Domestic bourses logged strong gains on upbeat global stocks. The barometer index, the S&P BSE Sensex, gained 304.90 points or 0.85% at 36,239.62, as per the provisional closing data. The Nifty 50 index gained 94.35 points or 0.87% at 10,947.25, as per the provisional closing data. Shares of index heavyweight Reliance Industries (RIL) advanced.
The Sensex was settled well above the psychological 36,000 mark after regaining that level in opening trade. Trading for the day began on an upbeat note on positive Asian stocks. Stocks extended gains as the session progressed until hitting intraday high in late trade.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1678 shares rose and 956 shares fell. A total of 142 shares were unchanged.
Index heavyweight Reliance Industries (RIL) gained 3.02% to Rs 1,025.75.
TCS shed 0.56% ahead of its Q1 June 2018 result today, 10 July 2018.
HCL Technologies gained 1.86% after the company said its board will meet on 12 July 2018, to consider a proposal for buyback of the equity shares. The announcement was made after market hours yesterday, 9 July 2018.
IndusInd Bank fell 1%. The bank reported 23.8% rise in net profit to Rs 1035.72 crore on 20.12% rise in total income to Rs 6369.75 crore in Q1 June 2018 over Q1 June 2017. The result was announced during market hours today, 10 July 2018.
Tata Motors rose 0.75%. The Tata Motors Group global wholesales in June 2018, including Jaguar Land Rover (JLR), were at 100,135 units, higher by 12%, over June 2017. Global wholesales of all Tata Motors' commercial vehicles and Tata Daewoo range in June 2018 were at 44,229 units, higher by 53%, over June 2017. Global wholesales of all passenger vehicles in June 2018 were at 55,906 units, lower by 8%, compared to June 2017. The announcement was made during market hours today, 10 July 2018.
Astral Poly Technik rose 3.99%. Astral Poly Technik said its board approved the acquisition of 51% equity share capital of Rex Polyextrusion by cash for Rs 75.22 crore. It also approved amalgamation of Rex Polyextrusion with the company. The company shall issue its equity shares in exchange of remaining 49% equity shares of Rex Polyextrusion under the scheme of amalgamation. The board also approved the draft scheme of amalgamation, valuation report and other relevant documents in relation to the scheme of amalgamation. The announcement was made after market hours yesterday, 9 July 2018.
Rex is in the business of manufacturing and supply of corrugated and other plastic piping solutions. Proposed amalgamation shall expand the existing product line of Astral Poly Technik and allow it to enter into the corrugated and other piping solutions.
Overseas, European shares traded higher as investors focused on upcoming corporate earnings and put trade and political tensions aside.
Asian stocks rose amid optimism the upcoming earnings season will be sufficiently robust to overshadow a rise in trade tensions. US equities posted a broad rally yesterday, 9 July 2018 with strong economic data appearing to offset worries about rising trade tensions.
Data from the Federal Reserve showed that consumer borrowing picked up in May with total consumer credit increasing $24.6 billion to a seasonally adjusted $3.9 trillion, up 7.6%. This is the fastest pace of credit growth since November.
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