Strong market breadth

Key benchmark indices extended early gains and hit fresh intraday high in morning trade. At 10:25 IST, the barometer index, the S&P BSE Sensex, was up 244.04 points or 0.71% at 34,386.19. The Nifty 50 index was up 79.80 points or 0.76% at 10,570.85. Positive global cues boosted investors' sentiment.

The Sensex rose 265.93 points, or 0.78% at the day's high of 34,408.08 in morning trade, its highest level since 16 February 2018. The index rose 83.57 points, or 0.24% at the day's low of 34,225.72 in early trade. The Nifty rose 78.75 points, or 0.75% at the day's high of 10,569.80 in morning trade, its highest level since 16 February 2018. The index rose 29.15 points, or 0.28% at the day's low of 10,520.20 in early trade.

Among secondary barometers, the BSE Mid-Cap index was up 0.65%, underperforming the Sensex. The BSE Small-Cap index was up 0.76%, outperforming the Sensex.

The broad market depicted strength. There were more than two gainers against every loser on BSE. 1,544 shares rose and 635 shares fell. A total of 121 shares were unchanged.

Metal shares were in demand. Hindustan Zinc (up 2.41%), National Aluminium Company (up 2.21%), Steel Authority of India (up 1.96%), Hindalco Industries (up 1.74%), Tata Steel (up 1.71%), Hindustan Copper (up 1.55%), Vedanta (up 1.50%), NMDC (up 1.23%), JSW Steel (up 1.12%) and Jindal Steel & Power (up 0.91%), edged higher. Bhushan Steel was down 0.80%.

Meanwhile, copper price edged higher in the global commodities markets. High Grade Copper for May 2018 delivery was currently up 0.23% at $3.24 per pound on the COMEX.

FMCG shares rose. Dabur India (up 2.01%), Hindustan Unilever (up 1.11%), Tata Global Beverages (up 0.81%), Bajaj Corp (up 0.78%), Colgate Palmolive (India) (up 0.58%), Britannia Industries (up 0.56%), GlaxoSmithKline Consumer Healthcare (up 0.54%), Godrej Consumer Products (up 0.45%), Nestle India (up 0.40%), Jyothy Laboratories (up 0.30%) and Procter & Gamble Hygiene & Health Care (up 0.01%), edged higher. Marico was down 0.24%

Nitin Spinners gained 0.74% after the company said that its board of directors approved issue of 6.68 lakh shares to one of the company's promoters, namely, Redial Trading & Investment. The announcement was made on Saturday, 24 February 2018.

Nitin Spinners said that its board of directors approved issue of 6.68 lakh shares to one of the company's promoters, namely, Redial Trading & Investment at an issue price of Rs 120.50 per share on preferential basis aggregating Rs 8.05 crore.

Overseas, Asian shares were trading higher. US stocks rallied on Friday, 23 February 2018, to end a bumpy week with slight gains, as falling bond yields provided a reprieve for investors concerned about rising inflation.

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