A bout of volatility was witnessed as key benchmark indices pared gains in early afternoon trade after hitting hit fresh intraday high in mid-morning trade. At 12:19 IST, the barometer index, the S&P BSE Sensex, was up 86.25 points or 0.27% at 31,933.14. The Nifty 50 index was up 24.95 points or 0.25% at 10,013.70.
The Sensex and the Nifty, both, hit their highest intraday levels in more than two weeks in mid-morning trade. The Nifty was trading above the psychologically important 10,000 mark in early trade after breaching that level in opening trade.
The Sensex rose 147.88 points, or 0.46% at the day's high of 31,994.77 in mid-morning trade, its highest level since 25 September 2017. The index rose 51.31 points, or 0.16% at the day's low of 31,898.20 in morning trade. The Nifty rose 45.25 points, or 0.45% at the day's high of 10,034 in mid-morning trade, its highest level since 22 September 2017. The index rose 13.80 points, or 0.14% at the day's low of 10,002.55 in morning trade.
The market breadth, indicating the overall health of the market, was strong. On BSE, 1,547 shares rose and 918 shares fell. A total of 109 shares were unchanged.
Most IT stocks rose. Hexaware Technologies (up 2.90%), MindTree (up 1.89%), Persistent Systems (up 1.20%), HCL Technologies (up 0.95%), MphasiS (up 0.70%), TCS (up 0.07%) and Oracle Financial Services Software (up 0.01%), edged higher. Tech Mahindra (down 0.08%) and Wipro (down 0.19%), edged lower.
IT major Infosys was up 1.41% to Rs 936.65 after the company said that its buyback committee has set 1 November 2017 as the record date for its share buyback programme.
The announcement was made after market hours yesterday, 9 October 2017. Infosys had approved a proposal to buyback upto 11.3 crore shares, aggregating up to 4.92% of the paid-up equity capital, at Rs 1,150 per share. The maximum buyback size is Rs 13000 crore.
Most cement shares rose. ACC (up 0.99%) and UltraTech Cement (up 0.01%), edged higher. Ambuja Cements was down 0.09%.
Grasim Industries was up 1.42%. Grasim has exposure to cement sector through its holding in UltraTech Cement.
Sadbhav Engineering rose 1.03% after the company announced that it won a project work in Gujarat. Sadbhav Engineering announced that it has been declared as the successful bidder (L1) in respect of the bid invited by executive engineer (Cons), construction division, Kandla Port Trust, Kutch District, Gujarat, for development of land for Smart Industrial Port City (SIPC) location 2 (Kandla) at Kandla-Gandhidham-Adipur Complex. The bid price for the project was Rs 167.46 crore. The construction period for the project will be 9 months. The announcement was made during market hours today, 10 October 2017.
Vedanta was down 0.69% at Rs 321.65. The company announced during trading hours today, 10 October 2017, that mined metal production of Zinc in India rose 14% to 219,000 tonnes in Q2 September 2017 over Q2 September 2016, on account of higher volumes from underground mines. Q-o-Q production declined by 6% due to lower ore treatment.
Overseas, most Asian stocks were trading higher as Japan and South Korea reopened for trading after holiday. Taiwan was shut for public holiday.
US equities were lower at the close on Monday, as losses in the healthcare, consumer services and consumer goods sectors dragged shares lower. The Dow Jones Industrial Average declined 0.06%, while the S&P 500 index declined 0.18%, and the Nasdaq Composite index lost 0.16%.
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