Market hits seven-week high

Key benchmark indices extended gains and hit fresh intraday high in morning trade as firmness in Asian stocks boosted sentiment. At 10:24 IST, the barometer index, the S&P BSE Sensex, was up 348.63 points or 1.3% at 27,194.44. The 50-unit CNX Nifty was up 100.25 points or 1.23% at 8,229.60. The Sensex was hovering above the psychological 27,000 mark after regaining that mark at the onset of the session.

The Sensex jumped 354.63 points or 1.32% at the day's high of 27,200.44 in morning trade, a seven-week high. The Nifty also hit seven-week high when it jumped 102.85 points or 1.25% at the day's high of 8,232.20 in morning trade.

In overseas markets, Asian shares surged, taking their cue from overnight gains in US stocks after the minutes of the Federal Reserve's latest meeting damped down expectations of an imminent Fed rate hike. Though the Fed said overseas turmoil had not materially altered economic prospects for the United States, the US central bank opted to hold interest rates steady after a monetary policy review last month. Riskier asset markets, which had risen when the Fed held off raising rates in September, got a further boost on confirmation policy makers won't rush to tighten rates at a time of slackening global growth.

Closer home, the market breadth indicating the overall health of the market was quite strong, with more than three gainers for every lower. On BSE, 1,535 shares rose and 470 shares declined. A total of 68 shares were unchanged. The BSE Mid-Cap index was up 0.93%. The BSE Small-Cap index was up 1.05%. Both these indices underperformed the Sensex.

Realty stocks rose. Sobha (up 1.44%), Indiabulls Real Estate (up 1.84%), Unitech (up 1.96%), Housing Development & Infrastructure (HDIL) (up 1.9%), Oberoi Realty (up 0.62%), DLF (up 1.12%) edged higher.

Capital goods stocks gained. Bharat Heavy Electricals (Bhel) (up 0.71%), Havells India (up 1.06%), ABB India (up 1.01%), Bharat Electronics (up 1.05%), L&T (up 1.62%), Thermax (up 0.12%), and Siemens (up 1.42%) gained.

Vedanta jumped 7.49% and was the top gainer from the Sensex pack.

Powered by Capital Market - Live News