Sensex crosses 33,000

Key benchmark indices extended intraday gains in early afternoon trade. At 12:21 IST, the barometer index, the S&P BSE Sensex rose 265.36 points or 0.81% at 33,025.80. The Nifty 50 index advanced 80.85 points or 0.8% at 10,198.90. The Sensex has crossed the 33,000 in early afternoon trade.

Key indices started the session on a positive note buoyed by positive Asian markets. Later, indices traded firm till mid-morning trade. Key indices extended gains in early afternoon trade. Market sentiment was positive on bargain hunting after previous three sessions of slide.

The Sensex surged 281.42 points or 0.85% at the day's high of 33,041.86 in early afternoon trade, its highest level since 14 November 2017. The index rose 69.38 points or 0.21% at the day's low of 32,829.82 in early trade. The Nifty advanced 81.55 points or 0.8% at the day's high of 10,199.60 in early afternoon trade, its highest level since 14 November 2017. The index rose 21.15 points or 0.2% at the day's low of 10,139.20 in early trade.

Among secondary indices, the S&P BSE Mid-Cap index rose 0.73%. The S&P BSE Small-Cap index advanced 0.7%. Both the indices underperformed the Sensex.

Overseas, Asian stocks edged higher, shrugging off the softer lead from Wall Street. US stocks closed lower yesterday, 15 November 2017 as the current bull market showed signs of slowing down. The International Energy Agency (IEA) slashed its outlook for oil demand growth by 100,000 barrels per day for 2017 and 2018.

Closer home, the breadth, indicating the overall health of the market, was strong. On BSE, 1,530 shares rose and 913 shares declined. A total of 126 shares were unchanged.

IT stocks advanced. Infosys (up 1.45%), Oracle Financial Services Software (up 0.56%), TCS (up 0.47%), Wipro (up 0.17%) and Persistent Systems (up 0.14%) gained. HCL Technologies (down 0.25%) and Tech Mahindra (down 0.24%) declined.

Capital goods stocks were mixed. Bharat Electronics (up 1.62%), L&T (up 1.1%), Siemens (up 0.27%) and GE T&D India (up 0.13%) edged higher. Thermax (down 1.49%), Bhel (down 1.13%), Havells India (down 1.03%) and ABB India (down 0.06%) edged lower.

Surya Roshni rose 5.15% at Rs 359.55 after the company said that it has obtained orders through competitive e-bidding for LED street lights amounting to Rs 89.77 crore for design, manufacture, supply and testing under PAN India SLNP (Street light National Program) and for Chandrapur, Bikaner (Rajastjan) and Telangana from PSU entity, Energy Efficiency Services (EESL). The one time order has to be executed in less than three months. The announcement was made during market hours today, 16 November 2017.

On the macro front, the changes in the rates of Goods and Services Tax (GST) came into effect from 15 November 2017. A press release to this effect was issued by the government after market hours yesterday, 15 November 2017. In the 23rd meeting held on the 10 November 2017, the GST Council had recommended major relief in GST rates on certain goods. On 178 items, the GST rate has been brought down from 28% to 18%.

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