Indices extend initial gains

Key benchmark indices extended initial gains and hit fresh intraday high in morning trade as firmness in Asian stocks boosted sentiment. At 10:20 IST, the barometer index, the S&P BSE Sensex rose 245.25 points or 0.72% at 34,403.60. The Nifty 50 index gained 76.50 points or 0.73% at 10,577.40.

Among secondary indices, the S&P BSE Mid-Cap index rose 0.73%, outperforming the Sensex. The S&P BSE Small-Cap index gained 0.44%, underperforming the Sensex.

The breadth, indicating the overall health of the market, was positive. On the BSE, 1,341 shares rose and 946 shares dropped. A total of 92 shares were unchanged.

Realty stocks were mixed. DLF was up 1.43%, D B Realty 3.76%, Sobha 0.3%, Unitech 1.49%, and Oberoi Realty gained 4.34%. However, Indiabulls Real Estate was down 1.5%, Housing Development & Infrastructure (HDIL) 1.01%, and Godrej Properties fell 0.09%.

Metal and mining stocks advanced. Hindustan Zinc rose 1.65%, Vedanta 2.44%, Hindalco Industries 1.83%, Jindal Steel & Power 1.39%, Tata Steel 0.67%, Hindustan Copper 1.01%, NMDC 0.93%, JSW Steel 1.55%, Steel Authority of India 1.12% and National Aluminum Company gained 1.54%.

Jet Airways (India) fell 3.01% after net profit declined 45.9% to Rs 165.25 crore on 10.4% increase in net sales to Rs 6086.20 crore in Q3 December 2017 over Q3 December 2016. The results were announced after market hours yesterday, 14 February 2018.

NLC India lost 1.55% after net profit fell 6.65% to Rs 313.80 crore on 3.73% rise in total income to Rs 2031.95 crore in Q3 December 2017 over Q3 December 2016. The results were announced after market hours yesterday, 14 February 2018.

On the macro front, the government will announce inflation data based on wholesale price index (WPI) for January 2018 today, 15 February 2018. Wholesale prices in India rose by 3.58% year-on-year in December of 2017.

Overseas, Asian stocks gained taking cues from the rally on Wall Street overnight following the release of stronger-than-expected US inflation data. The consumer price index in US rose 0.5% last month, topping the forecast. Other economic data released overnight included US retail sales for the month of January, which missed expectations. Retail sales decreased 0.3% last month.

It is a shortened week for greater China markets, with mainland China markets remaining closed from 15 to 21 February 2018 and Hong Kong markets shut from 16 to 19 February 2018 for the Lunar New Year. Markets in South Korea, Taiwan and Vietnam are closed today for the Lunar New Year holiday.

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