The Indian equities continued to move higher in final hour of day’s trade, led by strong rally across metal and realty stocks, as investors engaged in broad-based buying after latest macro data revealed signs of economic revival. The market rally was fueled by positive economic data after retail inflation eased to 2.99 per cent in April from 3.89 per cent reported in last month, while the wholesale price inflation slipped to a four-month low of 3.85 per cent in April. South Indian Bank tumbled over 6 per cent after the private sector lender reported a net profit of Rs 75.54 crore for the fourth quarter ended March 31, 2017, lower-than analyst estimates of Rs 100 crore, due to rise in provisions and contingencies.
At 14:22 hour, the Bombay Stock Exchange bellwether Sensex was trading 30328.71, up by 140.56 points or by 0.47 per cent, and the NSE Nifty was at 9443.95, up by 43.05 points or by 0.46 per cent.
The Indian Rupee extended gaining streak against the greenback amid fresh selling of dollar by banks and exporters, while sustained fund inflows by foreign portfolio investors also boosted home currency’s movement.
In the day’s trade so far, the BSE Sensex touched intra-day high of 30357.96 and intraday low of 30273.62, while the NSE Nifty touched intraday high of 9448.1 and intraday low of 9423.1.
The top gainers of the BSE Sensex pack were Dr. Reddy’s Laboratories Ltd. (Rs. 2691.00,+4.11%), Tata Steel Ltd. (Rs. 454.30,+4.02%), Lupin Ltd. (Rs. 1282.60,+2.27%), ICICI Bank Ltd. (Rs. 302.35,+1.92%), Maruti Suzuki India Ltd. (Rs. 6829.85,+1.51%), among others.
On the flip side, Infosys Ltd. (Rs. 951.25,-1.31%), Adani Ports & Special Economic Zone Ltd. (Rs. 353.25,-1.09%), Hero MotoCorp Ltd. (Rs. 3517.00,-0.56%), Tata Consultancy Services Ltd. (Rs. 2350.50,-0.38%), Axis Bank Ltd. (Rs. 500.85,-0.35%), were among the top losers on BSE.
On the sectoral front, metal and realty stocks emerged as top gainers, rising as much as 2.09 per cent and 1.18 per cent, respectively.
The market breadth, indicating the overall strength of the market, was strong. On BSE out of total shares traded 3049, shares advanced were 1560 while 1337 shares declined and 152 were unchanged.