Shares hit fresh intraday high

Key indices extended gains and hit fresh intraday high in mid-afternoon trade. At 14:15 IST, the barometer index, the S&P BSE Sensex, was up 141.89 points or 0.38% at 37,478.74. The Nifty 50 index was up 31.45 points or 0.28% at 11,309.80.

The market opened higher and hit fresh intraday high in early trade. Indices sharply pared gains and were trading near flat line in morning trade. Indices bounced back after hitting fresh intraday low in mid-morning trade. Indices firmed up in early afternoon trade and hit fresh intraday high in mid-afternoon trade. The Sensex rose 174.54 points, or 0.47% at the day's high of 37,511.39 in afternoon trade. The index fell 27.58 points, or 0.07% at the day's low of 37,309.27 in morning trade.The Nifty rose 40.15 points, or 0.36% at the day's high of 11,318.50 in afternoon trade. The index fell 13.25 points, or 0.12% at the day's low of 11,265.10 in morning trade.

Among secondary barometers, the BSE Mid-Cap index was up 0.25%. The BSE Small-Cap index was up 0.54%.

The market breadth, indicating the overall health of the market, was strong. On BSE, 1524 shares rose and 1029 shares fell. A total of 169 shares were unchanged.

Most auto stocks rose. Mahindra & Mahindra (up 2.09%), Ashok Leyland (up 0.93%), Tata Motors (up 0.82%), Maruti Suzuki India (up 0.62%), Hero MotoCorp (up 0.49%), Bajaj Auto (up 0.41%) and Escorts (up 0.06%), edged higher. Eicher Motors (down 1.15%) and TVS Motor Company (down 2.04%), edged lower.

Most power generation stocks rose. Jaiprakash Power Ventures (up 5.10%), Adani Power (up 4.01%), Tata Power (up 2.51%), Reliance Power (up 0.76%), NTPC (up 0.45%), Torrent Power (up 0.28%), NHPC (up 0.21%) and CESC (up 0.04%), edged higher. JSW Energy (down 1.35%) and Reliance Infrastructure (down 2.07%), edged lower.

State-run Coal India was up 0.15%. State-run Power Grid Corporation of India was up 1.73%.

Overseas, European stocks fell as a drop in metal prices weighed on mining companies and investors awaited critical monetary policy decisions this week. Asian stocks declined as markets took cues from declines in Wall Street's last session, with focus this week shifting to the Bank of Japan.

The Bank of Japan (BoJ) will declare its interest rate decision on Tuesday, 31 July 2018. BoJ left its key short-term interest rate unchanged at -0.1% at its June 2018 meeting.

US stocks closed lower Friday, 27 July 2018, following disappointing results from Twitter Inc. and bellwethers, including Exxon and Intel.

US second-quarter GDP grew at 4.1%, with a jump in consumer spending and business investment contributing to the figure. That was the quickest pace of growth since 2014. Separately, consumer sentiment fell to a six-month low in July, the University of Michigan said.

Meanwhile, the Federal Reserve's Federal Open Market Committee will embark on its two-day meeting on Tuesday, with the central bank expected to announce its decision during Wednesday, 1 August 2018, US hours.

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