Key indices strengthened and hit fresh intraday high in afternoon trade. At 13:20 IST, the barometer index, the S&P BSE Sensex, was up 93.93 points or 0.27% at 34,527. The Nifty 50 index advanced 22.95 points or 0.22% at 10,655.15. Nifty hit fresh record high.
The trading was lackluster till early afternoon trade with the movement for key indices confined to a narrow range around the flat line. Indices strengthened and hit fresh intraday high in afternoon trade.
The breadth, indicating the overall health of the market, was strong. On the BSE, 1,741 shares rose and 1,022 shares declined. A total of 129 shares were unchanged.
Capital goods stocks were mixed.
Bharat Heavy Electricals (Bhel) (up 0.01%), Havells India (up 0.4%), and Bharat Electronics (up 0.19%) gained. ABB India (down 0.37%), L&T (down 0.78%), Thermax (down 0.47%), and Siemens (down 0.47%) declined.
Most metal & mining stocks gained. JSW Steel (up 0.21%), Bhushan Steel (up 0.01%), Hindustan Copper (up 1.01%), Jindal Steel & Power (up 0.13%), Tata Steel (up 0.17%), National Aluminum Company (up 0.65%) and NMDC (up 0.29%) gained. Vedanta (down 0.55%), Steel Authority of India (Sail) (down 0.15%), Hindalco Industries (down 0.41%) and Hindustan Zinc (down 0.3%) declined.
On the macro front, according to the World Bank's Global Economic Prospects report released yesterday, 10 January 2018, India is likely to reclaim its position from China as the fastest growing major economy in 2018, with growth expected to accelerate to 7.3% in the year. The World Bank also revised India's growth estimate for 2017 to 6.7% from 7% projected in October, blaming short-term disruptions caused by the newly introduced goods and services tax (GST) and a softer-than-envisioned recovery in private investment. The report projected China's economic growth to slow to 6.4% in 2018 from 6.8% in 2017.
Meanwhile, the government is scheduled to announce industrial production data for November 2017 tomorrow, 12 January 2018. India's industrial production increased by 2.2% year-on-year in October, easing from an upwardly revised 4.1% gain in September.
The government will also announce tomorrow, 12 January 2018, inflation data based on consumer price index (CPI) for December 2017. Consumer prices increased 4.88% year-on-year in November, higher than 3.58% in October.
Overseas, Asian stocks edged lower after Wall Street slipped overnight on China bond report. US stocks fell yesterday, 10 January 2018 as investors fretted over the possibility of China halting its Treasury bond purchases and the US pulling out of North American Free Trade Agreement (NAFTA).
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)