Market extended gains in mid-afternoon trade. At 14:19 IST, the barometer index, the S&P BSE Sensex was up 143.33 points or 0.46% at 31,171.54. The Nifty 50 index rose 33.15 points or 0.35% at 9,628.25. The Sensex was hovering above the psychological 31,000 level after alternately moving above and below that level till early afternoon trade. It had settled above that level during the previous trading session. Both the Sensex, and the Nifty, hit record high.
Market sentiment was boosted by hopes of timely arrival of southwest monsoon rains after India Meteorological Department (IMD) in a press release dated 29 May 2017 said that conditions are becoming favorable for further advance of southwest monsoon and its setting over Kerala and parts of northeastern states around 30th to 31st May 2017.
The June-September southwest monsoon is critical for the country's agriculture because a considerable part of the country's farmland is dependent on the rains for irrigation.
The Sensex rose 186.18 points or 0.6% at the day's high of 31,214.39 in mid-afternoon trade, a record high for the index. It lost 158.31 points or 0.51% at the day's low of 30,869.90 in early trade. The Nifty rose 42.65 points or 0.44% at the day's high of 9,637.75 in mid-afternoon trade, a record high for the index. It lost 47.40 points or 0.49% at the day's low of 9,547.70 in early trade.
Among other indices, the S&P BSE Mid-Cap index was down 0.37%. The BSE Small-Cap index declined 0.89%. Both these indices underperformed the Sensex.
The breadth, indicating the overall health of the market, was weak. On the BSE, 1,658 shares declined and 927 shares rose. A total of 173 shares were unchanged.
FMCG stocks were mixed. Dabur India (up 2.72%), Hindustan Unilever (up 2.72%), Colgate-Palmolive (India) (up 2.4%) and Britannia Industries (up 0.58%) edged higher. Jyothy Laboratories (down 0.16%), Bajaj Corp (down 0.78%), Emami (down 0.13%), Procter & Gamble Hygiene and Health Care (down 0.35%) and Nestle India (down 0.31%) edged lower.
Aviation stocks declined. Jet Airways (India) (down 1.24%), InterGlobe Aviation (down 1.15%) and SpiceJet (down 0.44%) fell.
Tata Power Company (Tata Power) was up 0.19%. The company said that Tata Power Solar Systems announced that it has ramped up the scale of business substantially by focusing on building state-of-the-art technology, engineering and strengthening on customer and employee satisfaction. Tata Power Solar increased its revenue by more than two and a half times in just two years to reach Rs 2262 crore. The announcement was made during market hours today, 29 May 2017.
Overseas, European and Asian stocks edged lower amid decline in oil prices and geopolitical tensions. UK market was shut for a public holiday. China and Taiwan stock markets are closed for public holidays.
Reports suggested that North Korea today, 29 May 2017, fired off its third ballistic missile test in just over three weeks, a short-range ballistic missile that Japan said fell in the ocean within 200 miles of its coastline.
US stocks closed mixed on Friday, 26 May 2017, ahead of the Memorial Day holiday weekend.
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