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Benchmarks charge ahead on positive global signals

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Key equity indices further extended gains and hit fresh intraday high in afternoon trade. At 13:26 IST, the barometer index, the S&P BSE Sensex, was up 260.66 points or 0.68% at 38,817.70. The Nifty 50 index was up 79.50 points or 0.69% at 11,578.40. Positive global cues boosted investors sentiment.

In broader market, the S&P BSE Mid-Cap index was up 0.47%. The S&P BSE Small-Cap index was up 0.27%.

The market breadth, indicating the overall health of the market, was almost even. On the BSE, 1100 shares rose and 1099 shares fell. A total of 144 shares were unchanged.

JSW Steel (up 4.08%), Zee Entertainment Enterprises (up 3.94%), IndusInd Bank (up 3.38%), Hero MotoCorp (up 3.33%) and Indiabulls Housing Finance (up 3.15%) advanced.

Yes Bank (down 1.67%), ICICI Bank (down 1.24%), Indian Oil Corporation (down 0.98%), Titan Company (down 0.63%) and UPL (down 0.18%) declined.

Most realty shares rose. The S&P BSE Realty was up 1.52%.

Parsvnath Developers (up 19.95%), DLF (up 4.39%), D B Realty (up 3.42%), Phoenix Mills (up 2.05%), Indiabulls Real Estate (up 1.93%), Godrej Properties (up 1.85%), Unitech (up 1.75%), Peninsula Land (up 1.05%), Prestige Estates Projects (up 0.98%), Sobha (up 0.39%) and Omaxe (up 0.23%) edged higher.

Housing Development and Infrastructure (HDIL) (down 2.62%), Oberoi Realty (down 2.02%), Sunteck Realty (down 1.57%), Anant Raj (down 0.33%) and Mahindra Lifespace Developers (down 0.06%) edged lower.

Tata Motors was up 1.82%. The company announced during market hours today, 11 July 2019 that global wholesales in June 2019, including Jaguar Land Rover, were at 95,503 units, lower by 5%, as compared to June 2018. The company added that global wholesales of all Tata Motors' commercial vehicles and Tata Daewoo range in June 2019 were at 38,846 units, lower by 12%, over June 2018. It said that global wholesales of all passenger vehicles in June 2019 were at 56,657 units, grew by 1%, compared to June 2018.

Larsen and Toubro (L&T) was down 0.25%. The company announced during market hours today, 11 July 2019, that L&T Construction, company's construction arm, has secured 'significant' orders. The company has won contracts for power transmission and distribution, heavy civil infrastructure and water and effluent treatment.

Overseas, European stock opened higher while most Asian stocks were trading higher after Federal Reserve Chair Jerome Powell reinforced prospects of a US interest rate cut later this month.

US stocks rose on Wednesday with the Nasdaq Composite index closing at a record high after Federal Reserve chairman Jerome Powell indicated interest rates cuts may be imminent in the face of some weakening economic data.

In testimony to a congressional committee, Powell noted that while the U.S. jobs market remains robust and consumer spending appears set to rebound, business investment has slowed considerably, along with housing investment and manufacturing output.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, July 11 2019. 13:27 IST
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