After hitting record highs in early trade on firm global cues, key benchmark indices traded with modest gains in morning trade. At 10:15 IST, the barometer index, the S&P BSE Sensex, advanced 187.65 points or 0.55% at 34,341.50. The Nifty 50 index rose 53.35 points or 0.51% at 10,612.20.
The broad market depicted strength. There were more than two gainers against every loser on the BSE. 1,702 shares advanced and 762 shares declined. A total of 90 shares were unchanged.
Power generation and power distribution stocks advanced. Jaiprakash Power Ventures (up 4.59%), Reliance Power (up 2.13%), Adani Power (up 1.29%), GMR Infrastructure (up 0.94%), JSW Energy (up 0.66%), Power Grid Corporation of India (up 0.57%), CESC (up 0.51%), Torrent Power (up 0.37%) and NTPC (up 0.23%) gained. NHPC (down 0.6%) and Reliance Infrastructure (down 0.09%) edged lower.
Tata Power Company was up 0.05%. With regard to a media article titled Adani, JSW & Tatas bid for stake in GMR's power plant, the company informed that it has not participated in any such expression of interest. However, the company understands that the bid may have been submitted by Resurgent Power Ventures Pte in which Tata Power has a minority stake, it said in a statement. The announcement was made during market hours today, 8 January 2018.
Seamec gained 2.14% at Rs 174.05 after the company said it has entered into a contract for charter hire of vessel 'SEAMEC III' with IGOPL Offshore for undertaking a job in Mumbai High Offshore. The charter is for firm period of 100 days with option for extension. The contract will commence around 10 January 2018. The value of charter during firm period is $2.4 million. The announcement was made after market hours on Friday, 5 January 2018.
Goa Carbon was locked in 5% upper circuit at Rs 1,061.05 after the company reported net profit of Rs 22.50 crore in Q3 December 2017 compared to net loss of Rs 0.93 crore in Q3 December 2016. Net sales rose 159.6% to Rs 186.60 crore in Q3 December 2017 over Q3 December 2016. The result was announced 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, Asian stocks edged higher following firm US lead as investors awaited upcoming earnings releases. 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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