Key benchmark indices registered strong gains on positive global cues. The barometer index, the S&P BSE Sensex, gained 244.36 points or 0.77% to settle at 31,955.35. The Nifty 50 index gained 72.45 points or 0.74% to settle at 9,899.60. Firmness prevailed on the bourses as the key benchmark indices retained positive zone throughout the day. Today's market upmove was triggered by gains in ITC, TCS and Reliance Industries.

Bank stocks rose. Telecom shares rose after report suggested that Bharti Airtel, Idea Cellular and Vodafone pushed for doubling of mobile call termination charge to recover cost. Metal shares were in demand.

The Sensex gained 244.36 points or 0.77% to settle at 31,955.35, its highest closing level since 17 July 2017. The Sensex rose 267.90 points, or 0.84% at the day's high of 31,978.89 in late trade. The index rose 82.73 points, or 0.26% at the day's low of 31,793.72 in early trade.

The Nifty 50 index gained 72.45 points or 0.74% to settle at 9,899.60, its highest closing level since 17 July 2017. The Nifty rose 77.90 points, or 0.79% at the day's high of 9,905.05 in late trade. The index rose 24.50 points, or 0.25% at the day's low of 9,851.65 in early trade.

Among secondary barometers, the BSE Mid-Cap index rose 1.01%. The BSE Small-Cap index rose 0.99%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On BSE, 1,714 shares rose and 971 shares fell. A total of 168 shares were unchanged.

The total turnover on BSE amounted to Rs 4860.21 crore, higher than turnover of Rs 3853.67 crore registered during the previous trading session.

Among the sectoral indices on BSE, the S&P Energy index (up 1.12%), the BSE FMCG index (up 1.49%), and the BSE Healthcare index (up 1.78%) outperformed the Sensex. The S&P BSE Capital Goods index (up 0.58%), the BSE Bankex index (up 0.63%), and the BSE Auto index (up 0.59%) underperformed the Sensex.

ITC (up 2.42%), TCS (up 1.88%) and Reliance Industries (up 0.89%) edged higher from the Sensex pack.

Bank stocks rose. Among PSU bank stocks, Indian Bank (up 4.35%), Punjab National Bank (up 2.23%), Bank of Baroda (up 0.46%), Canara Bank (up 0.58%), State Bank of India (SBI) (up 0.95%), IDBI Bank (up 0.26%), Bank of India (up 2.27%) and Union Bank of India (up 0.29%) rose.

Among private bank stocks, Kotak Mahindra Bank (up 1.76%), RBL Bank (up 3.15%), HDFC Bank (up 0.6%), Axis Bank (up 0.61%), IndusInd Bank (up 0.38%) and Yes Bank (up 0.7%) rose. ICICI Bank (down 0.18%) fell.

Hindustan Unilever fell 0.46% to Rs 1,152.90. The company's net profit rose 8.45% to Rs 1283 crore on 4.08% growth in total income to Rs 9335 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours yesterday, 18 July 2017.

Earnings before interest, tax, depreciation and amortisation (EBITDA) rose by 14%. Profit after tax before exceptional items, PAT (bei), rose 15% to Rs 1292 crore. Under volatile market conditions, the company's domestic consumer business grew at 6% and underlying volume growth remained flat. During the quarter, trade sentiment remained cautious, particularly in the run up to GST implementation. Despite high promotional intensity, stock pipelines remained low and varied across categories, channels and geographies. In these challenging circumstances the company managed to deliver yet another quarter of resilient and profitable growth.

Harish Manwani, Chairman commented that both growth and margin improvement were delivered through a combination of sustained innovations, a comprehensive savings program and a relentless focus on execution in the market place. The company remains positive on the medium term outlook for the industry and will continue to drive consumer value, which also delivers profitable volume driven growth for the company.

Grasim Industries fell 3.74% to Rs 1,050.25 after Macquarie Bank offloaded bulk shares of the company through open market transaction yesterday, 18 July 2017. Macquarie Bank sold 11.25 lakh shares of Grasim Industries to Indian Opportunities Growth Fund - Pinewood Strategy at Rs 1,303 per share in a block deal on the BSE yesterday, 18 July 2017.

