Key benchmark indices hit fresh intraday high in morning trade. At 10:18 IST, the barometer index, the S&P BSE Sensex, was up 98.74 points or 0.31% at 32,119.49. The Nifty 50 index was up 28.95 points or 0.29% at 9,915.30. Positive cues from Asian market boosted investors sentiment.
The Sensex rose 107.61 points, or 0.34% at the day's high of 32,128.36 in morning trade, its record high. The index rose 33.23 points, or 0.10% at the day's low of 32,053.98 in morning trade. The Nifty rose 29.90 points, or 0.30% at the day's high of 9,916.25 in morning trade, its record high. The index rose 8.35 points, or 0.08% at the day's low of 9,894.70 in morning trade.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,146 shares rose and 901 shares fell. A total of 114 shares were unchanged.
IT shares were in demand.
HCL Technologies (up 1.11%), Hexaware Technologies (up 0.76%), Infosys (up 1.53%), MindTree (up 0.78%), Oracle Financial Services Software (up 0.22%), TCS (up 0.24%) and Tech Mahindra (up 1.81%) edged higher. MphasiS (down 1.39%) and Persistent Systems (down 0.68%) edged lower.
IT major Wipro was up 4.05% to Rs 270 after the company said it will consider share buyback proposal on 20 July 2017, in its board meeting scheduled for announcing Q1 June 2017 results. The announcement was made after market hours on Friday, 14 July 2017.
Most metal shares rose. Hindustan Zinc (up 0.26%), Hindalco Industries (up 1.27%), Jindal Steel & Power (up 0.73%), JSW Steel (up 0.63%), National Aluminium Company (up 0.43%), Tata Steel (up 0.20%) and Vedanta (up 1.12%) edged higher. NMDC (down 0.13%) and Bhushan Steel (down 2.74%)m edged lower.
Meanwhile, copper price edged higher in the global commodities markets. High Grade Copper for September 2017 delivery was currently 0.39% at $2.7015 per pound on the COMEX.
On the macro front, the monsoon session of Parliament kickstarts today, 17 July 2017. The session will see a total of 19 sittings spread over a span of 26 days including four Private Members' days. A total of 21 Bills pending in Lok Sabha and 42 Bills pending in Rajya Sabha will be in focus.
Overseas, Asian stocks rose after the Dow and S&P 500 hit record highs on Friday, 14 July 2017, on bets the Federal Reserve's accommodative monetary policy will continue following lackluster US data. Japan's Nikkei 225 was shut for a public holiday.
US stocks closed higher on Friday, 14 July 2017, after data showed consumer prices were unchanged in June and retail sales fell for a second straight month. The Dow Jones Industrial Average rose 84.65 points, or 0.4% to finish at 21,637.74. The S&P 500 index rose 11.44 points, or 0.5%, to finish at a record 2,459.27. The Nasdaq Composite Index gained 38.03 points, or 0.6%, to close at 6,312.47.
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