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Market trims gains

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Key benchmark indices trimmed gains in morning trade as stocks took a breather after an initial upmove. At 10:21 IST, the barometer index, the S&P Sensex, was up 124.85 points or 0.41% at 30,446.97. The 50 index was up 25.60 points or 0.27% at 9,471. IT stocks rose. Cement stocks gained.

After a gap-up opening, the key benchmark indices extended gains in early trade as positive Asian cues boosted sentiment. Both the and the hit record high levels in early trade.

The gained 196.66 points or 0.65% at the day's high of 30,518.78 in early trade, a record high for the barometer index. The index rose 41.25 points or 0.14% at the day's low of 30363.37 at the onset of the session. The gained 47.20 points or 0.5% at the day's high of 9492.60 in early trade, a record high for the index. The index rose 10.95 points or 0.12% at the day's low of 9456.35 at the onset of the session.

The Mid-Cap index was off 0.11%. The Small-Cap index was up 0.18%. Both these indices underperformed the

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,186 shares rose and 952 shares fell. A total of 110 shares were unchanged.

Overseas, Asian stocks were trading higher after a surge in oil lifted US stock indexes to fresh highs. In US, the S&P 500 and the Nasdaq Composite closed at fresh records yesterday, 15 May 2017 as a jump in oil prices to a two-week high lifted Wall Street sentiment. Crude rose for a fifth day, topping $49 a barrel, after Saudi Arabia and Russia supported an extension of output cuts.

The Dow Jones Industrial Average rose 85.33 points, or 0.4%, to close at 20,981.94. The S&P 500 index added 11.42 points, or 0.5%, to finish at 2,402.32. The Nasdaq Composite Index gained 28.44 points, or 0.5%, to end at 6,149.67.

In economic data, a gauge of New York-area manufacturing slumped into negative territory for the first time since the presidential election. The Empire State manufacturing index for May fell to negative 1, from positive 5.2 in April. Separately, sentiment among home builders rebounded in May, buoyed by optimistic views of demand for housing.

Back home, Bharti Airtel (up 3.04%), Reliance Industries (up 1.42%), and Tata Motors (up 0.81%) edged higher from the pack.

IT stocks rose. TCS (up 2.14%), Wipro (up 0.8%), Oracle Financial Services Software (up 3.16%), Larsen & Toubro Infotech (up 0.72%), MindTree (up 0.94%), and MphasiS (up 0.92%) gained. HCL Technologies (down 0.08%), Tech Mahindra (down 0.15%), and Hexaware Technologies (down 0.29%) fell.

Infosys rose 0.64%. Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys and MauBank, a leading bank in the Republic of Mauritius announced the bank's successful adoption of Finacle's leasing solution for its strategic leasing services business. The announcement was made after market hours yesterday, 15 May 2017.

Cement stocks gained. Ambuja Cements (up 1.47%), ACC (up 2.67%), (up 0.65%) and (up 0.05%) gained.

Grasim Industries was off 0.19%. Grasim has exposure to the cement sector through its holding in

Skipper jumped 6.03% after net profit rose 46.12% to Rs 52.78 crore on 8.02% growth in net sales to Rs 564.66 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 15 May 2017.

Vaibhav Global rose 3.26% after consolidated net profit surged 122.8% to Rs 19.58 crore on 8.2% growth in net sales to Rs 375.87 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 15 May 2017.

On the macro front, India's merchandise exports grew in double digits in dollar terms for the third consecutive month in April. Data released by the government yesterday, 15 May 2017 showed that exports grew 19.77% in April to $24.63 billion while imports rose 49.07% to $37.88 billion, leaving a trade gap of $13.24 billion.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, May 16 2017. 10:28 IST