Sensex, Nifty hit record high levels for first time ever

The key benchmark indices Sensex and Nifty surged on broad-based buying support. On closing, the BSE Sensex, up 278.18 points or 0.90 percent to 31,028.21, while the Nifty-50 rose 85.35 points or 0.90 percent to 9,595.10. The both indices hit their respective record high levels in late trade. The broader, BSE Mid-Cap rose 2.06 percent and the Small-Cap index rose 1.60 percent, both these indices outperformed the BSE Sensex.

Stocks of private sector banks, metals and auto stocks were the Nifty gainers, while pharma stocks continued to bleed on the back of sluggish outlook. HPCL and ITC gained on the back of positive earnings, while large caps like Reliance Industries contributed majorly to the market’s gain.

ITC rose 2.14% to Rs 306.10 after company’s net profit jumped 12.13% to Rs 2,669.47 cr. Reliance Industries surged 2.69% to Rs 1,338, hitting a high of and low of Rs 1,344 and Rs 1,301, respectively.

Sun Pharm lost 4.44% to Rs 565.55, while Metal shares rose. Jindal Steel & Power went up 5.57%, Tata Steel rose 5.57% Vedanta jumped 4.32%, Steel Authority of India went up 3.68% among others.

Asian stocks ended on a mixed note and most European stocks were trading lower as a slouch in crude prices spoiled global risk appetite.

Modi Govt Approves Policy To 'Buy Indian' To Boost 'Make-In-India’

With a view to encourage Make-In-India-programme and giving preference to locally made goods and services, Prime Minister, Narendra Modi has cleared the govt’s own version of the U.S’s Buy American policy via a national government procurement policy.

The new policy captioned “Govt procurement preference to Make-In-India order, 2017”, cleared by the Union cabinet on 24 May 2017, is expected to give a considerable impetus to local manufacturing and services sectors, whereby creating employments. It will also encourage the capital & technology flow into domestic manufacturing and services. It also provides push towards manufacture of parts, components and sub-components of these items, in line with the ‘Make in India’ vision.

The national procurement policy entails purchases of at least Rs. 2.00 trillion a year and also covers government companies, autonomous bodies and entities under the control of government. The government has defined local Goods & Service as those where at least 50 percent of the value addition has been done in India.

Small purchases of less than Rs. 5,00,000 are exempted from the policy; procurement of goods & services worth Rs. 50.00 lakh or less, where the nodal ministry decides that there is adequate local capacity and local competition, can be made only from local suppliers.

For procurement of orders worth more than Rs. 50.00 lakh, or where there is inadequate local capacity or competition, local suppliers will get a 20 percent margin of purchase preference. It implies that the local supplier will be given a chance to match the lowest bid, if its own bid is not more than 20 percent higher.

A standing committee in the Deptt of Industrial Policy & Promotion will manage the implementation of this order and its impending issues, and make recommendation to nodal ministries and procuring companies.

Sensex, Nifty shed gains to close lower on tepid sentiment; Metal shares fall

The key indices  Sensex and Nifty ended the session on a negative terrain in a volatile trade, dragged by fall in midcaps amid rising concern over cross border tensions. The BSE Sensex  went down 63.61 pts at 30,301.64, while the NSE Nifty-50 index ended 16.40 pts lower at 9,369.75. Sentiment was dampened by growing Indo-Pak tensions. Moody's down-grading of credit rating on China hurt the risk appetite.
Metal shares fall after Moody's downgraded debt rating of China. Steel Authority of India falls 4.37%, Bhushan Steel dipped 3.99%, Hindustan Zinc tanked 3.7%, Hindustan Copper fell 3.2%, NMDC sunk 3.06%, Vedanta went down 3.01% among many other metal majors.
The market breadth was negative with 697 advancing shares against a decline of 2,022 shares, and there were 151 shares unchanged.
Tata Motors was the star performer today, along with Tata Motors DVR and GAIL India  on both indices, while, BHEL, L&T, Bank of Baroda and Bharti Infratel were losing sheen.