Indian shares scale new peak; consumer stocks rally on rain hopes

Earnings

Among other key gainers, India's largest state-owned lender State Bank of India rose 1.2% to 298 rupees. ICICI Bank gained 0.6% to 300.35 rupees, while Axis Bank ended down 1.7% at 517.10 rupees. The banking index and the midcaps also more or less replicated the benchmark indices.

"Nifty shifted into minor upside move today and closed the day higher by around 28 points led by cement and bank stocks on a low volume day".

In broader markets, BSE Midcap and BSE Smallcap indices gained 0.8% each, in line with the benchmark indices.

So above 9370 maintain long-positions.

"The Nifty opened with upside gap of around 41 points and made an attempt to move up during early part of the session. Financial services stocks were also seen rallying, reflecting markets' expectations for further strength in equities".

In investments, provisional data with the exchanges showed that FIIs purchased stocks worth Rs 893.36 crore, while domestic institutional investors (DIIs) divested scrip worth Rs 229.73 crore.

Among the sectoral indices, consumer durables rose 1.65 percent, auto 0.98 percent, metal 0.69 percent, teck 0.57 percent, healthcare 0.55 percent and IT 0.29 percent.


Bucking the trend, shares of India's largest two-wheeler maker Hero MotoCorp fell 0.38 per cent, to Rs 3,309.90 after the company yesterday registered a 13.86 per cent decline in net profit at Rs 717.75 crore for the fourth quarter ended March 2017.

Shanghai Composite Index, however, was down 0.25 per cent.

Asian shares, however, edged up for a third consecutive day. Overseas, Asian markets ended mixed, with Hong Kong's Hang Seng rising 0.51 per cent and Japan's Nikkei gaining 0.29 per cent.

The NSE index was last up 0.42 percent while the BSE index was last up 0.36 percent.

According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls, the equity benchmark indices traded with firm sentiments throughout the session tracking positive global cues and appreciation of the rupee against the U.S. dollar.

Among the top gainers, Wipro, Axis Bank, Adani Ports, Larsen & Toubro and International Olympic Committee rose 1-3 percent.

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