Indices scale record high

Key benchmark indices edged higher and hit fresh record highs in early trade, with indices extending recent gains. At 9:30 IST, the barometer index, the S&P BSE Sensex was up 43.51 points or 0.14% at 31,353. The Nifty 50 index was up 7 points or 0.07% at 9,682.10. The Sensex and the Nifty, both, hit fresh record highs. Local indices shrugged weak global peers. Nifty scaled above 9,700 mark for the first time in history.

The S&P BSE Mid-Cap index rose 0.11%, underperforming the Sensex. The S&P BSE Small-Cap index advanced 0.18%, outperforming the Sensex.

The breadth, indicating the overall health of the market, was strong. On the BSE, 804 shares rose and 465 shares declined. A total of 54 shares were unchanged.

TCS (up 3.15%), Tata Motors (up 1.16%) and Infosys (up 1.02%) gained.

Wipro declined 0.36% after the company issued clarification to the stock exchanges regarding media news item titled Wipro promoters in early stage of evaluating sale of part or whole business. The company said that the news article is baseless and malicious. There is no truth to these unsubstantiated rumors, it added. The announcement was made after market hours yesterday, 5 June 2017.

Grasim Industries gained 0.56%. The company said that the National Company Law Tribunal (NCLT), bench at Ahmedabad, approved of the merger of Aditya Birla Nuvo (ABNL) and Grasim Industries to be followed by the listing of Aditya Birla Financial Services (ABFSL). The announcement was made after market hours yesterday, 5 June 2017.

State Bank of India (SBI) rose 1.44% after the company said that the meeting of the Committee of Directors will be held on Thursday, 8 June 2017 to consider and approve the issue price for the equity shares proposed to be issued pursuant to the qualified institutional placement (QIP). The announcement was made after market hours yesterday, 5 June 2017.

Overseas, Asian stocks declined following the lower close on Wall Street yesterday, 5 June 2017, and as markets digested the impact of diplomatic tensions between Qatar and other Middle Eastern nations. South Korean markets are closed for Memorial Day.

Saudi Arabia, Egypt, Bahrain, and the United Arab Emirates all severed diplomatic ties with Doha, accusing it of meddling in their internal affairs and backing terrorism, which the country denies.

Stocks in the US closed the session lower yesterday, 5 June 2017 after hitting record highs before the weekend as investors grapple with a variety of geopolitical issues, both domestic and abroad.

On the data front, the latest read on first-quarter output was raised to 1.7% from 1%, while a read on productivity was raised from a -0.6% read to an unchanged level. The Institute for Supply Management's index on the services sector fell 0.6 points in May, though it remains in solidly positive territory.

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