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Sensex spurts above 32,000

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Key benchmark indices saw gap up opening on positive global cues. At 9:30 IST, the barometer index, the S&P Sensex, was up 213.80 points or 0.67% at 32,018.62. The index was up 59.55 points or 0.61% at 9,875.65. Both the and the hit record high in early 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 underpinned the sentiment.

The S&P Mid-Cap index was up 0.55%. The S&P Small-Cap index was up 0.56%. Both these indices underperformed the

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1,177 shares rose and 432 shares fell. A total of 69 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, ITC (up 1.54%), L&T (up 1.49%) and ICICI (up 1.28%) edged higher from the pack.

IT major TCS rose 0.62% ahead of its Q1 June 2017 results today, 13 July 2017.

Bharti Airtel rose 0.93%. The stock turned ex-dividend today, 13 July 2017, for dividend of Re 1 per share for the year ended March 2017.

Mahindra & Mahindra slipped 0.37% as the stock turned ex-dividend today, 13 July 2017, for dividend of Rs 13 per share for the year ended March 2017.

Reliance Industries rose 0.18%. The stock turned ex-dividend today, 13 July 2017, for dividend of Rs 11 per share for the year ended March 2017.

On the macro front, government data released after market hours yesterday, 12 July 2017 showed that retail has eased to a record in June and factory output growth slowed sharply in May. 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.)

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