Key benchmark indices extended gains and hit fresh intraday high in mid-morning trade. At 11:15 IST, the barometer index, the S&P BSE Sensex, was up 51.26 points or 0.16% at 32,376.67. The Nifty index was up 17.15 points or 0.17% at 10,083.55. Positive Asian stocks boosted sentiment on the domestic bourses.
Trading for the week kicked-off on a positive note as domestic stocks drifted higher in early trade in sync with Asian stocks. Volatility hit bourses in morning trade as the key benchmark indices regained positive zone soon after erasing early gains to hit intraday low in negative zone.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1,402 shares rose and 794 shares fell. A total of 124 shares were unchanged.
Overseas, Asian markets were trading higher after strong US hiring data bolstered optimism about economic growth in the world's largest economy. US stocks closed higher on Friday, 4 August 2017 with the Dow ending at a record for an eighth straight session following a read on the labor market that came in above expectations, a sign that current valuations may be supported by current economic activity.
On the economic front, the July payrolls report showed the US created 209,000 new jobs in July. The government raised its estimate of new jobs created in June to 231,000 from 222,000. Separately, the unemployment rate moved to 4.3% from 4.4%, retouching a 16-year low. The data is seen as crucial for the Federal Reserve as it decides whether to raise interest rates one more time this year.
Back home, most IT stocks declined. TCS (down 1.28%), Infosys (down 1.1%), HCL Technologies (down 0.78%), Tech Mahindra (down 0.45%) and MphasiS (down 0.2%) fell. Oracle Financial Services Software (up 0.34%), MindTree (up 0.3%) and Hexaware Technologies (up 0.89%) rose.
Wipro fell 0.31%. Wipro announced the availability of Data Discovery Platform, its big data analytics-as-a-service solution on Microsoft Azure. The solution accelerates insight-driven decision making through pre-built applications for specific industries, such as banking and financial services, retail, energy, education and manufacturing. The announcement was made before market hours today, 7 August 2017.
Most realty stocks gained. DLF (up 1.45%), Phoenix Mills (up 3.62%), Indiabulls Real Estate (up 2.67%), D B Realty (up 2.6%), Unitech (up 8.38%), Sobha (up 0.85%), Godrej Properties (up 1.77%) and Oberoi Realty (up 0.82%) gained. Housing Development and Infrastructure (down 5.61%), Prestige Estates Projects (down 2.21%), and Parsvnath Developers (down 1.52%) fell.
Gujarat State Fertilizers & Chemicals fell 3.05% after net profit fell 12.5% to Rs 40.52 crore on 10.4% increase in net sales to Rs 1137.57 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours on Friday, 4 August 2017.
Jaiprakash Associates surged 12.78% after the company reported net profit of Rs 764.99 crore in Q1 June 2017 compared with net loss of Rs 602.95 crore in Q1 June 2016. Jaiprakash Associates' net sales rose 44.2% to Rs 2491.40 crore in Q1 June 2017 over Q1 June 2016. The result was announced on Saturday, 5 August 2017.
Jaiprakash Associates' board at its meeting held on Saturday, 5 August 2017, approved proposal for seeking shareholders' approval by way of enabling special resolution at the ensuing annual general meeting for raising of funds through various means viz. equity/equity related instruments with various domestic/international options including QIP, rights issue, FPO/preferential issue/GDRs/ADRs/ECBs with right of conversion into equity shares, if any, or any other mode, upto Rs 2000 crore for meeting capital expenditure, reduction of debts, general corporate purposes and for raising working capital requirements for real estate business and other businesses.
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