Key benchmark indices extended early gains and hit fresh intraday high in morning trade. At 10:28 IST, the barometer index, the S&P BSE Sensex, was up 208.21 points or 0.6% at 35,133.08. The Nifty 50 index was up 71.90 points or 0.68% at 10,677.05. Cement stocks gained. Telecom stocks rose.
In commodities, oil prices fell today, 28 May 2018 extending a steep decline in the previous session, as the market eyed an increase in output from the world's three top crude producers, Russia, the United States and Saudi Arabia. The slide in global crude oil prices will help India in containing inflation, current account and fiscal deficits. India imports about 80% of its crude oil requirement.
Trading for the week began on an upbeat note as domestic stocks saw gap-up opening as crude oil extended a steep decline in the previous session. The Sensex regained the psychological 35,000 level in opening trade.
The S&P BSE Mid-Cap index was up 0.84%. The S&P BSE Small-Cap index was up 1.12%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1,525 shares rose and 549 shares fell. A total of 102 shares were unchanged.
Overseas, most Asian stocks were trading higher on signs that the United States and North Korea are still working towards holding a summit next month. Profits earned by Chinese industrial firms in April reportedly rose at their fastest pace in six months, data from the National Bureau of Statistics (NBS) showed on Sunday, 27 May 2018 as factories benefited from higher prices and strong demand.
US stocks ended mostly lower Friday, 25 May 2018 on lighter than normal volume as a plunge in crude-oil futures, sparked by reports that OPEC and major oil-producer Russia were considering increasing output, slammed shares of energy-related companies.
US President Donald Trump reportedly said on Sunday, 27 May 2018 that a US team had arrived in North Korea to prepare for a proposed summit between him and North Korean leader Kim Jong Un on 12 June 2018 in Singapore, which Trump pulled out of last week before reconsidering.
Meanwhile, US markets will remain closed today, 28 May 2018 for Memorial Day. UK markets will remain closed today, 28 May 2018 for the spring bank holiday.
Back home, cement stocks gained. UltraTech Cement (up 1.05%), Shree Cement (up 2.44%), Ambuja Cements (up 0.87%) and ACC (up 0.09%) rose.
Grasim Industries was up 1.21%. Grasim has exposure to the cement sector through its holding in UltraTech Cement.
Telecom stocks rose. Idea Cellular (up 1.51%), MTNL (up 4.37%), Tata Teleservices (Maharashtra) (up 1.31%), Bharti Airtel (up 0.65%) and Reliance Communications (up 1.4%) gained.
Shares of Bharti Infratel shed 0.3%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.
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