Broad market depicts strength

Key benchmark indices traded firm in positive terrain in morning trade. At 10:15 IST, the barometer index, the S&P BSE Sensex rose 199.62 points or 0.62% at 32,472.23. The Nifty 50 index advanced 72.15 points or 0.72% at 10,157.55. Strong global cues lifted investors' spirit in opening trade. Later, market sentiment remained buoyant amid impressive gains on Wall Street Friday and positive trading on Asian bourses.

The S&P BSE Mid-Cap index rose 0.8%. The S&P BSE Small-Cap index advanced 0.93%. Both these indices outperformed the Sensex.

Closer home, the broad market depicted strength. There were three gainers for every loser on the BSE. 1,549 shares rose and 515 shares declined. A total of 94 shares were unchanged.

Telecom stocks advanced. Bharti Airtel (up 0.99%), Idea Cellular (up 1.63%) and Bharti Infratel (up 2.95%) edged higher. Reliance Communications (down 2.2%) declined.

Realty stocks were mixed. Oberoi Realty (up 4.03%), HDIL (up 2.02%), DLF (up 1.49%) and Prestige Estates Projects (up 1.02%) edged higher. Indiabulls Real Estate (down 4.43%), Unitech (down 1.63%), Godrej Properties (down 0.82%) and Sobha (down 0.19%) edged lower.

Mahanagar Gas rose 1.21% at Rs 1,128.20 after the company said it has started Piped Natural Gas (PNG) supply in Dombivili (East) area of Maharashtra with the residential societies in Milap Nagar being the first households to receive domestic PNG. The announcement was made after market hours on Friday, 15 September 2017.

Among economic data, India's merchandise exports increased 10.3% to $23.82 billion in August 2017 over a year ago. Meanwhile, merchandise imports jumped 21% to $35.46 billion. The trade deficit galloped 51.1% to $11.64 billion in August 2017 from $7.71 billion in August 2016, data released by the government after trading hours on Friday, 15 September 2017 showed.

As per the data released by the Reserve Bank of India, India's services exports increased 3.2% to $13.18 billion in July 2017 over July 2016. Meanwhile, India's services imports declined 1% to $7.33 billion in July 2017. India's services trade surplus improved 8.9% to $5.84 billion in July 2017 from $5.37 billion in July 2016.

Overseas, Asian stocks edged higher as investors anticipated clues on the direction of monetary policy from central banks later in the week. Japan markets are closed for a public holiday. US stocks rose to record levels on Friday, 15 September 2017, posting sharp weekly gains, with a big assist from rallying telecommunication and bank shares as Wall Street shook off North Korea's latest missile launch.

Meanwhile, the Federal Reserve's interest rate decision is scheduled on Wednesday, 20 September 2017.

Among global events, European Union economic and financial affairs ministers held an informal meeting in Tallinn, Estonia on Friday, 15 September 2017 and emphasized that the strength of the entire EU is dependent on the strength of the economic and monetary union. The implementation of the Greek programme and the third review dominated the meeting, noted Eurogroup president Jeroen Dijsselbloem at a press conference after the end of the meeting, as per reports.

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