Key benchmark indices firmed up and hit fresh intraday high in mid-afternoon trade. At 14:27 IST, the barometer index, the S&P BSE Sensex, was up 274.91 points or 0.84% at 32,872.09. The Nifty 50 index was up 93.80 points or 0.93% at 10,137.90. Positive opening in European shares boosted investors' sentiment in the domestic market. Most capital goods shares rose. Power generation stocks were in demand.
Indices opened higher and extended intraday gains to hit fresh intraday high in mid-morning trade. However, profit selling trimmed some gains off key indices in early afternoon trade. Key indices firmed up once again and hit fresh intraday high in mid-afternoon trade.
The Sensex rose 291.24 points, or 0.89% at the day's high of 32,888.42 in mid-afternoon trade, its highest intraday level since 5 December 2017. The index rose 0.94 points at the day's low of 32,598.12 in early trade. The Nifty rose 99.45 points, or 0.99% at the day's high of 10,143.55 in mid-afternoon trade, its highest intraday level since 5 December 2017. The index rose 17.80 points, or 0.18% at the day's low of 10,061.90 in early trade.
Most capital goods shares rose. Praj Industries (up 4.58%), Havells India (up 2.77%), Siemens (up 2.13%), ABB India (up 1.73%), Crompton Greaves (up 1.70%), GE Power India (up 1.62%), Bharat Electronics (up 1.51%), Punj Lloyd (up 1.46%), Bharat Heavy Electricals (up 1.27%), Thermax (up 1.03%), GE T&D India (up 0.92%), Suzlon Energy (up 0.59%), AIA Engineering (up 0.50%) and SKF India (up 0.19%), edged higher. Lakshmi Machine Works (down 0.01%), Jindal Saw (down 0.13%) and Reliance Defence and Engineering (down 0.96%), edged lower.
Index heavyweight and engineering and construction major L&T advanced 2.85% to Rs 1,224 after the company said that its subsidiary L&T Hydrocarbon Engineering has secured order valued over Rs 1600 crore from HPCL, Visakhapatnam refinery. The announcement was made during market hours today, 7 December 2017.
BEML was up 2.32%. The company said it opened spare parts and warehouse office yesterday, 6 December 2017, at Pune, Maharashtra. BEML has established its office at Pune not only to enhance its presence in Maharashtra but also to reach the doorsteps of customers i.e., Indian Army. The announcement was made after market hours yesterday, 6 December 2017.
Power generation stocks were in demand. Adani Power (up 4.74%), Reliance Infrastructure (up 3.27%), Tata Power (up 2.97%), JSW Energy (up 2.16%), NTPC (up 1.97%), Torrent Power (up 1.73%), GMR Infrastructure (up 1.19%), Jaiprakash Power Ventures (up 1.19%), CESC (up 1.06%), Reliance Power (up 0.82%) and NHPC (up 0.72%), edged lower.
State-run Power Grid Corporation of India was up 0.40%. State-run Coal India was down 0.62%.
Overseas, European shares were trading higher in early trade as tech stocks rebounded.
France's trade deficit increased to stand at around 5 billion euros ($5.90 billion) in October compared to 4.6 billion euros in the previous month, showed seasonally adjusted data published on Thursday by the customs office.
Most Asian shares declined as US policy uncertainty kept sentiment in check. US stocks ended mixed on Wednesday, as weakness in the energy sector spurred some minor selling that offset a recovery in the technology sector. The Dow Jones Industrial Average fell 0.16%. The S&P 500 fell 0.01%. The Nasdaq Composite Index rose 0.21%.
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