Key benchmark indices extended gains and hit fresh intraday high in early afternoon trade. At 12:25 IST, the barometer index, the S&P BSE Sensex gained 320.80 points or 1.02% at 31,709.19. The Nifty 50 gained 107.65 points or 1.1% at 9,903.70. Today's rally was led by index heavyweights HDFC, Reliance Industries and HDFC Bank. Positive Asian stocks boosted sentiment on domestic bourses.
Domestic stocks saw a gap-up opening triggered by mostly positive Asian stocks. Key benchmark indices were trading firm in morning trade. Stocks held firm in mid-morning trade.
The S&P BSE Mid-Cap index rose 1.39%. The S&P BSE Small-Cap index gained 1.46%. Both these indices outperformed the Sensex.
The broad market depicted strength. There were more than three gainers against every loser. On the BSE, 1,783 shares rose and 552 shares fell. A total of 93 shares were unchanged.
Metal and mining stocks were in demand as copper prices rose in global commodity markets.
Copper edged higher in the global commodities market. High Grade Copper for December 2017 delivery was currently up 0.13% at $3.1085 per pound on the COMEX.
Vedanta (up 2.45%), JSW Steel (up 3.85%), Tata Steel (up 1.15%), Steel Authority of India (Sail) (up 0.98%), National Aluminium Company (up 2.5%), Hindustan Zinc (up 2.85%), Jindal Steel & Power (up 3.27%), Hindalco Industries (up 3.78%), NMDC (up 3.61%), Hindustan Copper (up 1.47%) edged higher.
Realty stocks gained. Indiabulls Real Estate (up 3.29%), DLF (up 0.74%), Housing Development and Infrastructure (up 3.23%), D B Realty (up 1.8%), Unitech (up 2.31%), Sobha (up 2.14%), Godrej Properties (up 4.6%), Prestige Estates Projects (up 4.26%) and Oberoi Realty (up 1.19%) gained.
Ujjivan Financial Services surged 5.32% after the company said that its subsidiary was granted scheduled bank status. Ujjivan Financial Services said that its wholly-owned subsidiary, Ujjivan Small Finance Bank, was granted the 'Scheduled Bank' status with effect from 25 August 2017. The company made the announcement after market hours yesterday, 29 August 2017.
Inox Wind rose 1.66% after the company said it signed a deal for developing a 100 megawatts wind power project for Adani Green Energy. The announcement was made before trading hours today, 30 August 2017.
Inox Wind said it has closed a deal for developing a 100 megawatts (MW) wind power project for Adani Green Energy, a part of the Adani group at Kutch in Gujarat. The capacity was won under the round 1 of SECI bids for wind power projects connected on the central grid. The project is scheduled to be executed over the next 6-9 months and will be executed on a turnkey basis. As part of the order, the company will supply, erect and commission its advanced 2 MW Wind Turbine Generators (WTGs) of 120m Hub height and 113m Rotor diameter.
Gujarat Apollo Industries jumped 7.17% after the company reported net profit of Rs 10.45 crore in Q1 June 2017, compared with net loss of Rs 0.37 crore in Q1 June 2016. Gujarat Apollo Industries' net sales rose 2.6% to Rs 20.27 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours yesterday, 29 August 2017.
Overseas, most Asian stocks were trading higher after US President Donald Trump's measured response to North Korean missile launches and comments from Kim Jong Un suggested geopolitical tensions will ease off.
Japan's retail sales growth slowed in July as shoppers spent less on clothes and cars. Retail sales rose 1.9% in July from a year ago but still slower than a revised 2.2% increase in the year to May.
US stock benchmarks on Tuesday staged a recovery from heavy selling earlier in the session that came after a North Korean missile test over Japanese airspace rattled investors and sent Wall Street trawling for assets perceived as safe. North Korea had fired a ballistic missile over Japan yesterday, 29 August 2017 in an act the latter called an unprecedented, grave and serious threat.
Consumers confidence in US strengthened in August to the second highest level since late 2000, a survey released showed. The consumer confidence index rose to 122.9, up from 120 in the prior month, the Conference Board said.
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