Volatility struck bourses in mid-afternoon trade as the key benchmark indices regained strength soon after trimming gains in afternoon trade. At 14:26 IST, the barometer index, the S&P BSE Sensex, was up 254.42 points or 0.81% at 31,538.14. The Nifty 50 index was up 74.55 points or 0.76% at 9,863.15. Firmness in most of the global stocks boosted sentiment on domestic bourses.
Domestic stocks saw a gap-up opening tracking positive Asian stocks and record close for US stocks overnight, as trading resumed after a long weekend. Key benchmark indices traded firm in morning trade. Indices extended gains in mid-morning trade and held firm later during the session. Stock markets were closed on Monday, 2 October 2017 on account of Mahatma Gandhi Jayanti.
The S&P BSE Mid-Cap index was up 0.64%. The S&P BSE Small-Cap index was up 0.34%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,340 shares rose and 1,197 shares fell. A total of 130 shares were unchanged.
Most oil & gas stocks gained. Among shares of oil exploration and production (E&P) companies Reliance Industries (up 2.23%) and ONGC (up 0.21%) rose. Oil India (down 0.78%) fell.
Among PSU OMCs, HPCL (down 0.94%) and Indian Oil Corporation (down 0.12%) fell. BPCL (up 0.44%) rose.
Among gas utility stocks Gujarat Gas (up 3.51%), Gujarat State Petronet (up 0.17%) and GAIL (India) (up 3.22%) rose. Indraprastha Gas (down 0.41%) fell.
IT stocks rose. Wipro (up 1.09%), TCS (up 0.32%), Infosys (up 0.81%), HCL Technologies (up 0.63%), Oracle Financial Services Software (up 0.58%), Tech Mahindra (up 0.91%) and MindTree (up 3.21%) gained. Hexaware Technologies (down 2.61%) and MphasiS (down 1.51%) declined.
MOIL rose 3.35% after the company revised prices of manganese ore and other products. MOIL said it hiked prices of various grade of Manganese Ore by 7.25% from 1 October 2017 on the existing prices prevailing since 1 July 2017. The company also hiked prices of various grade of Electrolytic Manganese Dioxide (EMD) by 2.36% from 1 October 2017 on the existing prices prevailing since 1 July 2017. Ferro Manganese/Ferro Manganese Slag and some identified grades of Manganese Ore continue to be sold on e-auction basis through MSTC. The announcement was made on Monday, 2 October 2017.
On the macro front, the Nikkei India Manufacturing Purchasing Managers' Index, or PMI, stood at 51.2 in September, remaining unchanged from August. September saw a sustained expansion in the Indian manufacturing sector, supported by increases in both output and new orders. However, the rates of expansion eased slightly in both cases. The data was released during market hours today, 3 October 2017.
Overseas, European stocks were mixed. Asian stocks gained 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.
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