Shares further extend rise

Key barometers further extended gains and hit fresh intraday high in mid-afternoon trade. At 14:25 IST, the barometer index, the S&P BSE Sensex, was up 98.65 points or 0.25% at 39,915.13. The Nifty 50 index was up 29.10 points or 0.24% at 11,939.40.

The S&P BSE Mid-Cap index was up 0.18%. The S&P BSE Small-Cap index was up 0.32%.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1242 shares rose and 1106 shares fell. A total of 163 shares were unchanged.

Cement shares were mixed. ACC (down 0.43%) and Ambuja Cements (down 0.07%), edged lower. UltraTech Cement was up 0.35%.

Grasim Industries was up 0.76%. Grasim has exposure to cement sector through its holding in UltraTech Cement.

Most telecom shares advanced. Tata Teleservices (Maharashtra) (up 4.79%), Reliance Communications (up 4.32%) and Vodafone Idea (up 1.11%), edged higher.

Sector bellwether Bharti Airtel was down 0.45%.

MTNL was up 4.46% after media reports stated that the government is considering an Rs 74,000-crore bailout plan to rescue ailing state-owned telecom companies BSNL and MTNL.

Excel Crop Care was up 4.60%. The company announced that the Gujarat Pollution Control Board (GPCB) has withdrawn its closure order for a period of three months after the company submitted an action plan to GPCB for scientific disposal of waste/necessary remediation of the subject plot of land. The company has informed on 26 June 2019 that GPCB had ordered closure of manufacturing operations of the company's Bhavnagar Plant for fifteen days after 21st June, 2019. The announcement was made during market hours today, 3 July 2019.

Bharat Gears was up 2.27%. The company announced that it had acquired 1.48 crore shares, constituting 100% of equity of of Xlerate Driveline India. The company expects to complete the acquisition on or before 31 October 2019 on cash basis. The cost of acquisition or the price at which the shares are acquired is Rs 9.42 crore. The announcement was made during market hours today, 3 July 2019.

In the commodities market, Brent crude for September 2019 settlement fell 13 cents at $62.27 a barrel. The contract fell 2.66 cents or, 4.09% to settle at $62.40 a barrel in the previous trading session.

MCX Gold futures for 5 August 2019 settlement rose 0.98% at Rs 34,376.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 68.87, compared with its close of 68.9525 during the previous trading session.

The yield on 10-year benchmark federal paper fell to 6.82% at 14:09 IST compared with 6.85% at close in the previous trading session

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