Broad market depicts strength

Firmness persisted on the bourses in afternoon trade on steady buying in index heavyweights Reliance Industries (RIL), Infosys and ITC. At 13:25 IST, the barometer index, the S&P BSE Sensex, was up 219.76 points or 0.71% at 30,969.79. The Nifty 50 index was up 67.05 points, or 0.71%, at 9,576.80. The Sensex and the Nifty, both, hit their record high levels in afternoon trade. Capital goods stocks advanced. Auto stocks gained.

Among secondary barometers, the BSE Mid-Cap index was up 1.32%. The BSE Small-Cap index was up 1.35%. Both these indices outperformed the Sensex.

The broad market depicted strength. There were more than two gainers against every loser on BSE. 1,731 shares rose and 777 shares fell. A total of 152 shares were unchanged.

Capital goods stocks advanced. Bharat Heavy Electricals (Bhel) (up 4.02%), BEML (up 3.75%), Bharat Electronics (up 1.51%), L&T (up 1.35%), Punj Lloyd (up 4.52%), Siemens (up 2.7%), ABB India (up 0.52%) and Thermax (up 3.17%) gained.

Auto stocks gained. Tata Motors (up 1.83%), Maruti Suzuki India (up 0.74%), Mahindra & Mahindra (M&M) (up 1.08%), Eicher Motors (up 2.34%), Ashok Leyland (up 6.22%), Escorts (up 2.57%), SML Isuzu (up 2.56%), Bajaj Auto (up 0.12%) and Hero MotoCorp (up 0.67%) rose. TVS Motor Company (down 0.31%) fell.

Container Corporation of India advanced 4.2% after net profit rose 9.6% to Rs 335.71 crore on 2.3% decrease in net sales to Rs 1,557.89 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 25 May 2017.

Overseas, Asian and European stocks were mixed as a slump in crude prices spoiled global risk appetite. In the global commodities markets, Brent crude oil futures fell overnight as the Organization of the Petroleum Exporting Countries (OPEC) extended the production cut, but was silent on a long term plan.

Brent for July 2017 settlement was up 40 cents at $51.86 a barrel. The contract fell $2.50 a barrel or 4.63% to settle at $51.46 a barrel in the previous trading session.

OPEC and some non-OPEC members agreed yesterday, 25 May 2017 to extend oil supply cuts of 1.8 million barrels per day for a further nine months in a bid to stem sliding prices.

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