Key benchmark indices held firm at higher levels in afternoon trade. At 13:18 IST, the barometer index, the S&P BSE Sensex, was up 405.17 points or 1.12% at 36,671.10. The Nifty 50 index was up 113.45 points or 1.04% at 11,061.75. An overnight slump in crude oil prices and positive global stocks boosted sentiment on the domestic bourses.
Lower crude oil prices will help India in containing its fiscal deficit, current account deficit and fuel price inflation. India imports 80% of its crude oil requirement. In the global commodities markets, Brent for September 2018 settlement was up $1.29 at $74.69 a barrel. The contract had fallen $5.46 a barrel or 6.92% to settle at $73.40 a barrel during the previous trading session.
The Nifty moved above the psychological 11,000 mark in opening trade as domestic stocks saw an upbeat start on positive Asian stocks. Stocks extended gains and hit fresh intraday high in morning trade, with the Sensex hitting record high. Fresh buying in index pivotals propelled the key benchmark indices to fresh intraday high in mid-morning trade, with the Sensex hitting fresh record high.
The barometer index, the S&P BSE Sensex, was up 405.17 points or 1.12% at 36,671.10. The index hit high of 36,699.53 in early afternoon trade, also its record high. The index hit intraday low of 36,422.08.
The Nifty 50 index was up 113.45 points or 1.04% at 11,061.75. The index hit high of 11,078.30 and low of 10,999.65 so far during the day.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1353 shares rose and 1098 shares fell. A total of 142 shares were unchanged.
On the macro front, the government will after market hours today, 12 July 2018 announce industrial production data for May 2018. India's industrial output grew 4.9% year-on-year in April 2018, following an upwardly revised 4.6% advance in the previous month.
Overseas, shares in Europe and Asia were trading higher, despite lingering concerns around the US and Chinese trade war that show little sign of abating. US stocks fell yesterday, 11 July 2018 after the Trump administration announced new tariffs on Chinese goods, further escalating tensions between the two largest economies in the world.
The White House late Tuesday said it would assess 10% tariffs on a further $200 billion in Chinese goods. The US last week hit Beijing with levies on $34 billion in goods, and Beijing retaliated with tariffs of the same amount. A final decision on the products to be hit with the new tariffs is reportedly expected after a consultation period in late August.
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