Key benchmark indices extended gains and hit fresh intraday high in mid-morning trade. At 11:20 IST, the barometer index, the S&P BSE Sensex, was up 220.87 points or 0.69% at 32,403.09. The Nifty 50 index was up 57.90 points or 0.57% at 10,154.30.
Investors risk appetite improved on anticipation that a rise in industrial production and a steady inflation could increase pressure on the central bank to reduce interest rates to boost economic activity. Positive cues from the Asian market also boosted sentiment.
The Sensex and the Nifty, both, hit their highest intraday levels in more than three weeks in mid-morning trade. The Sensex rose 263 points, or 0.82% at the day's high of 32,445.22 in mid-morning trade, its highest intraday level since 21 September 2017. The index rose 65.52 points, or 0.20% at the day's low of 32,247.74 in early trade. The Nifty rose 72.35 points, or 0.72% at the day's high of 10,168.75 in mid-morning trade, its highest intraday level since 20 September 2017. The index rose 23.70 points, or 0.23% at the day's low of 10,120.10 in early trade.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,395 shares rose and 955 shares fell. A total of 101 shares were unchanged. Breadth was strong in morning trade.
Overseas, Asian stocks were trading higher. Investors were cautious ahead of US and Chinese economic data as well as the Chinese Communist Party congress next week.
The US stock finished slightly lower on Thursday, even as Wall Street banks turned in generally upbeat results. The Dow Jones Industrial Average fell 0.14%. The S&P 500 shed 0.17%, while the Nasdaq Composite dropped 0.18%.
Back home, most FMCG shares declined. Bajaj Corp (down 1.17%), Colgate Palmolive (India) (down 0.84%), GlaxoSmithKline Consumer Healthcare (down 0.5%), Procter & Gamble Hygiene & Health Care (down 0.44%), Dabur India (down 0.42%), Godrej Consumer Products (down 0.42%), Nestle India (down 0.35%) and Marico (down 0.02%), edged lower. Tata Global Beverages (up 0.31%), Hindustan Unilever (up 0.53%), Britannia Industries (up 0.81%) and Jyothy Laboratories (up 1.32%), edged higher.
Pharmaceutical shares were mixed. Piramal Enterprises (up 0.96%), IPCA Laboratories (up 0.92%), Wockhardt (up 0.51%), Lupin (up 0.32%), Cipla (up 0.29%), Aurobindo Pharma (up 0.21%), Strides Shasun (up 0.20%) and Glenmark Pharmaceuticals (up 0.06%), edged higher. Cadila Healthcare (down 0.25%), GlaxoSmithKline Pharmaceuticals (down 0.28%), Sun Pharmaceutical Industries (down 0.54%), Alkem Laboratories (down 0.55%), Divi's Laboratories (down 0.63%) and Dr Reddy's Laboratories (down 0.92%), edged lower.
Pincon Spirit rose 4.62% after the company said that it has entered into a bottling tie up with SDF Industries, Palakkad, Kerala. The announcement was made during market hours today, 13 October 2017.
Pincon Spirit said that it has entered into a bottling tie up with SDF Industries, Palakkad, Kerala for their brands Ultra Force Rum, Ruby Gold Brandy, Pincon Rum/brandy and King's Coin Rum/brandy. Kerala State Beverages Corporation (SBCL) board has given the clearance and the company's products shall be rolled out in first week of November 2017. The company is expecting sale of 3 lakh cases in the year ending 31 March 2018 (FY 2018).
On the macro front, India's industrial production grew 4.3% in August 2017 over August 2016, while showing sharp improvement in growth from 0.9% increase in July 2017. The manufacturing sectors production improved 3.1% in August 2017, snapping decline in output for last two straight months. The electricity generation increased at improved pace of 8.3% and mining output also gained 4.3% in August 2017. The growth for July 2017 has been revised downwards to 0.9% from 1.2% reported earlier. The data was unveiled after market hours yesterday, 12 October 2017.
The all-India general consumer price index (CPI) inflation was flat at 3.28% in September 2017 compared with 3.28% in August 2017, after rising for last two months from 1.5% in June 2017. The data was unveiled after market hours yesterday, 12 October 2017.
The Election Commission (EC) yesterday, 12 October 2017, announced elections in Himachal Pradesh, but held off on making an announcement for Gujarat. Voting for the 68-seat Himachal Pradesh assembly will take place on 9 November 2017 and the results will be declared on 18 December 2017. Gujarat polls, Chief Election Commissioner (CEC) A K Joti reportedly said, will be announced later, but he added voting will wind up before Himachal results are declared. While Gujarat Assembly's term ends on 22 January 2018, Himachal Pradesh's finishes on 7 January 2018. The EC normally holds elections together in states where the incumbent governments are completing their five-year term within six months. The poll dates for these states are announced simultaneously.
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