Sensex, Nifty continue trading higher, Tata Steel top gainer

The benchmark indices continued to trade higher on Monday after investors reacted positively to macroeconomic data released with changes in new base-year series for wholesale price index (WPI) inflation and index of industrial production (IIP). 

At 2:05 pm, the S&P BSE Sensex was trading at 30,314, up 126 points, while the broader Nifty50 was ruling at 9,440, up 40 points. 

In the broader market, the S&P BSE Midcap and the S&P BSE Smallcap indices gained 1% and 0.7%, respectively. 

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,479 shares rose and 1,082 shares fell. A total of 142 shares were unchanged.

Tata Steel was the top gainer and added over 4% on Sensex and Nifty ahead of its quaterly numbers due tomorrow.

The rally came after data late on Friday showed consumer prices rose by an annual 2.99% compared with 3.89% in March, extending a debate about whether the Reserve Bank of India (RBI) is being too hawkish on inflation. 

Among individual stocks, Jindal Stainless rose as much as 5.90% to its highest in over nine years after the company announced its March-quarter results on Friday.

Avanti Feeds is locked in upper circuit of 20% at Rs 1,078, also its all-time high on BSE, after the company reported nearly three-fold jump in its consolidated net profit at Rs 90 crore for the fourth quarter ended March 2017 (Q4FY17), on back of strong domestic sales. 

Among the losers, Idea Cellular dipped 8% to Rs 84.65 on BSE in intra-day trade in an otherwise firm market after the company reported its second straight quarterly loss of Rs 326 crore for the quarter ended March 2017 (Q4FY17). 

Glenmark Pharmaceuticals (GNP) hit 52-week low of Rs 716, down 5.5%, extending its Friday’s 16% on BSE, after the company reported a lower than expected revenue growth in March quarter (Q4FY17).

Overseas, resilient Asian stocks edged up to a two-year high, shaking off threats from by a ransomware attack that locked some 200,000 computers in more than 150 countries at the weekend, a missile test by North Korea, and weak US data.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.3% to its highest level since June 2015.

MSCI's emerging markets benchmark also advanced 0.3% to a two-year high.

Japan's Nikkei slipped 0.2% on a stronger yen.

(With inputs from Reuters)