Sensex provisionally settles above 28,000 level

Banking, IT and metal sector stocks and index heavyweights HDFC, Reliance Industries and ITC led strong gains for key benchmark indices. The barometer index, the S&P BSE Sensex rose 493.18 points or 1.79% at 28,023.15, as per the provisional closing data. The Nifty 50 index rose 155.85 points or 1.83% at 8,676.25, as per the provisional closing data. The Sensex provisionally settled above the psychologically important 28,000 level after surpassing that level in late trade. The Sensex and the Nifty hit more than a week high. Gains in European and Asian stocks aided the upmove on the domestic bourses.

The Sensex surged 534.42 points or 1.94% at the day's high of 28,064.39 in late trade, its highest level since 10 October 2016. The barometer index rose 122.79 points or 0.44% at the day's low of 27,652.76 at the onset of trading session. The Nifty rose 164.70 points or 1.93% at the day's high of 8,685.10 in late trade, its highest level since 10 October 2016. The index rose 35.50 points or 0.41% at the day's low of 8,555.90 at the onset of trading session.

In overseas stock markets, European and Asian stocks edged higher with commodities-related stocks leading the gains after prices of major industrial metals and crude oil rose on a softer dollar. US stocks registered small losses yesterday, 17 October 2016, amid falling oil prices, as investors digested a number of corporate results, key economic data and remarks from a key Federal Reserve official. Fed Vice Chair Stanley Fischer reportedly warned of the dangers of low interest rates, suggesting they could lead to longer and deeper recessions, making the economy more vulnerable.

Closer home, the broad market depicted strength. There were nearly two gainers against every loser on BSE. 1,886 shares rose and 946 shares declined. A total of 205 shares were unchanged. The BSE Mid-Cap index provisionally rose 1.9%, outperforming the Sensex. The BSE Small-Cap index provisionally rose 1.27%, underperforming the Sensex.

The total turnover on BSE amounted to Rs 3688.39 crore, lower than turnover of Rs 3884.29 crore registered during the previous trading session.

IT stocks gained on renewed buying. HCL Technologies (up 3.21%), Oracle Financial Services Software (up 1.75%), Persistent Systems (up 1%), TCS (up 1.82%), Tech Mahindra (up 3.94%) and Wipro (up 2.23%) edged higher.

Index heavyweight and software major Infosys rose 1.62% at Rs 1,038.65 after the company said that its wholly owned product subsidiary EdgeVerve Systems, Emirates NBD, the leading banking group in Middle East and ICICI Bank announced the pilot launch of blockchain network for international remittances and trade finance. The announcement was made during market hours today, 18 October 2016.

Index heavyweight and housing finance major HDFC rose 3.76% at Rs 1,350.95. The stock hit a high of Rs 1,354.05 and a low of Rs 1,308.15 in intraday trade.

Index heavyweight Reliance Industries was up 1.78% at Rs 1,079. The stock hit a high of Rs 1,082 and a low of Rs 1,062.80 in intraday trade.

Cigarette major and index heavyweight ITC rose 1.89% at Rs 245. The stock hit a high of Rs 246.50 and a low of Rs 240.55 in intraday trade.

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