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Market extends gains

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Key benchmark indices extended gains and hit fresh intraday in early afternoon trade. At 12:30 IST, the barometer index, the S&P Sensex, was up 131.26 points or 0.41% at 31,846.90. The 50 index was up 46.65 points or 0.48% at 9,817.70. Both the and the hit record high in intraday trade. Positive Asian stocks boosted sentiment on the domestic bourses.

The S&P Mid-Cap index was up 0.06%, underperforming the The S&P Small-Cap index was up 0.43%, outperforming the

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,369 shares rose and 1,152 shares fell. A total of 134 shares were unchanged.

Capital goods stocks edged higher. Bharat Heavy Electricals (Bhel) (up 2.98%), ABB India (up 0.98%), BEML (up 0.4%), Bharat Electronics (up 0.93%), L&T (up 0.81%) and Punj Lloyd (up 0.25%) rose. Siemens (down 0.11%) and Thermax (down 0.15%) fell.

FMCG stocks saw mixed trend. Britannia Industries (down 0.19%), Colgate-Palmolive (India) (down 0.54%), Godrej Consumer Products (down 1%), Marico (down 0.02%), Nestle India (down 0.63%), Procter & Gamble Hygiene and Health Care (down 0.7%) and Bajaj Corp (down 0.15%) rose.

Hindustan Unilever (up 1.18%), Jyothy Laboratories (up 0.72%), GlaxoSmithkline Consumer Healthcare (up 0.19%), Dabur India (up 0.48%), Tata Global Beverages (up 1.53%) rose.

Sugar stocks surged after the government yesterday, 10 July 2017, issued notification increasing import duty on sugar to 50% from 40%, to restrict cheap inward shipments and maintain domestic prices.

Sakthi Sugars (up 4.33%), Shree Renuka Sugars (up 1.33%), Dhampur Sugar Mills (up 1.82%), Triveni Engineering & Industries (up 1.6%), Balrampur Chini Mills (up 0.81%) and Dwarikesh Sugar Industries (up 0.39%) edged higher.

A notification issued by the revenue department yesterday, 10 July 2017 said that import duty on sugar (raw sugar, refined or white sugar, raw sugar if imported by bulk consumers) has been increased from the present 40% to 50% with immediate effect and without an end date.

Geojit Financial Services lost 2.3% to Rs 106.05 as the stock turned ex-dividend today, 11 July 2017, for dividend of Rs 1.25 per share for the year ended 31 March 2017. Before turning ex-dividend, the stock offered a dividend yield of 1.15% based on the closing price of Rs 108.55 on BSE yesterday, 10 July 2017.

Ashok Leyland rose 1.61% to Rs 107. The stock turned ex-dividend today, 11 July 2017, for dividend of Rs 1.56 per share for the year ended 31 March 2017. Before turning ex-dividend, the stock offered a dividend yield of 1.48% based on the closing price of Rs 105.30 on BSE yesterday, 10 July 2017.

Overseas, Asian stocks were trading higher as investors hold on to their big bets ahead of the earnings season in the US. However, there was caution in Asia ahead of scheduled appearances by US Federal Reserve officials this week. Investors are watching for more cues from the Fed on the pace of interest-rate increases. Fed Gov. Lael Brainard was due to speak in New York on Tuesday, ahead of Chairwoman Janet Yellen's testimony to congressional committees on Wednesday and Thursday.

In US stocks, the Nasdaq and the S&P 500 finished higher yesterday, 10 July 2017 as a pair embattled sectors, technology and energy, drew bidders, while the Dow industrials closed fractionally lower.

US President Donald Trump's effort to roll back Obamacare faced growing obstacles on Monday as Republicans remained divided over how to curb the costs of their proposed healthcare bill and prevent millions from losing coverage.

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

First Published: Tue, July 11 2017. 12:37 IST