Key benchmark indices held firm in mid-morning trade. At 11:21 IST, the barometer index, the S&P BSE Sensex, was up 226.93 points or 0.63% at 36,161.65. The Nifty 50 index was up 66.50 points or 0.61% at 10,919.40. Realty stocks gained. Shares of index heavyweight Reliance Industries (RIL) gained. Positive Asian stocks boosted sentiment on the domestic bourses.
The Sensex was trading 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, with the Sensex regaining the psychological 36,000 in opening trade. Stocks extended gains in morning trade.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1521 shares rose and 683 shares fell. A total of 122 shares were unchanged.
Index heavyweight Reliance Industries (RIL) gained 2.66% to Rs 1,022.10.
Realty stocks gained. DLF (up 3.2%), Indiabulls Real Estate (up 2.53%), Housing Development and Infrastructure (up 1.26%), D B Realty (up 1.53%), Unitech (up 0.48%), Godrej Properties (up 0.58%) and Oberoi Realty (up 2.75%) gained. Sobha (down 0.29%) and Prestige Estates Projects (down 0.33%) fell.
Steel Strips Wheels rose 4.13% after the company said it bagged largest exports order for truck and trailer aftermarket from USA. Steel Strips Wheels (SSWL) said the order comprises supplies of 110,000 truck steel wheels in 5 months from its Chennai plant from next month onwards. Total revenue generated by this additional order would be close to $5 million in 5 months, which is also expected to be repeated. The announcement was made during trading hours today, 10 July 2018.
Overseas, 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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