Key benchmark indices were trading firm in morning trade after an initial upsurge triggered by positive Asian stocks. At 10:21 IST, the barometer index, the S&P BSE Sensex, was up 182.68 points or 0.58% at 31,466.40. The Nifty 50 index was up 56.15 points or 0.57% at 9,844.75. Stock markets were closed on Monday, 2 October 2017 on account of Mahatma Gandhi Jayanti.
Domestic stocks saw a gap-up opening tracking positive Asian stocks as trading resumed after a long weekend.
The S&P BSE Mid-Cap index was up 0.9%. The S&P BSE Small-Cap index was up 0.78%. Both these indices outperformed the Sensex.
The broad market depicted strength. There were more than two gainers against every loser on BSE. 1,469 shares rose and 614 shares fell. A total of 82 shares were unchanged.
Overseas, Asian stocks were trading higher after strong factory data and the prospect of American tax cuts boosted confidence in the global economy. Markets in China and South Korea remain shut. US equities closed at record highs yesterday, 2 September 2017 as Wall Street kicked off the fourth quarter on a high note on optimism about a recovery in manufacturing.
In US economic data, the closely watched ISM manufacturing index was at 60.8 in September, representing the highest level for the economic reading since 2004 and up from 58.8% in August. A reading of 50 indicates expansion. A separate reading on manufacturing activity from IHS Markit came in at 53.1 for the same month, compared with 52.8 in the prior month.
Back home, cement stocks gained. UltraTech Cement (up 1.36%), Ambuja Cements (up 0.92%), ACC (up 0.11%) and Shree Cement (up 0.22%) rose.
Grasim Industries was up 2.28%. Grasim has exposure to the cement sector through its holding in UltraTech Cement.
Realty stocks advanced. DLF (up 3.02%), Peninsula Land (up 5.49%), Indiabulls Real Estate (up 1.11%), Housing Development and Infrastructure (up 0.44%), Sobha (up 0.39%), Godrej Properties (up 0.03%) and Prestige Estates Projects (up 0.29%) gained. D B Realty (down 0.28%) and and Oberoi Realty (down 0.93%) fell.
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