Strong market breadth

Key barometers extended gains and hit fresh intraday high in morning trade. At 10:18 IST, the barometer index, the S&P BSE Sensex, was up 204.07 points or 0.58% at 35,241.71. The Nifty 50 index was up 59.90 points or 0.57% at 10,649.

The market opened higher and firmed up further as the session advanced. The Sensex rose 233.56 points, or 0.67% at the day's high of 35271.20 in morning trade. The index rose 62.01 points, or 0.18% at the day's low of 35,099.65 in early trade. The Nifty rose 76.10 points, or 0.72% at the day's high of 10,665.20 in morning trade. The index rose 23.25 points, or 0.22% at the day's low of 10,612.35 in early trade.

Among secondary barometers, the BSE Mid-Cap index was up 1.09%. The BSE Small-Cap index was up 1.08%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On BSE, 1473 shares rose and 487 shares fell. A total of 74 shares were unchanged.

Metal shares were in demand. Hindalco Industries (up 3.53%), Tata Steel (up 2.62%), Steel Authority of India (up 2.22%), National Aluminium Company (up 2.17%), NMDC (up 1.69%), JSW Steel (up 1.50%), Hindustan Copper (up 1.31%), Vedanta (up 1.30%) and Hindustan Zinc (up 0.55%), edged higher.

Jindal Steel & Power was up 3.26%. The company said it has extended the divestment of 1000 MW (4X250 MW) thermal power plant date by one year to 30 June 2019. The company had informed on 3 May 2016, that it entered into a securities purchase agreement for divestment of 1000 MW (4X250 MW) thermal power plant of Jindal Power, a subsidiary company, located at Village Tamnar, District Raigarh, Chhattisgarh to JSW Energy with 30 June 2018 as the long stop date. As the conditions precedent are yet to be completed, it has been agreed to extend the long stop date to 30 June 2019. The announcement was made after market hours yesterday, 28 June 2018.

Most FMCG shares rose. Jyothy Laboratories (up 3.89%), Procter & Gamble Hygiene & Health Care (up 1.39%), Bajaj Corp (up 1.24%), Britannia Industries (up 1.02%), Godrej Consumer Products (up 0.90%), Hindustan Unilever (up 0.82%), Colgate Palmolive (India) (up 0.75%), Nestle India (up 0.73%), Marico (up 0.27%) and Dabur India (up 0.17%), edged higher. Tata Global Beverages (down 0.06%) and GlaxoSmithKline Consumer Healthcare (down 1.41%), edged lower.

Overseas, Asian stocks were trading higher. Japan's industrial production decreased in May following three consecutive months of improvement, government data showed Friday. Industrial output fell 0.2% in May from a month earlier, following April's 0.5% gain, according to the Ministry of Economy, Trade and Industry.

US stocks recovered from earlier declines on Thursday to finish the session higher on the back of gains in banks and technology stocks.

The growth in the US economy in the first quarter was trimmed to 2% from 2.2%. Meanwhile, weekly jobless claims rose by 9,000 in the latest week.

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