Key indices hit 6-1/2 week high

Key benchmark indices trimmed gains after hitting fresh intraday high in mid-morning trade. Firmness in Asian stocks supported gains on the domestic bourses. At 11:21 IST, the barometer index, the S&P BSE Sensex, was up 92.59 points or 0.34% at 27,025.47. The 50-unit CNX Nifty was up 18.75 points or 0.23% at 8,171.65. The Sensex was trading above the psychological 27,000 mark after regaining that mark in morning trade.

The Sensex rose 136.45 points or 0.5% at the day's high of 27,069.33 in mid-morning trade, a 6-1/2-week high. The Nifty also hit 6-1/2-week high when it jumped 33.95 points or 0.41% at the day's high of 8,186.85 in mid-morning trade.

In overseas markets, Asian stocks held firm today, 7 October 2015 as oil prices showed some signs of life, supporting battered resource shares and emerging economy currencies and after the Bank of Japan stood pat on policy. US stocks paused yesterday, 6 October 2015, closing moderately lower after five straight days of gains weighed down by health-care stocks, especially biotechnology companies.

Closer home, the market breadth indicating the overall health of the market was strong with more than two gainers for every loser. On BSE, 1,562 shares rose and 669 shares declined. A total of 95 shares were unchanged. The BSE Mid-Cap index was up 0.17%. The index underperformed the Sensex. The BSE Small-Cap index was up 0.78%. The index outperformed the Sensex.

Realty stocks declined. Sobha (down 2.17%), Indiabulls Real Estate (down 0.5%), DLF (down 0.18%), and Housing Development & Infrastructure (HDIL) (down 0.07%) edged lower. Unitech surged 7.34%.

Phoenix Mills rose 1.84% after the company said it has acquired entire 19.38% equity stake held by MTX Hotels, Amitabh Tayal and Priyank Tayal in Gangetic Hotels. The company made the announcement after market hours yesterday, 6 October 2015. Post acquisition, Gangetic Hotels (GHPL) has become a subsidiary of Phoenix Mills.

Most auto stocks gained. Mahindra & Mahindra (M&M) (up 0.32%), Maruti Suzuki India (up 1.51%), Tata Motors (up 1.05%), Bajaj Auto (up 1.87%) and TVS Motor Company (up 0.91%) gained. Hero Motocorp (down 0.28%), Ashok Leyland (down 0.48%), Eicher Motors (down 0.16%) declined.

Sugar stocks rallied on expectations of improved demand during the festival season. Bajaj Hindusthan (up 10.91%), Balrampur Chini Mills (up 5.93%) and Shree Renuka Sugars (up 15.29%) surged.

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