Key benchmark indices were hovering in positive terrain in morning trade. At 10:17 IST, the barometer index, the S&P BSE Sensex, was up 53.72 points or 0.17% at 31,365.29. The Nifty 50 index was up 12.50 points or 0.13% at 9,670.05.
The Sensex hit its highest intraday level in two weeks. The Nifty hit its highest intraday level in 1-1/2 week. The Sensex rose 80.96 points, or 0.26% at the day's high of 31,392.53 in early trade, its highest level since 6 June 2017. The index rose 7.30 points, or 0.02% at the day's low of 31,318.87 in early trade. The Nifty rose 17.25 points, or 0.18% at the day's high of 9,674.80 in early trade, its highest level since 9 June 2017. The index fell 1.95 points, or 0.02% at the day's low of 9,655.60 in early trade.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,112 shares rose and 894 shares fell. A total of 110 shares were unchanged.
Metal shares were mixed. Tata Steel (up 0.91%), JSW Steel (up 0.78%), Hindustan Copper (up 0.54%), Steel Authority of India (up 0.35%), Hindustan Zinc (up 0.24%) and NMDC (up 0.09%), edged higher. Jindal Steel & Power (down 0.35%), Hindalco Industries (down 0.42%), National Aluminium Company (down 0.47%), Vedanta (down 0.52%) and Bhushan Steel (down 1.44%), edged lower.
Meanwhile, copper price edged lower in the global commodities markets. High Grade Copper for July 2017 delivery was currently down 0.39% at $2.5795 per pound on the COMEX.
Pharmaceutical shares were mixed. Cipla (up 1.09%), Sun Pharmaceutical Industries (up 1.09%), Wockhardt (up 0.86%), Aurobindo Pharma (up 0.79%), Dr Reddy's Laboratories (up 0.69%), Strides Shasun (up 0.48%), Piramal Enterprises (up 0.46%) and Cadila Healthcare (up 0.09%), edged higher. GlaxoSmithKline Pharmaceuticals (down 0.05%), Alkem Laboratories (down 0.06%), Divi's Laboratories (down 0.15%), IPCA Laboratories (down 0.39%), Glenmark Pharmaceuticals (down 0.53%) and Lupin (down 0.78%), edged lower.
Rama Steel Tubes gained 1.59% to Rs 134.45 after the company announced that it has installed solar project at Khopoli facility, Maharashtra. The announcement was made after market hours yesterday, 19 June 2017.
V2 Retail rose 1.28% to Rs 257 after the company announced that it has launched one operational retail store at Ghazipur, Uttar Pradesh. The announcement was made during market hours today, 20 June 2017. V2 Retail said that currently 39 retail stores are operational of the company.
Overseas, most Asian edged higher amid speculation on whether China would be added to the MSCI emerging markets index on the fourth try. Investors are keeping an eye on the decision on whether to include China A-shares in the MSCI Emerging Markets Index. This will be China's fourth attempt at MSCI inclusion, after being passed over the first three times.
US stocks rose overnight with both the Dow and the S&P 500 ending at new records as technology shares rebounded from a recent bout of sharp weakness to lead the market higher. The Dow Jones Industrial Average rose 144.71 points, or 0.7%, to 21,528.99. The S&P 500 gained 20.31 points, or 0.8% to 2,453.46. The Nasdaq Composite Index rose 87.25 points, or 1.4% to 6,239.01.
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