Telecom shares rose after report suggested that Bharti Airtel, Idea Cellular and Vodafone pushed for doubling of mobile call termination charge to recover cost. Idea Cellular (up 9.01%), Reliance Communications (up 4.43%), Bharti Airtel (up 3.21%), Tata Teleservices (Maharashtra) (up 2.42%) and MTNL (up 0.95%) edged higher.

Telecom tower infrastructure provider Bharti Infratel fell 0.69%.

Bharti Airtel and Idea Cellular reportedly yesterday, 18 July 2017, sought doubling of interconnection usage charge (IUC), a key input for mobile rates, saying that incoming calls to their networks cost 30 paise per minute to complete. Another incumbent, Vodafone, projected the cost at 34 paise, more than double the current level. Any change in IUC has a direct impact on mobile call rates as the charge is taken into account while setting telecom tariffs.

Telecom operators get the interconnection charge for every incoming calls from networks of other operator. It is included in call rates paid by mobile subscribers. The IUC is fixed by the Telecom Regulatory Authority of India (Trai). At present IUC of 14 paise per minute is levied on every incoming calls. The Aditya Birla group firm demanded that IUC should be raised so that telecom operators are able to recover cost of carrying load of incoming calls from other networks.

Meanwhile, Union Minister Manoj Sinha reportedly said today, 19 July 2017 that the new telecom policy is likely to be announced before March 2018 which will focus on 5G technology ecosystem, data security and privacy and other key areas in the sector.

Metal shares were in demand. National Aluminium Company (up 3.57%), Hindalco Industries (up 2.89%), Vedanta (up 1.86%), Jindal Steel & Power (up 1.92%), Bhushan Steel (up 1.73%), JSW Steel (up 1.6%), Steel Authority of India (up 1.52%), Tata Steel (up 1.46%), Hindustan Zinc (up 1.01%), Hindustan Copper (up 0.15%) and NMDC (up 0.46%) edged higher.

Meanwhile, copper price edged lower in the global commodities markets. High Grade Copper for September 2017 delivery was currently down 0.38% at $2.72 per pound on the COMEX.

Aurobindo Pharma surged 4.48% after the company said it has received final approval from the US drug regulator to manufacture Sevelamer Carbonate tablets 800mg. The announcement was made before market hours today, 19 July 2017.

Aurobindo Pharma received final approval from the US Food & Drug Administration (USFDA) to manufacture Sevelamer Carbonate tablets 800mg. Sevelamer Carbonate tablets, are therapeutic equivalent generic version of Genzyme's Renvela tablets. The product is being launched immediately.

Sevelamer Carbonate tablets are indicated for the control of serum phosphorus in patients with chronic kidney disease (CKD) on dialysis. The approved product has an estimated market size of $1.9 billion for the twelve months ending May 2017 according to IMS.

Jay Bharat Maruti tumbled 8.22% after the company reported Q1 June 2017 results after market hours yesterday, 18 July 2017. Jay Bharat Maruti's net profit surged 43.7% to Rs 10.12 crore on 28.2% growth in net sales to Rs 377.29 crore in Q1 June 2017 over Q1 June 2016. Prior to the announcement of results, shares of Jay Bharat Maruti witnessed an impressive rally. The shares surged 9.34% in three trading sessions to settle at Rs 714.85 yesterday, 18 July 2017, from its close of Rs 653.75 on 13 July 2017.

Heritage Foods rose 8.54% after the company said its board will meet on 10 August 2017, to consider sub-division of equity shares. The announcement was made during market hours today, 19 July 2017.

KDDL rose 1.98%. The company announced that its subsidiary-Ethos has launched a new store with effect from 25 June 2017 at Seawoods, Railway Station, Navi Mumbai. KDDL said that the total number of stores as on date is 36. The announcement was made after market hours yesterday, 18 July 2017.

Overseas, European bourses were trading higher as investors took stock of a series of corporate announcements from across the continent. Asian shares edged higher as optimism on China's economy underpinned Asian shares and commodities.

The US stock market ended mixed yesterday, 18 July 2017, but the Nasdaq Composite Index marked its first closing high since June. But the overall market was weighed by a slump in some of the US's biggest banks led by a decline in shares of Dow-component Goldman Sachs Group Inc.

The S&P 500 index edged up 1.47 points to close at 2,460.61. The Nasdaq Composite Index rose 29.87 points, or 0.5%, to end at 6,344.31. The Dow Jones Industrial Average fell 54.99 points, or 0.3%, to finish at 21,574.73.

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