Sensex hits record high

Key benchmark indices traded with small gains in morning trade after a bit of initial volatility. At 10:17 IST, the barometer index, the S&P BSE Sensex was up 39.04 points or 0.13% at 31,148.32. The Nifty 50 index rose 1.45 points or 0.02% at 9,606.35. Hopes of timely arrival of monsoon rains aided small gains on the bourses.

The Sensex rose 111.10 points or 0.35% at the day's high of 31,220.38 in morning trade, a record high for the index. It lost 45.24 points or 0.14% at the day's low of 31,064.04 in early trade. The Nifty rose 26.70 points or 0.27% at the day's high of 9,631.60 in morning trade. It lost 23.70 points or 0.24% at 9,581.20 in early trade.

The S&P BSE Mid-Cap index was up 0.06%. The S&P BSE Small-Cap index declined 0.2%. Both these indices underperformed the Sensex.

Private weather forecasting agency Skymet Weather yesterday, 29 May 2017 stated that as the southwest monsoon nears Peninsular India, most states of the region are witnessing a good spell of pre-monsoon activities.

Many parts of Kerala, Karnataka, and Tamil Nadu have been witnessing rains from about last 24 hours and it is predicted that these rains are likely to continue over the states going forward, it said.

The June-September southwest monsoon is critical for the country's agriculture because a considerable part of the country's farmland is dependent on the rains for irrigation.

Back to market, the breadth, indicating the overall health of the market, was negative. On the BSE, 1,240 shares declined and 840 shares rose. A total of 103 shares were unchanged.

Cement stocks were mixed. ACC (down 1.04%), Ambuja Cements (down 0.42%) and Shree Cement (down 0.28%) edged lower. Grasim Industries (up 1.12%) and UltraTech Cement (up 0.13%) edged higher.

Realty stocks also witnessed a mixed trend. Oberoi Realty (down 2.66%), HDIL (down 0.88%), D B Realty (down 0.61%), Unitech (down 0.57%) and Godrej Properties (down 0.29%) declined. Indiabulls Real Estate (up 1.01%), Prestige Estates Projects (up 0.55%), Sobha (up 0.37%) and DLF (up 0.34%) edged higher.

Overseas, Asian stocks witnessed a mixed trend. Markets in Hong Kong and China were closed for a public holiday. US stock markets were shut yesterday, 29 May 2017 for Memorial Day holiday.

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