Market hits fresh intraday high

Key benchmark indices extended gains and hit fresh intraday high in mid-afternoon trade. At 14:19 IST, the barometer index, the S&P BSE Sensex, was up 159.66 points or 0.45% at 35,405.93. The Nifty 50 index was up 52.50 points or 0.49% at 10,769.05. Global risk appetite got a boost from soft US inflation, helping alleviate worries of faster rate hikes by the Federal Reserve.

The market opened higher and trimmed gains in morning trade. Indices firmed up once again in mid-morning trade. After hovering in a narrow range, indices hit fresh intraday high in mid-afternoon trade. The Sensex rose 184.79 points, or 0.52% at the day's high of 35,431.06 in mid-afternoon trade. The index rose 15.79 points, or 0.04% at the day's low of 35,262.06 in morning trade. The Nifty rose 56.75 points, or 0.53% at the day's high of 10,773.30 in mid-afternoon trade. The index rose 7.90 points, or 0.07% at the day's low of 10,724.45 in morning trade.

Among secondary barometers, the BSE Mid-Cap index was up 0.53%, outperforming the Sensex. The BSE Small-Cap index was up 0.09%, underperforming the Sensex.

The market breadth, indicating the overall health of the market, was negative. On BSE, 1,124 shares rose and 1,423 shares fell. A total of 147 shares were unchanged.

Power generation stocks were mixed. Adani Power (down 2.46%), GMR Infrastructure (down 0.8%), Tata Power (down 0.79%), Reliance Power (down 0.41%), NTPC (down 0.39%), NHPC (down 0.36%) and CESC (down 0.12%), edged lower. JSW Energy (up 0.36%), Reliance Infrastructure (up 0.62%), Torrent Power (up 1.02%) and Jaiprakash Power Ventures (up 1.55%), edged higher.

State-run Coal India was up 0.48%. State-run Power Grid Corporation of India was up 0.26%.

Capital goods shares were mixed. Reliance Defence and Engineering (down 2.9%), Suzlon Energy (down 2.2%), GE Power India (down 1.77%), Bharat Electronics (down 1.31%), Punj Lloyd (down 1.27%), Crompton Greaves (down 0.69%), Siemens (down 0.59%), ABB India (down 0.43%) and Lakshmi Machine Works (down 0.01%), edged lower. SKF India (up 0.21%), Praj Industries (up 0.43%), Bharat Heavy Electricals (up 0.56%), Jindal Saw (up 0.58%), BEML (up 0.71%), GE T&D India (up 1.25%), AIA Engineering (up 2.17%), Thermax (up 2.28%) and Havells India (up 2.33%), edged higher.

Engineering and construction major Larsen & Toubro (L&T) was up 0.84%.

Overseas, most European stocks were trading lower. Asian shares were trading higher, tracking gains on Wall Street overnight, as softer-than-forecast US inflation data tempered expectations for faster Federal Reserve interest rate rises this year.

Investors also welcomed continued moves between the United States and North Korea to reduce tensions in the region. US President Donald Trump will meet North Korean leader Kim Jong un in Singapore next month amid high hopes of doing something very meaningful to curtail Pyongyang's nuclear ambitions.

US stocks jumped on Thursday, with equities advancing in a broad rally that gave the Dow Jones Industrial Average its longest winning streak since February. Gains were supported by the latest economic data, which suggested the economy was healthy, but not growing so quickly that it was at risk of overheating.

In US, the consumer-price index rose 0.2% in April, while core CPI, which strips out food and energy, rose 0.1%. In another report on Thursday, the number of people who applied for first-time US unemployment benefits in early May stood at 211,000 for the second straight week, near a 49-year low.

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