Sensex, Nifty hit fresh record high

Key benchmark indices fresh intraday high in morning trade. At 10:20 IST, the barometer index, the S&P BSE Sensex, was up 136.05 points or 0.44% at 30,886.08. The Nifty 50 index was up 31.20 points, or 0.33%, at 9,540.95.

The Sensex and the Nifty, both, hit their record high levels in morning trade. The Sensex rose 147.18 points, or 0.48% at the day's high of 30,897.21 in morning trade, its record high level. The index fell 4.46 points, or 0.01% at the day's low of 30,745.57 in early trade. The Nifty rose 37.35 points, or 0.39% at the day's high of 9,547.10 in morning trade, its record high level. The index fell 14.35 points, or 0.15% at the day's low of 9,495.40 in early trade.

Among secondary barometers, the BSE Mid-Cap index was up 1.28%. The BSE Small-Cap index was up 1.35%. Both these indices outperformed the Sensex.

The broad market depicted strength. There were almost three gainers against every loser on BSE. 1,436 shares rose and 483 shares fell. A total of 86 shares were unchanged.

Metal shared were in demand. Bhushan Steel (up 5.29%), Tata Steel (up 4.41%), JSW Steel (up 3.76%), Steel Authority of India (up 3.68%), Jindal Steel & Power (up 2.96%), Hindalco Industries (up 2.64%), Hindustan Copper (up 2.46%), National Aluminium Company (up 1.95%), Vedanta (up 1.80%) and Hindustan Zinc (up 1.09%), edged higher.

NMDC was down 1.91%. NMDC's net profit rose 11.5% to Rs 511.88 crore on 87.69% rise in total income from operations to Rs 2871.98 crore in Q4 March 2017 over Q4 March 2016. The announcement was made after market hours yesterday, 25 May 2017.

Meanwhile, copper price edged lower in the global commodities markets. High Grade Copper for July 2017 delivery was currently down 0.17% at $2.593 per pound on the COMEX.

Cement shares rose. Ambuja Cements (up 0.75%), UltraTech Cement (up 0.56%) and ACC (up 0.16%), edged higher.

Grasim Industries was up 0.22%. Grasim has exposure to cement sector through its holding in UltraTech Cement.

Overseas, Asian shares were mixed as a slump in crude prices spoiled global risk appetite. In the global commodities markets, Brent crude oil futures fell overnight as the Organization of the Petroleum Exporting Countries (OPEC) extended the production cut, but was silent on a long term plan.

Brent for July 2017 settlement was down 21 cents at $51.25 a barrel. The contract fell $2.50 a barrel or 4.63% to settle at $51.46 a barrel in the previous trading session.

Opec decided yesterday, 25 May 2017, in Austria to extend cuts in oil output by nine months to March 2018, delegates said, as the producer group battles a global glut of crude after seeing prices halve and revenues drop sharply in the past three years.

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