Market extends gains

Key benchmark indices extended gains in morning trade. At 10:16 IST, the barometer index, the S&P BSE Sensex, was up 140.49 points or 0.53% at 26,507.17. The Nifty 50 index was up 47 points or 0.58% at 8,116.65. The Sensex hit its highest level in more than 29 weeks. The Nifty hit its highest level in 30 weeks. Gains in Asian market boosted investors' sentiment.

The Sensex rose 215.41 points, or 0.82% at the day's high of 26,582.09 in morning trade, its highest level since 4 November 2015. The index rose 38.60 points, or 0.15% at the day's low of 26,405.28 in early trade. The Nifty rose 66.65 points, or 0.83% at the day's high of 8136.30 in morning trade, its highest level since 30 October 2015. The index rose 7.40 points, or 0.09% at the day's low of 8,077.05 in early trade.

The broad market depicted strength. There were almost two gainers against every loser on BSE. 1,222 shares rose and 624 shares fell. A total of 112 shares were unchanged. The BSE Mid-Cap index was currently up 0.95%. The BSE Small-Cap index was currently up 0.70%. Both these indices outperformed the Sensex.

In the overseas markets, most Asian equities shrugged off a lackluster session in the US, rising for a third day amid speculation that weakness in Japan's economy will cause a planned sales-tax increase to be delayed. The yen held gains against the dollar after data showing a second month of consumer-price declines ramped up pressure on the Bank of Japan. US equities took a breather yesterday, 26 May 2016, following their steepest two-day advance since March, with investors looking to economic reports and crude prices for clues as to whether the world can withstand higher interest rates from the Fed. Latest data showed that US jobless claims fell for a second week, pending home sales rose the most since 2010, and orders for business equipment unexpectedly declined for a third month.

Metal shares edged higher. Steel Authority of India (up 1.60%), Hindustan Copper (up 1.57%), Hindalco Industries (up 1.33%), Jindal Steel & Power (up 1.32%), NMDC (up 1.20%), Vedanta (up 0.96%), JSW Steel (up 0.91%), Tata Steel (up 0.83%) and Bhushan Steel (up 0.56%), edged higher. Hindustan Zinc was down 0.21%.

Meanwhile, copper price edged higher in the global commodities markets. High Grade Copper for July 2016 delivery was currently up 0.24% at $2.1075 per pound on the COMEX.

Most IT shares edged higher. HCL Technologies (up 1.22%), Infosys (up 0.92%), Wipro (up 0.83%), Oracle Financial Services Software (up 0.69%), Hexaware Technologies (up 0.56%), TCS (up 0.54%), Persistent Systems (up 0.36%) and MphasiS (up 0.08%), edged higher. MindTree (down 0.47%) and Tech Mahindra (down 0.66%), edged lower.

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