The stock market registered modest gains on positive global cues, with the barometer index, the S&P BSE Sensex and the Nifty 50 index, hitting record highs. The Sensex rose 180.51 points or 0.53% at 34,334.36, as per the provisional closing data. The Nifty 50 index advanced 57.65 points or 0.55% at 10,616.50, as per the provisional closing data. The Sensex, and the Nifty, hovered in positive terrain throughout the trading session.
Key benchmark indices had opened the session on a strong note with the Sensex and the Nifty hitting record highs in early trade, tracking firmness in Asian markets and strong finish on Wall Street overnight. Indices hit fresh record highs in mid-morning trade and later hovered with modest gains. Later, indices trimmed gains and hit intraday lows in afternoon trade. Key indices once again bounced back to hit fresh record highs in late trade.
The Sensex advanced 231.82 points, or 0.67%, at the day's high of 34,385.67 in late trade, its record high. The index rose 62.48 points, or 0.18%, at the day's low of 34,216.33 in afternoon trade. The Nifty advanced 72.35 points, or 0.68%, at the day's high of 10,631.20 in late trade, its record high. The index rose 29.70 points, or 0.28%, at the day's low of 10,588.55 in afternoon trade.
The breadth, indicating the overall health of the market, was strong. On the BSE, 1,788 shares advanced and 1,180 shares declined. A total of 152 shares were unchanged.
The total turnover on BSE amounted to Rs 5987.62 crore, lower than turnover of Rs 6120.03 crore registered during the previous trading session.
IT stocks were mostly higher. Infosys (up 1.97%), Tech Mahindra (up 1.42%), TCS (up 1.06%) and Wipro (up 0.61%) edged higher. Oracle Financial Services Software (down 0.07%) and HCL Technologies (down 0.32%) edged lower.
Engineering and construction equipment major L&T rose 1.71% at Rs 1,337, with the stock hitting record high in intraday, after the company said that its construction arm has won orders worth Rs 2265 crore. The announcement was made during market hours today, 8 January 2018.
Satin Creditcare Network jumped 12.52% at Rs 487.70 after a global emerging markets investment firm invested Rs 80 crore in the company. Kora Management LP (Kora), a global emerging markets investment firm, has made an equity investment of Rs 80 crore ($12.50 million) in Satin Creditcare Network to support the company's growth and digital initiatives as a financial services provider to rural and semi-urban India. The announcement was made during trading hours today, 8 January 2018.
Fiberweb (India) gained 3.15% at Rs 365 after the company fixed 18 January 2018 as the record date issue of 1:1 bonus shares. The announcement was made during market hours today, 8 January 2018.
Shakti Pumps (India) dropped 1.47% at Rs 492 after the company informed that it has received a 'Demand Notice' in continuation of Search proceeding conducted as per Income Tax, Act 1961, demanding the payment by the company of a sum of Rs 14.75 crore. The company is contesting the demand and would file an appropriate appeal against this order under the applicable provisions of the Income Tax Act, 1961 within the stipulated period and also there seems no material impact on the business operations of the company, Shakti Pumps (India) said. The announcement was made on Saturday, 6 January 2018.
The 14-day long winter session of the Parliament concluded on Friday, 5 January 2018. The Speaker said that 16 bills were introduced in the Lok Sabha by the government in the session, of which 12 bills including the triple talaq bill was passed. Important bills passed during the session also included the Requisitioning and Acquisition of Immovable Property Bill and the Goods and Services Tax (Compensation to States) Amendment Bill.
Overseas, European and Asian stocks edged higher following firm US lead as investors awaited upcoming earnings releases. In Europe, Chancellor Angela Merkel of Germany sounded optimistic about reaching a deal with the Social Democrats and thus avoiding fresh elections. In the UK, Prime Minister Theresa May said over the weekend there would be a cabinet reshuffle this week.
US stocks rose to record levels on Friday, 5 January 2018 even as Wall Street shook off jobs data that missed expectations. The US economy added 148,000 jobs in December, according to the Labor Department, as against expectations of 190,000 jobs.
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