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Stocks extend intraday gains

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Strong buying frenzy in heavyweights Reliance Industries, and Bank pushed the key benchmark indices to fresh intraday high in early afternoon trade. At 12:21 IST, the barometer index, the Sensex, was up 383.49 points or 1.06% at 36,649.42. The was up 114.40 points or 1.04% at 11,062.70. Capital goods stocks rose. An overnight slump in and positive Asian stocks boosted sentiment on the domestic bourses.

dropped sharply on Wednesday on news that was suddenly set to restore hundreds of thousands of barrels per day, and the US struck a softer line on sanctions.

will help in containing its fiscal deficit, current account deficit and fuel price inflation. imports 80% of its In the global commodities markets, Brent for September 2018 settlement was up $1.29 at $74.69 a barrel. The contract had fallen $5.46 a barrel or 6.92% to settle at $73.40 a barrel during the previous trading session.

The Nifty moved above the psychological 11,000 mark in opening trade as domestic stocks saw an upbeat start on positive Asian stocks. Stocks extended gains and hit fresh intraday high in morning trade, with the Sensex hitting record high. Fresh buying in pivotals propelled the key benchmark indices to fresh intraday high in mid-morning trade, with the Sensex hitting fresh record high.

At 11:27 IST, the barometer index, the Sensex, was up 383.49 points or 1.06% at 36,649.42. The index hit high of 36,699.53 in early afternoon trade, also its record high. The index hit intraday low of 36,422.08.

The index was up 99.10 points or 0.91% at 11,047.40. The index hit high of 11,078.30 and low of 10,999.65 so far during the day.

The Mid-Cap index was up 0.65%. The S&P BSE Small-Cap index was up 0.62%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1429 shares rose and 955 shares fell. A total of 124 shares were unchanged.

Capital goods stocks rose. (up 1.21%), (up 1.43%), BEML (up 0.11%), (up 0.42%) and (up 0.55%) gained. (down 0.47%) and Bharat (down 0.21%) fell.

rose 1.75%. said that the Water & Effluent Treatment of Construction has won orders valued Rs 2388 crore. The announcement was made during market hours today, 12 July 2018.

On the macro front, the government will after market hours today, 12 July 2018 announce industrial production data for May 2018. India's industrial output grew 4.9% year-on-year in April 2018, following an upwardly revised 4.6% advance in the previous month.

Overseas, Asian stocks are trading higher, despite lingering concerns around the US and Chinese trade war that show little sign of abating. US stocks fell yesterday, 11 July 2018 after the announced new tariffs on Chinese goods, further escalating tensions between the two largest economies in the world.

The late Tuesday said it would assess 10% tariffs on a further $200 billion in Chinese goods. The US last week hit with levies on $34 billion in goods, and retaliated with tariffs of the same amount. A final decision on the products to be hit with the new tariffs is reportedly expected after a consultation period in late August.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, July 12 2018. 12:34 IST