Key benchmark indices gyrated in a small range in early afternoon trade. At 12:25 IST, the barometer index, the S&P BSE Sensex, was up 121.21 points or 0.4% at 30,443.33. The Nifty 50 index was up 28.30 points or 0.3% at 9,473.70. Index heavyweight and cigarette major ITC gained. Many FMCG stocks declined. Most metal and mining stocks rose. The S&P BSE Mid-Cap, Small-Cap indices underperformed the Sensex.
After a gap-up opening, the key benchmark indices extended gains in early trade as positive Asian cues boosted sentiment. Both the Sensex and the Nifty hit record high levels in early trade. Key benchmark indices trimmed gains in morning trade as stocks took a breather after an initial upmove. Indices hovered in positive zone in a small range in mid-morning trade.
The Sensex gained 196.66 points or 0.65% at the day's high of 30,518.78 in early trade, a record high for the barometer index. The index rose 41.25 points or 0.14% at the day's low of 30,363.37 at the onset of the session. The Nifty gained 47.20 points or 0.5% at the day's high of 9,492.60 in early trade, a record high for the index. The index rose 10.95 points or 0.12% at the day's low of 9,456.35 at the onset of the session.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,312 shares rose and 1,216 shares fell. A total of 167 shares were unchanged.
ONGC (down 1.07%), Asian Paints (down 0.89%) and Coal India (down 0.68%) edged lower from the Sensex pack.
Index heavyweight and cigarette major ITC gained 0.96% to Rs 280. The stock hit a high of Rs 280.50 and low of Rs 278.10 so far during the day.
Many FMCG stocks declined. Nestle India (down 2.15%), Colgate-Palmolive (India) (down 1.64%), Dabur India (down 0.81%), Marico (down 0.05%), Tata Global Beverages (down 0.55%), Procter & Gamble Hygiene and Health Care (down 0.28%), Jyothy Laboratories (down 0.86%) and Bajaj Corp (down 0.71%) declined.
Britannia Industries (up 0.37%), GlaxoSmithkline Consumer Healthcare (up 0.98%), Godrej Consumer Products (up 2.54%) and Hindustan Unilever (up 0.76%), rose.
Most metal and mining stocks rose. National Aluminium Company (up 2.26%), Vedanta (up 0.7%), JSW Steel (up 0.54%), Steel Authority of India (Sail) (up 0.24%), Jindal Steel & Power (up 0.44%), Hindustan Copper (up 0.22%) edged lower. Hindustan Zinc (down 2.08%), Hindalco Industries (down 0.73%), NMDC (down 0.19%) fell.
Tata Steel rose 0.99% ahead of its Q4 result today, 16 May 2017.
Copper edged lower in the global commodities market. High Grade Copper for July 2017 delivery was currently off 0.45% at $2.5275 per pound on the COMEX.
Chennai Petroleum Corporation lost 5.23% after net profit declined 31.09% to Rs 170.81 crore on 17.77% rise in net sales to Rs 6819.15 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 15 May 2017.
Allsec Technologies fell 2.51% after consolidated net profit fell 8.04% to Rs 15.44 crore on 8.24% decline in net sales to Rs 80.50 crore in Q4 March 2017 over Q3 December 2016. The result was announced after market hours yesterday, 15 May 2017.
Voltamp Transformers jumped 7.29% after net profit rose 17.9% to Rs 22.65 crore on 11.9% increase in net sales to Rs 228.17 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 15 May 2017.
On the macro front, India's merchandise exports grew in double digits in dollar terms for the third consecutive month in April. Data released by the government yesterday, 15 May 2017 showed that exports grew 19.77% in April to $24.63 billion while imports rose 49.07% to $37.88 billion, leaving a trade gap of $13.24 billion.
Overseas, Asian stocks were trading on a mixed note. In US, the S&P 500 and the Nasdaq Composite closed at fresh records yesterday, 15 May 2017 as a jump in oil prices to a two-week high lifted Wall Street sentiment. Crude rose for a fifth day, topping $49 a barrel, after Saudi Arabia and Russia supported an extension of output cuts.
The Dow Jones Industrial Average rose 85.33 points, or 0.4%, to close at 20,981.94. The S&P 500 index added 11.42 points, or 0.5%, to finish at 2,402.32. The Nasdaq Composite Index gained 28.44 points, or 0.5%, to end at 6,149.67.
In economic data, a gauge of New York-area manufacturing slumped into negative territory for the first time since the presidential election. The Empire State manufacturing index for May fell to negative 1, from positive 5.2 in April. Separately, sentiment among home builders rebounded in May, buoyed by optimistic views of demand for housing.
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