Indices further extend gains

The market further extended gains and hit fresh intraday high in the afternoon trade. At 13:25 IST, the barometer index, the S&P BSE Sensex, rose 295.65 points or 0.81% at 36,940.07. The Nifty 50 index advanced 85.30 points or 0.79% at 10,933.20. The Nifty faced stiff resistance at 10,950 mark.

The S&P BSE Mid-Cap index was up 0.35%. The S&P BSE Small-Cap index rose 0.47%.

The market breadth was strong. On the BSE, shares 1,342 rose and 824 shares fell. A total of 130 shares were unchanged.

Maruti Suzuki India (up 2.87%), NTPC (up 2.63%), Bajaj Finance (up 2.23%), Eicher Motors (up 2.07%) and Bajaj Finserv (up 1.91%) advanced.

Indiabulls Housing Finance (down 3.56%), Wipro (down 2.23%), Yes Bank (down 0.73%), HCL Technologies (down 0.68%) and JSW Steel (down 0.65%) declined.

Reliance Industries (RIL) rose 2.01%. Jio announced the commencement of JioFiber, its Fiber to the Home service, across 1,600 cities in India on Thursday. JioFiber will offer broadband speed from 100 Mbps and go all the way up to 1 Gbps. JioFiber monthly plan rentals start at Rs 699 and go up to Rs 8,499. Reliance Jio Infocomm (Jio) is a subsidiary of RIL. The announcement was made after market hours yesterday, 5 September 2019.

TCS lost 0.49%. The IT major announced that it has expanded its strategic partnership with Posten Norge AS, a Nordic postal and logistics group, to build a digital stack that will enable product innovation and a superior customer experience. The announcement was made after market hours yesterday, 5 September 2019.

Tech Mahindra advanced 3.58%. The IT firm announced expansion of its strategic collaboration with AT&T to accelerate AT&T's IT network application, shared systems modernization and movement to the cloud. Tech Mahindra will assume management of many of the applications which support AT&T's network and shared systems. The announcement was made after market hours yesterday, 5 September 2019.

Sun Pharmaceutical Industries fell 2.54%. The drug maker clarified that a forensic audit has been ordered by Sebi w.r.t. the financial statements of Sun Pharmaceutical Industries for the financial years ending 31 March 2016, 31 March 2017 and 31 March 2018. The said forensic audit is presently ongoing.

Adani Ports and Special Economic Zone gained 0.11%. The company's buyback offer begins today, 6 September 2019 and will close on Friday, 20 September 2019.

Axis Bank rose 3.14% to Rs 669.65. A research house has maintained buy call on the stock, but cut target to Rs 875 from Rs 900 per share.

Overseas, European stocks were mixed as investors monitored Brexit uncertainty and awaited a fresh batch of economic data. Market participants continue to monitor political uncertainty in Britain, with 55 days to go until the world's fifth-largest economy is scheduled to leave the European Union (EU).

Asian stocks were trading higher on Friday amid signs of easing US-China trade tensions. As per reports, China and the US have agreed to hold the next round of trade negotiations in Washington in early October to end the bruising trade war following an agreement that both sides will jointly take concrete actions to create favourable conditions for the talks.

US stocks surged on Thursday on expectations of de-escalation in trade tensions after Washington and Beijing agreed to hold high-level talks next month, while strong US economic data eased fears of a domestic slowdown.

In economic data, the US services sector slowed in August, according to the Markit Services Purchasing Managers' Index, which fell from 53 in July to 50.7 in August. The more closely watched ISM nonmanufacturing index, however, came in at 56.4%, up from the 53.7% reading in July.

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