Sensex, Nifty hit fresh intraday high

After hovering in narrow range in mid-morning trade, key benchmark indices hit fresh intraday high in early afternoon trade. At 12:16 IST, the barometer index, the S&P BSE Sensex, was up 212.23 points or 0.72% at 29,868.07. The Nifty 50 index was currently up 62.50 points or 0.68% at 9,280.45. The Nifty hit a record high level in early afternoon trade. Positive leads from Asian stocks and overnight rally on the Wall Street boosted investors sentiment.

The Sensex rose 216.84 points, or 0.73% at the day's high of 29872.68 in early afternoon 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 65.55 points, or 0.71% at the day's high of 9,283.50 in early afternoon trade, its record high 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 1.02%. The BSE Small-Cap index was currently up 0.83%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was positive. On BSE, 1,516 shares rose and 1,115 shares fell. A total of 152 shares were unchanged.

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.

Back home, most cement shares edged higher. UltraTech Cement (up 1.99%) and Ambuja Cements (up 0.30%), edged higher. ACC was down 0.26%.

Grasim Industries was up 0.06%. Grasim has exposure to cement sector through its holding in UltraTech Cement.

Most telecom shares rose. Bharti Airtel (up 3.26%), Reliance Communications (up 1.31%) and Idea Cellular (up 1%), edged higher. Tata Teleservices (Maharashtra) (down 0.56%) and MTNL (down 1.47%), edged lower.

Telecom tower infrastructure provider Bharti Infratel was up 3.05%

Wendt (India) was up 1.22% to Rs 2,300 after consolidated net profit rose 26.82% to Rs 2.60 crore on 9.75% growth in total income from operations to Rs 40.73 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 24 April 2017.

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