Strong market breadth

Key benchmark indices extended early gains and hit fresh intraday high in morning trade. At 10:20 IST, the barometer index, the S&P BSE Sensex, was up 185.25 points or 0.49% at 37,830.15. The Nifty 50 index was up 59.25 points or 0.52% at 11,415. Buying support emerged on bargain hunting after two sessions of losses.

Indices opened higher and firmed up as the session progressed. The Sensex rose 196.78 points, or 0.52% at the day's high of 37,841.68 in morning trade. The index rose 44.81 points, or 0.12% at the day's low of 37,689.71 at the onset of trading session. The Nifty rose 61.90 points, or 0.55% at the day's high of 11,417.65 in morning trade. The index rose 15.05 points, or 0.13% at the day's low of 11,370.80 at the onset of trading session.

Among secondary barometers, the BSE Mid-Cap index was up 0.52%. The BSE Small-Cap index was up 0.66%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On BSE, 1239 shares rose and 716 shares fell. A total of 74 shares were unchanged.

Most metal shares rose. JSW Steel (up 1.39%), Steel Authority of India (up 1.23%), National Aluminium Company (up 1.20%), NMDC (up 0.48%), Jindal Steel & Power (up 0.40%) and Hindalco Industries (up 0.34%), edged higher. Hindustan Copper (down 0.32%), Vedanta (down 1%) and Hindustan Zinc (down 1.27%), edged lower.

Tata Steel was up 1.42%. On a consolidated basis, Tata Steel reported 109.98% rise in profit after tax to Rs 1934 crore on 22.14% rise in turnover to Rs 37833 crore in Q1 June 2018 over Q1 June 2017. The announcement was made after market hours yesterday, 13 August 2018.

FMCG shares were in demand. Marico (up 0.92%), Hindustan Unilever (up 0.73%), Tata Global Beverages (up 0.72%), Jyothy Laboratories (up 0.57%), Britannia Industries (up 0.52%), Colgate Palmolive (India) (up 0.51%), Godrej Consumer Products (up 0.48%), Nestle India (up 0.41%), Procter & Gamble Hygiene & Health Care (up 0.40%) and Dabur India (up 0.36%), edged higher. GlaxoSmithKline Consumer Healthcare (down 0.05%) and Bajaj Corp (down 0.85%), edged lower.

On the macro front, the all-India general Consumer Price Index (CPI) inflation dipped to nine-month low of 4.17% in July 2018 (new base 2012=100), compared with 4.92% in June 2018. The CPI inflation figure for June 2018 is revised downwards to 4.9% from 5.0% reported earlier. The corresponding provisional inflation rate for rural area was 4.11% and urban area 4.32% in July 2018 as against 4.93% and 4.85% in June 2018. The data was announced after market hours yesterday, 13 August 2018.

Overseas, Asian shares were mixed as tremors from the collapse of the Turkish lira ebbed a little. Ahead, a barrage of economic data out of China is expected later in the day. US stocks settled with small losses Monday, with the S&P 500 and the Dow Jones Industrial Average down for a fourth straight session as the ongoing turmoil in Turkey dampened investors' appetite for riskier assets.

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