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News Mid-Session

 
Market extends intraday gains
06-Jun-18   12:35 Hrs IST

Key indices extended gains and hit fresh intraday high in early afternoon trade. At 12:35 IST, the barometer index, the S&P BSE Sensex, was up 206.02 points or 0.59% at 35,109.23. The Nifty 50 index was up 67.35 points or 0.64% at 10,660.50. The Sensex regained the psychologically important 35,000 mark in morning trade.

Among secondary barometers, the BSE Mid-Cap index was up 0.84%. The BSE Small-Cap index was up 0.91%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was positive. On BSE, 1482 shares rose and 963 shares fell. A total of 115 shares were unchanged.

Telecom shares firmed up. Idea Cellular (up 3.27%), Bharti Airtel (up 2.68%), Reliance Communications (up 2.41%) and MTNL (up 0.99%), edged higher. Tata Teleservices (Maharashtra) was down 0.2%.

Telecom tower infrastructure provider Bharti Infratel was up 0.02%.

Cement shares were in demand. ACC (up 1.52%) and Ambuja Cements (up 0.57%), edged higher. UltraTech Cement was flat at Rs 3672.

Grasim Industries was up 1.06%. Grasim has exposure to cement sector through its holding in UltraTech Cement.

Marketmen will keep a close watch of the central bank's policy decision later today. The Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) began the second bi-monthly monetary policy meeting on Monday, 4 June 2018. The resolution of the MPC will be unveiled at 14:30 IST today, 6 June 2018.

Overseas, Asian stocks were mixed as investors digested trade-related developments and the mixed close on Wall Street. Markets in South Korea were closed on Wednesday.

Media reports suggested that China would buy nearly $70 billion worth of US agriculture and energy products if the Trump administration steps back from tariffs. The US-China talks focused on reducing the United States' $375.20 billion trade deficit with China by facilitating the supply of agricultural and energy products to meet China's growing consumption needs.

In US, the Nasdaq Composite Index registered its second record close in a row Tuesday on the back of a rally in the shares of technology and internet giants. However, the Dow lagged as the stocks of slumping financials and consumer-staples weighed on the blue-chip gauge.

On the data front, the Markit services purchasing managers index for the US in May rose to 56.8 from 54.6. The Institute for Supply Management services index rose to 58.6 in May from 56.8, while a reading of job openings rose to a fresh record in April, reaching 6.7 million after 6.63 million in March.

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