The stock market settled with modest gains as firmness in most global stocks perked up sentiment. The barometer index, the S&P BSE Sensex, gained 184.02 points or 0.55% at 33,940.30, as per the provisional closing data. The Nifty 50 index rose 52.70 points or 0.5% at 10,493, as per the provisional closing data. Key indices scaled record high in late trade. Indices snapped two-day losing streak.
The market opened higher and extended gains till mid-morning trade. Amid bouts of volatility, stocks scaled fresh record high later during the session.
The market remains closed on Monday, 25 December 2017, on account of Christmas.
The Sensex gained 208 points or 0.62% at the day's high of 33,964.28 in late trade, its record high. The index gained 11.45 points or 0.03% at the day's low of 33,767.73 in early trade. The Nifty gained 53 points or 0.5% at the day's high of 10,501.10 in late trade, its record high. The index rose 7.95 points or 0.07% at the day's low of 10,448.25 in early trade.
The breadth, indicating the overall health of the market, was positive. On the BSE, 1,565 shares rose and 1,179 shares fell. A total of 177 shares were unchanged.
The total turnover on BSE amounted to Rs 4814.08 crore, lower than turnover of Rs 6146.58 crore registered during the previous trading session.
Capital goods stocks advanced. Bharat Heavy Electricals (Bhel) (up 0.66%), BEML (up 1.84%), Havells India (up 0.19%), ABB India (up 0.31%), Bharat Electronics (up 1.46%), L&T (up 0.79%), and Thermax (up 3.34%) gained. Siemens fell 1.15%.
eClerx Services jumped 8.84% to Rs 1,490 after the company said its board approved a proposal to buyback upto 12.9 lakh equity shares at Rs 2,000 each. The announcement was made during trading hours today, 22 December 2017. eClerx Services said that its board of directors approved a proposal for buyback of equity shares of the company, subject to approval by the shareholders, for an aggregate amount not exceeding Rs 258 crore, being within 25% of the total paid-up equity capital and free reserves of the company as on 31 March 2017.
The company will buyback shares at a price not exceeding Rs 2,000 per equity share from all existing shareholders of the company on the record date to be fixed for the said purpose. At maximum buyback price, the buyback translates into approximately 12.9 lakh equity shares of the company, representing about 3.23% of the total paid up equity share capital of the company.
The board noted the intention of the promoters and promoter group of the company to participate in the proposed buyback.
Overseas, European stocks edged lower. French statistics agency Insee revised upward its reading of third-quarter economic growth. French gross domestic product rose 0.6% quarter-on-quarter, 0.1 percentage points higher than the previous reading, Insee said.
Most Asian stocks rose after positive close for US stocks overnight. Japanese Prime Minister Shinzo Abe's cabinet endorsed a record $860 billion spending budget for fiscal 2018, highlighting his greater emphasis on growth than austerity, with aggressive monetary stimulus keeping borrowing costs low.
US stock-market indexes closed modestly higher yesterday, 21 December 2017, driven by gains in the energy, financials and telecom sectors.
On the economic data front, the US economy's pace of growth in the third quarter was lowered slightly to a 3.2% annual rate from 3.3% under the government's final revision to gross domestic product. The economy expanded at a 3.1% rate in the second quarter. Separately, initial jobless claims rose a higher-than-expected 20,000 in the latest week, though they remain at historically low levels.
On the upside, the Philadelphia Fed's Manufacturing Business Outlook Survey jumped to a reading of 26.2 in December from 22.7.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)