Key benchmark indices hit fresh intraday high in mid-afternoon trade. At 14:20 IST, the barometer index, the S&P BSE Sensex, was up 254.06 points or 0.86% at 29,909.90. The Nifty 50 index was currently up 77.45 points or 0.84% at 9,295.40. The Sensex hit its highest intraday level in almost three weeks in mid-afternoon trade. The Nifty hit its record high level in mid-afternoon trade. Positive global cues boosted sentiment on the domestic bourses.
The Sensex rose 271.12 points, or 0.91% at the day's high of 29,926.96 in mid-afternoon trade, its highest intraday level since 6 April 2017. The index rose 125 points, or 0.42% at the day's low of 29,780.84 in early trade. The Nifty rose 82.45 points, or 0.89% at the day's high of 9,300.40 in afternoon trade, its record high level. The index rose 32.40 points, or 0.35% at the day's low of 9,250.35 in early trade.
Among secondary barometers, the BSE Mid-Cap index was currently up 0.87%, outperforming the Sensex. The BSE Small-Cap index was currently up 0.61%, underperforming the Sensex.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,470 shares rose and 1,329 shares fell. A total of 160 shares were unchanged.
Most auto shares edged higher. Hero MotoCorp (up 2.74%), Bajaj Auto (up 0.77%), Ashok Leyland (up 0.69%), TVS Motor Company (up 0.53%), Escorts (up 0.13%) and Tata Motors (up 0.06%), edged higher. Maruti Suzuki India (down 0.09%) and Eicher Motors (down 0.51%), edged lower.
Auto major Mahindra & Mahindra was up 3.36% to Rs 1,306.90 on reports that a foreign brokerage has upgraded the stock to outperform from neutral with increased target price at Rs 1,500 from Rs 1,390 earlier. The brokerage house cited potential for M&M's tractor business that will surprise positively going ahead. Reports suggested that the brokerage believes with number of state governments planning to introduce farm loan waivers, tractor demand could get further boost. The brokerage added that weakness in utility vehicle market already factored in by M&M.
Most power generation shares edged lower. GMR Infrastructure (down 2.19%), Torrent Power (down 1.9%), Reliance Power (down 1.61%), Adani Power (down 1.05%), NTPC (down 1.02%), Tata Power (down 0.87%), Reliance Infrastructure (down 0.68%) and NHPC (down 0.63%), edged lower. Jaiprakash Power Ventures (up 0.4%), JSW Energy (up 0.47%) and CESC (up 1.58%), edged higher.
State-run Power Grid Corporation of India was up 1.90% to Rs 208.90.
State-run Coal India was up 0.02% to Rs 277.60.
Overseas, European stocks rose, extending previous day's gains, as investors monitor political developments in France and ahead of the European Central Bank's policy meeting later in the week.
Business confidence in France was steady in April amid improved conditions in the factory sector, offset by a slip in service sector confidence. INSEE's headline business confidence index was unchanged in April from the month before at 104.
Asian shares gained following a relief rally in global equities after centrist candidate Emmanuel Macron won the first round of the French presidential election. US stocks rallied yesterday, 24 April 2017, as concerns over France's potential exit from the euro currency bloc eased. The Dow Jones Industrial Average jumped 216.13 points, or 1.1%, to close at 20,763.89. The S&P 500 surged 25.46 points, or 1.1%, to 2,374.15.
Macron led the field in the first round of the French presidential election on Sunday, 23 April 2017, with 23.9% of the vote, ahead of far-right candidate Marine Le Pen with 21.4%. The two will now face off in the final round 7 May 2017.
Macron has promised to cut corporate tax rates gradually to 25% from the current 33%. He also wants to make France's 35-hour work week more flexible, and slash housing taxes for most people. He has pledged to cut public spending by €60 billion ($64 billion) a year, and plans an economic stimulus package worth €50 billion over five years. Macron is a free trade supporter and campaigned in favor of the EU's new agreement with Canada. Marine Le Pen wants France to leave the euro, return to the franc, exit the Schengen agreement and close French borders for immigrants.