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Strong market breadth

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Key benchmark indices extended intraday gains and hit fresh intraday high in mid-morning trade. At 11:18 IST, the barometer index, the S&P Sensex, was up 102.65 points or 0.32% at 31,936.64. The 50 index was up 37.30 points or 0.37% at 10,022.10. Power generation stocks were in demand.

The was trading above the psychologically important 10,000 mark after breaching that level in morning trade. The rose 135.97 points, or 0.43% at the day's high of 31,969.96 in mid-morning trade. The index fell 20.32 points, or 0.06% at the day's low of 31,813.67 in early trade. The rose 47.25 points, or 0.47% at the day's high of 10,032.05 in mid-morning trade. The index fell 7.70 points, or 0.08% at the day's low of 9,977.10 in early trade.

Among secondary barometers, the Mid-Cap index was up 0.43%. The Small-Cap index was up 0.72%. Both these indices outperformed the

The broad market depicted strength. There were more than two gainers against every loser on 1,551 shares rose and 746 shares fell. A total of 86 shares were unchanged.

Power generation stocks were in demand. JSW Energy (up 1.88%), NTPC (up 1.63%), CESC (up 1.57%), (up 1.38%), GMR Infrastructure (up 1.27%), (up 0.75%), NHPC (up 0.71%), Jaiprakash Power Ventures (up 0.41%), Adani Power (up 0.33%), Reliance Infrastructure (up 0.33%) and (up 0.25%), edged higher.

State-run of India was up 0.15%. State-run Coal India was down 0.74%.

Engineering and construction major L&T gained 0.58% to Rs 1,139.90 after the company announced that it has entered into a definitive agreement with ESAB Holdings to sell entire stake in EWAC Alloys. The announcement was made after market hours yesterday, 11 October 2017.

L&T said that it has entered into a definitive agreement with ESAB Holdings, a company registered in the United Kingdom, on 11 October 2017, for the divestment of its 100% stake in EWAC Alloys for Rs 522 crore. EWAC Alloys' total revenues during the year ended 31 March 2017 (FY 2017) was Rs 211.20 crore, constituting around 0.19% of the total consolidated revenue of L&T for FY 2017 and it reported a net worth of Rs 95.69 crore as on 31 March 2017. Subject to customary closing conditions, the sale of shares is expected to be completed within 60 days from the date of execution of the share purchase agreement.

Shares of public sector oil marketing companies (PSU OMCs) were in demand. Indian Oil Corporation (IOCL) (up 0.41%), BPCL (up 0.50%) and HPCL (up 0.58%), edged higher.

Petrol pump dealers have reportedly called off their planned nationwide strike on Friday, 13 October 2017 after PSU OMCs rejected their demands and warned them against closure. The dealers had earlier announced a strike on 13 October 2017 and indefinite closure of sales and supplies from 27 October 2017.

IOCL, HPCL and BPCL reportedly control about 54,000 petrol pumps across the country, or more than 90% of the fuel retailing market. The associations have been protesting recent changes in guidelines governing petrol pump dealers.

Zen Technologies jumped 7.7% after the company said it has signed the biggest export order till date of about Rs 64 crore. The announcement was made during market hours today, 12 October 2017.

Zen Technologies won the contract for live and virtual combat training systems against tough international competition. This order is expected to be executed in the first half of next financial year 2018-19.

Overseas, Asian equities were trading higher after US stocks hit record highs, while the dollar extended losses following the latest minutes from the US Federal Reserve.

US equities settled higher on Wednesday as gains in the utilities, technology and oil & gas sectors boosted shares. The Dow Jones Industrial Average gained 0.18% to hit a new all time high, while the S&P 500 index added 0.18%, and the NASDAQ Composite index climbed 0.25%.

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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, October 12 2017. 11:18 IST
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