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Sensex, Nifty scale record high

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Key benchmark indices extended gains and hit fresh intraday high in morning trade. At 10:30 IST, the barometer index, the S&P Sensex, was up 224.77 points or 0.71% at 32,029.59. The index was up 64.70 points or 0.66% at 9,880.80. Both the and the hit fresh record high in morning trade. Expectations of an cut by the Reserve of (RBI) after latest data showed that retail has eased to a record in June and factory output growth slowed sharply in May bolstered sentiment on the domestic bourses.

Key benchmark indices saw gap up opening on positive global cues, with the scaling past the 32,000 mark in early trade.

The S&P Mid-Cap index was up 0.7%. The S&P Small-Cap index was up 0.69%. Both these indices underperformed the

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1,423 shares rose and 736 shares fell. A total of 106 shares were unchanged.

Overseas, Asian stocks were trading higher as dovish comments from US Federal Reserve Chairwoman Janet Yellen improved risk-taking appetite.

US stocks closed higher yesterday, 12 July 2017 with the Dow industrials setting its first closing record in nearly a month as Federal Reserve Chairwoman Janet Yellen emphasized the central bank's gradual approach to normalizing monetary policy and expressed optimism about the economy in congressional testimony.

In her testimony on Capitol Hill, Yellen signaled that the Fed would take a cautious approach to tightening policy in the face of an uncertain outlook. She said the Fed would continue to raise interest rates gradually, though it would change plans if weakness persisted.

Back home, telecom stocks gained. Bharti Airtel (up 1.07%), Idea Cellular (up 2.22%), Tata Teleservices (Maharashtra) (up 1.56%) and Reliance Communications (up 0.13%) rose. MTNL (down 2.01%) fell.

Shares of Bharti Infratel fell 2.1%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.

Realty stocks gained on hopes of cut by RBI. Purchases of both residential and commercial property are largely driven by finance.

DLF (up 0.45%), Indiabulls Real Estate (up 0.87%), Housing Development and Infrastructure (up 0.53%), Sobha (up 0.37%), Godrej Properties (up 0.73%), Oberoi Realty (up 0.6%) rose. Unitech (down 0.28%) and Prestige Estates Projects (down 3.22%) fell.

Speciality Restaurants rose 2.04% after the company said it has entered into a franchise agreement with Resolute Restaurant Management LLC to open restaurants in UAE. The announcement was made after market hours yesterday, 12 July 2017.

On the macro front, government data released after market hours yesterday, 12 July 2017 showed that retail inflation has eased to a record in June and factory output growth slowed sharply in May. Inflation as measured by the Consumer Price Index (CPI) slowed to 1.54% in June from 2.18% in May. The Index of Industrial Production (IIP) rose 1.7% in May compared with 3.1% in April.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, July 13 2017. 10:39 IST