Key benchmark indices extended early gains and hit fresh intraday high in morning trade. At 10:28 IST, the barometer index, the S&P BSE Sensex, was up 87.36 points or 0.25% at 34,392.79. The Nifty 50 index was up 13.15 points or 0.12% at 10,541.50. Sentiment was boosted after the India Meteorological Department (IMD) forecasted normal monsoon this year.
Stocks opened higher as sentiment was boosted after the India Meteorological Department (IMD) forecasted normal monsoon this year.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1,384 shares rose and 710 shares fell. A total of 100 shares were unchanged.
Overseas, Asian stocks were trading mixed as investors parsed a mixed set of economic numbers out of China and sought fresh leads after weeks of volatility sparked by trade frictions and geopolitical conflict.
China's gross domestic product rose 6.8% from a year earlier in the first quarter, holding steady from the 6.8% growth in the fourth quarter of last year, China's National Bureau of Statistics said today, 17 April 2018.
Meanwhile, industrial production grew just 6% in March, compared with 7.2% in the first two months of the year, and 6.8% overall for the quarter. In other data, January to March fixed asset investment growth slowed to 7.5% from a year ago, down from 7.9% in the first two months of the year.
US stocks closed sharply higher yesterday, 16 April 2018 with major indexes rallying in a broad advance as the first-quarter earnings season pointed to strong growth and geopolitical tensions showed signs of easing.
FMCG stocks gained after the India Meteorological Department (IMD) forecasted normal monsoon this year. FMCG firms derive substantial sales from rural India. Good monsoon may boost farm incomes and consumer spending.
Britannia Industries (up 1.38%), Colgate-Palmolive (India) (up 0.03%), Dabur India (up 0.29%), Godrej Consumer Products (up 0.05%), Hindustan Unilever (up 0.77%), Marico (up 0.06%), Nestle India (up 1.91%), Tata Global Beverages (up 1.56%), Jyothy Laboratories (up 0.27%) rose.
Bajaj Electricals rose 6.62% after the company said it bagged orders worth Rs 3577.93 crore for rural and urban electrification projects in Uttar Pradesh. The announcement was made after market hours yesterday, 16 April 2018.
Bajaj Electricals announced that its engineering and project business unit bagged orders for ten rural/urban electrification projects in Uttar Pradesh aggregating worth Rs 3577.93 crore from Madhyanchal Vidyut Vitaran Nigam (MVVNL) under the Saubhagya Yojna of Government of India. The projects shall be completed within 15 months from the date of issue of letter of intent (LOI).
India is set to get a normal monsoon this year, with average rainfall likely to be 97%, the India Meteorological Department (IMD) announced after market hours yesterday, 16 April 2018. Between 96% and 104% of the long-period average is considered a normal monsoon, and the margin of error is 5%.
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