumer Products (up 1.7%), Hindustan Unilever (up 0.26%), Nestle India (up 0.16%), Procter & Gamble Hygiene and Health Care (up 0.6%) and Jyothy Laboratories (up 0.56%) rose.
GlaxoSmithkline Consumer Healthcare (down 0.26%), Dabur India (down 0.47%), Marico (down 1.21%), Tata Global Beverages (down 1.11%) and Bajaj Corp (down 0.32%) fell.
Capital goods stocks edged lower. ABB India (down 0.11%), Bharat Heavy Electricals (Bhel) (down 0.29%), BEML (down 0.79%), Bharat Electronics (down 0.91%), Punj Lloyd (down 1.59%), Siemens (down 0.13%) and Thermax (down 0.69%) fell.
Engineering and construction major L&T was up 0.67%. The construction arm of L&T has won orders worth Rs 2231 crore across various business segments.
The announcement was made during trading hours today, 19 June 2017.
RPP Infra Projects surged 7.63% after the company said it has secured order worth Rs 51.20 crore from Tamilnadu Civil Supplies Corporation (TNCSC) for construction of scientific storage godown of 40,000 MT capacity in TNCSC campus at Nagapattinam district in Tamil Nadu. The work is to be completed within 12 months. The announcement was made during market hours today, 19 June 2017.
On the domestic economic front, the GST Council on Sunday, 18 June 2017, reportedly put a fix to nagging issues and the government put at rest speculation about a possible delay in GST rollout, paving the way for the landmark tax reforms to kick in from 1 July 2017. The government will reportedly let companies to file late returns for the first two months to let them adapt to a new system.
Overseas, European stocks were trading higher on broad-based gains led by commodity shares and retailers. Asian stocks were trading higher as markets geared up ahead of Brexit negotiations between the UK and the European Union, and as French President Emmanuel Macron's party won a parliamentary majority at the weekend.
Britain and the rest of the European Union (EU) go into the negotiations in Brussels later today, 19 June 2017, to decide the status of expats, the UK's 'divorce bill' and the Northern Ireland border, besides other compensatory issues. The UK is set to leave the EU by the end of March 2019.
In US, the Dow Jones Industrial Average on Friday, 16 June 2017, notched its 21st record of 2017 led by a late-stage rise in energy shares, as Amazon announced plans to buy Whole Foods. However, the tech-heavy Nasdaq Composite ended lower and booked a second-straight weekly loss. The Dow Jones Industrial Average gained 24.38 points, or 0.11%, to 21,384.28a new all-time high. The S&P 500 ended less than a point higher at 2,433.14. The Nasdaq Composite Index fell 13.74 points, or 0.2%, to 6,151.76.
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