Key benchmark indices traded with small gains in afternoon trade amid lack of clear direction from global stocks. At 13:20 IST, the barometer index, the S&P BSE Sensex, was up 68.12 points or 0.23% at 29,404.69. The Nifty 50 index was up 24.30 points or 0.27% at 9,127.80. Capital goods and auto stocks gained. Small gains were witnessed on the bourses after Nifty recorded five straight day of losses while Sensex barely managed to snap four-day losing streak yesterday, 19 April 2017.
The Sensex gained 116.49 points or 0.39% at the day's high of 29,453.06 in early afternoon trade, its highest level since 18 April 2017. The index rose 5.11 points or 0.01% at the day's low of 29,341.68 at the onset of the session. The Nifty gained 40.40 points or 0.44% at the day's high of 9,143.90 in early afternoon trade, its highest level since 18 April 2017. The index fell 0.85 points at the day's low of 9,102.65 at the onset of the session.
Domestic bourses made a positive start to the session on higher Asian stocks. After trading with small gains in early trade, key indices steadily added on to the gains and hit fresh high in early afternoon trade.
Both these indices outperformed the Sensex.
The broad market depicted strength. There were more than two gainers against every loser on BSE. On the BSE, 1,789 shares rose and 885 shares fell. A total of 162 shares were unchanged.
Most auto stocks gained. Mahindra & Mahindra (M&M) (up 0.38%), Ashok Leyland (up 0.92%), Maruti Suzuki India (up 0.35%), Bajaj Auto (up 0.52%), Tata Motors (up 0.32%) and TVS Motor Company (up 3.29%) gained. Eicher Motors (down 0.18%) and Hero MotoCorp (down 0.02%) declined.
Capital goods stocks also gained in a firm market. Bharat Heavy Electricals (Bhel) (up 0.43%), Havells India (up 1.07%), ABB India (up 0.54%), L&T (up 0.5%), Thermax (up 0.11%), and Siemens (up 1.02%) gained. Bharat Electronics declined 0.43%.
Sun TV Network rose 4.83% to Rs 884.40 after a foreign brokerage reportedly upgraded its rating on the stock to 'buy' from 'sell' and raised the target price of the stock to Rs 1,015 from Rs 661 earlier.
Overseas, most European stocks edged lower in early trade. Asian stock markets were trading on a mixed note. On the macro front, Japanese exports grew at the fastest rate in more than two years in March, supporting the bullish view in the debate over the health of the global economy.
Among US stocks, the Dow industrials and the S&P 500 ended lower yesterday, 19 April 2017 as a drop in oil prices fueled a selloff in energy shares while a drop in International Business Machines Corp. was responsible for half the session's losses in the blue-chip average. On the other hand, the Nasdaq Composite rose with big gains from shares of Intuitive Surgical Inc. and Lam Research Corp.
Meanwhile, the Federal Reserve's Beige Book report showed the US economy continued to expand steadily and Fed Vice Chairman Stanley Fischer painted a picture of brightening global growth that can better manage the spillover of gradual monetary tightening.
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