Nifty hits record high

A bout of volatility was witnessed as key benchmark indices pared gains after hitting fresh intraday high in morning trade. At 10:18 IST, the barometer index, the S&P BSE Sensex, was up 143.69 points or 0.48% at 29,799.53. The Nifty 50 index was currently up 41.70 points or 0.45% at 9,259.65. The Nifty hit a record high level in morning trade. Positive leads from Asian stocks and overnight rally on the Wall Street boosted investors sentiment.

The Sensex rose 185.55 points, or 0.63% at the day's high of 29,841.39 in morning trade, its highest intraday level since 7 April 2017. The index rose 125 points, or 0.42% at the day's low of 29,780.84 in early trade. The Nifty rose 61.85 points, or 0.67% at the day's high of 9,279.80 in morning trade, its record level. The index rose 32.40 points, or 0.35% at the day's low of 9,250.35 in early trade.

Among secondary barometers, the BSE Mid-Cap index was currently up 0.83%. The BSE Small-Cap index was currently up 0.64%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On BSE, 1,452 shares rose and 834 shares fell. A total of 98 shares were unchanged.

Most metal shares edged higher. Bhushan Steel (up 1.34%), JSW Steel (up 0.91%), Jindal Steel & Power (up 0.57%), NMDC (up 0.54%), Hindustan Copper (up 0.53%), Hindalco Industries (up 0.45%), Steel Authority of India (up 0.25%), Tata Steel (up 0.24%) and National Aluminium Company (up 0.22%), edged higher. Hindustan Zinc (down 0.36%) and Vedanta (down 0.54%), edged lower.

Meanwhile, copper price edged higher in the global commodities markets. High Grade Copper for May 2017 delivery was currently up 0.74% at $2.5715 per pound on the COMEX.

Most pharmaceutical shares edged higher. Piramal Enterprises (up 3.06%), Cadila Healthcare (up 1.05%), Wockhardt (up 1.04%), Glenmark Pharmaceuticals (up 0.82%), Strides Shasun (up 0.82%), Dr Reddy's Laboratories (up 0.66%), Lupin (up 0.58%), Alkem Laboratories (up 0.45%), Divi's Laboratories (up 0.32%), Sun Pharmaceutical Industries (up 0.21%), Cipla (up 0.16%) and Aurobindo Pharma (up 0.02%), edged higher. GlaxoSmithKline Pharmaceuticals (down 0.26%) and IPCA Laboratories (down 0.99%), edged lower.

Overseas, Asian shares gained following a relief rally in global equities after centrist candidate Emmanuel Macron won the first round of the French presidential election. US stocks rallied yesterday, 24 April 2017, as concerns over France's potential exit from the euro currency bloc eased. The Dow Jones Industrial Average jumped 216.13 points, or 1.1%, to close at 20,763.89. The S&P 500 surged 25.46 points, or 1.1%, to 2,374.15.

Macron led the field in the first round of the French presidential election on Sunday, 23 April 2017, with 23.9% of the vote, ahead of far-right candidate Marine Le Pen with 21.4%. The two will now face off in the final round 7 May 2017.

Macron has promised to cut corporate tax rates gradually to 25% from the current 33%. He also wants to make France's 35-hour work week more flexible, and slash housing taxes for most people. He has pledged to cut public spending by 60 billion ($64 billion) a year, and plans an economic stimulus package worth 50 billion over five years. Macron is a free trade supporter and campaigned in favor of the EU's new agreement with Canada. Marine Le Pen wants France to leave the euro, return to the franc, exit the Schengen agreement and close French borders for immigrants.

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