Key benchmark indices hit fresh intraday high in mid-morning trade soon after reversing intraday losses in volatile trade. At 11:28 IST, the barometer index, the S&P BSE Sensex, was up 54.26 points or 0.15% at 35,219.74. The Nifty 50 index was up 21.75 points or 0.2% at 10,710.40. Most capital goods stocks rose. Auto stocks were in demand on renewed buying.
Domestic stocks nudged lower in early trade on negative Asian stocks. A bout of volatility was seen in morning trade as the key benchmark indices gyrated in positive and negative zone.
The S&P BSE Mid-Cap index was up 0.28%. The S&P BSE Small-Cap index was up 0.42%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,279 shares rose and 1,033 shares fell. A total of 113 shares were unchanged.
Overseas, Asian stocks were trading lower as the political crisis in Italy worsened as a fresh election appeared likely in the eurozone's third-largest economy. US markets remained closed yesterday, 28 May 2018 for Memorial Day. UK markets were also closed yesterday, 28 May 2018 for the spring bank holiday.
The leader of Italy's Five Star Movement party reportedly called for the country's president, Sergio Mattarella, to be impeached after the latter chose to veto a pick for economy minister. Mattarella on Monday appointed a former International Monetary Fund economist to the role of interim prime minister, with snap elections expected.
Back home, Tata Steel (up 1.88%), ITC (up 0.75%) and RIL (up 0.65%) edged higher from the Sensex pack.
Most capital goods stocks rose. ABB India (up 1.33%), BEML (up 0.21%), Punj Lloyd (up 1.89%) rose. Bharat Electronics (down 0.24%), Siemens (down 0.23%) and Thermax (down 0.27%) fell.
Bharat Heavy Electricals (Bhel) advanced 3.22% ahead of its Q4 result today, 29 May 2018.
Larsen & Toubro rose 1.32% after consolidated net profit rose 4.95% to Rs 3337.95 crore on 11.09% rise in net sales to Rs 40678.10 crore in Q4 March 2018 over Q4 March 2017. The result was announced after market hours yesterday, 28 May 2018.
The order intake for the quarter ended 31 March 2018 at Rs 49557 crore, grew by 5% year-on-year. International order inflow during the quarter at Rs 8678 crore, constituted 18% of the order inflow for the quarter.
Consolidated order book of the group stood at Rs 263107 crore as at 31 March 2018, with international order book constituting 24% of the total order book.
L&T said it expects to continue its planned trajectory of profitable and steady growth which, along with its many value enhancing measures, is aimed at improving shareholder returns on a sustainable basis.
Auto stocks were in demand on renewed buying. TVS Motor Company (up 2.43%), Tata Motors (up 1.1%), Maruti Suzuki India (up 1.28%), Eicher Motors (up 0.34%), Ashok Leyland (up 1.88%), Escorts (up 1.09%), Bajaj Auto (up 0.87%) and Hero MotoCorp (up 0.32%) gained.
Mahindra & Mahindra (M&M) rose 0.66% ahead of its Q4 result today, 29 May 2018.
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