Sensex, Nifty come off record high

Key benchmark indices pared gains after hitting fresh record high in mid-morning trade. At 11:18 IST, the barometer index, the S&P BSE Sensex, was up 91.54 points or 0.29% at 32,112.29. The Nifty 50 index was up 28.35 points or 0.29% at 9,914.70. Positive cues from Asian market boosted investors sentiment.

The Sensex rose 111.17 points, or 0.35% at the day's high of 32,131.92 in mid-morning trade, its record high. The index rose 33.23 points, or 0.10% at the day's low of 32,053.98 in morning trade. The Nifty rose 33.95 points, or 0.34% at the day's high of 9,920.30 in mid-morning trade, its record high. The index rose 8.35 points, or 0.08% at the day's low of 9,894.70 in morning trade.

 

Bluechips outperformed side counters. Among secondary barometers, the BSE Mid-Cap index was up 0.01%. The BSE Small-Cap index was up 0.17%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was positive. On BSE, 1,266 shares rose and 1,054 shares fell. A total of 119 shares were unchanged.

Most cement shares rose. Ambuja Cements (up 0.73%) and UltraTech Cement (up 0.67%), edged higher.

ACC was down 0.11% to Rs 1,750.75. The company will announce April-June 2017 results today, 17 July 2017.

Grasim Industries was up 3.37%. Grasim has exposure to cement sector through its holding in UltraTech Cement.

FMCG shares declined. Godrej Consumer Products (down 1.25%), Colgate Palmolive (India) (down 0.81%), Britannia Industries (down 0.62%), Tata Global Beverages (down 0.37%), Hindustan Unilever (down 0.24%), Marico (down 0.18%), Procter & Gamble Hygiene & Health Care (down 0.15%) and Dabur India (down 0.03%), edged lower. Bajaj Corp (up 0.09%), Nestle India (up 0.13%), GlaxoSmithKline Consumer Healthcare (up 0.36%) and Jyothy Laboratories (up 1.17%), edged higher.

GVK Power & Infrastructure jumped 6.22% to Rs 8.03, with the stock extending Friday's gains triggered by the company completing the sale of residual 10% stake in Bangalore International Airport. The stock had risen 3.7% to settle at Rs 7.56 on Friday, 14 July 2017.

GVK Power announced the successful completion of the sale of its residual stake of 10% in Bangalore International Airport (BIAL), held through its subsidiary, Bangalore Airport Infrastructure Developers (BAIDPL) to Fairfax India Holdings Corporation (Fairfax India) for a consideration of Rs 1290 crore (approximately $200 million).

In March 2017, GVK closed an agreement which was signed during March 2016 with Fairfax India to sell a 33% stake in BIAL. It had retained a 10% stake and the management of BIAL. Subsequently, in June 2017, GVK announced its decision to conclude the sale of this 10% residual stake to Fairfax India, subject to necessary consents and approvals.

On the macro front, the monsoon session of Parliament kickstarts today, 17 July 2017. The session will see a total of 19 sittings spread over a span of 26 days including four Private Members' days. A total of 21 Bills pending in Lok Sabha and 42 Bills pending in Rajya Sabha will be in focus.

Overseas, Asian stocks rose after the Dow and S&P 500 hit record highs on Friday, 14 July 2017, on bets the Federal Reserve's accommodative monetary policy will continue following lackluster US data. Japan's Nikkei 225 was shut for a public holiday.

US stocks closed higher on Friday, 14 July 2017, after data showed consumer prices were unchanged in June and retail sales fell for a second straight month. The Dow Jones Industrial Average rose 84.65 points, or 0.4% to finish at 21,637.74. The S&P 500 index rose 11.44 points, or 0.5%, to finish at a record 2,459.27. The Nasdaq Composite Index gained 38.03 points, or 0.6%, to close at 6,312.47.

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