Sensex, Nifty hit highest level in almost a week

Key benchmark indices extended gains in morning trade, with the barometer index, the S&P BSE Sensex, and the Nifty 50 index, both, hitting their levels in almost a week. At 10:17 IST, the Sensex was up 344.94 points or 1.36% at 25,650.41. The gains for the Nifty index were higher in percentage terms than those for the Sensex. The Nifty was currently up 113.80 points or 1.47% at 7,862.65. Gains in global stocks aided the upmove on the domestic bourses.

The Sensex jumped 357.65 points, or 1.41% at the day's high of 25,663.12 in morning trade, its highest level since 19 May 2016. The index rose 125.12 points, or 0.49% at the day's low of 25,430.59 in early trade. The Nifty rose 117.25 points, or 1.51% at the day's high of 7,866.10 in morning trade, its highest level since 19 May 2016. The index rose 60.45 points, or 0.78% at the day's low of 7,809.30 in early trade.

The broad market depicted strength. There were more than two gainers against every loser on BSE. 1,299 shares rose and 485 shares fell. A total of 115 shares were unchanged. The BSE Mid-Cap index was currently up 0.84%. The BSE Small-Cap index was currently up 0.95%. Both these indices underperformed the Sensex.

In overseas stock markets, Asian equities edged higher after encouraging reports on the US housing market saw sharp gains in US stocks overnight. US new home sales surged 16.6% in April 2016, data released yesterday, 24 May 2016, showed. European stocks registered strong gains yesterday, 24 May 2016, after a poll showed a 13-point lead in support among Britons to stay in the European Union (EU) over their rivals who support UK's exit from the EU. Britons will vote on 23 June 2016 on whether the country should remain a member of the EU.

Metal shares edged higher as copper prices rose in global commodities markets. Hindustan Copper (up 3.63%), Hindalco Industries (up 2.90%), Jindal Steel & Power (up 2.49%), Steel Authority of India (up 2.17%), Bhushan Steel (up 2.16%), Vedanta (up 1.55%), NMDC (up 0.67%), Hindustan Zinc (up 0.63%), Tata Steel (up 0.54%), National Aluminium Company (up 0.35%) and JSW Steel (up 0.22%), edged higher.

High Grade Copper for July 2016 delivery was currently up 0.97% at $2.0865 per pound on the COMEX.

Power generation stocks were in demand. NTPC (up 1.52%), Adani Power (up 1.43%), GMR Infrastructure (up 1.20%), JSW Energy (up 1.12%), CESC (up 1.10%), Reliance Infrastructure (up 1.06%), Reliance Power (up 0.96%), Torrent Power (up 0.49%), NHPC (up 0.45%) and Tata Power (up 0.14%), edged higher. Jaiprakash Power Ventures was down 0.50%.

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