Key benchmarks hit fresh record high

Key benchmark indices extended early gains and hit fresh record high levels in morning trade. At 10:33 IST, the barometer index, the S&P BSE Sensex, was up 312.86 points or 0.87% at 36,363.30. The Nifty 50 index was up 83.25 points or 0.75% at 11,152.90.

The Sensex rose 321.95 points, or 0.89% at the day's high of 36,372.39 in morning trade, its record high level. The index rose 42.92 points, or 0.12% at the day's low of 36,093.36 in early trade. The Nifty rose 86.15 points, or 0.78% at the day's high of 11,155.80 in morning trade, its record high level. The index rose 6.30 points, or 0.06% at the day's low of 11,075.95 in early trade.

Among secondary barometers, the BSE Mid-Cap index was up 0.19%. The BSE Small-Cap index was up 0.14%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was positive. On BSE, 1335 shares rose and 987 shares fell. A total of 138 shares were unchanged.

Metal shares were in demand. Hindustan Zinc (up 3.97%), Bhushan Steel (up 3.59%), Tata Steel (up 2.25%), Vedanta (up 1.95%), NMDC (up 1.88%), JSW Steel (up 1.75%), National Aluminium Company (up 0.65%), Hindalco Industries (up 0.56%), Hindustan Copper (up 0.52%) and Steel Authority of India (up 0.11%), edged higher. Jindal Steel & Power was down 2.98%.

Meanwhile, copper price edged higher in the global commodities markets. High Grade Copper for March 2018 delivery was currently up 0.88% at $3.227 per pound on the COMEX.

Power generation stocks were mixed. Adani Power (down 1.7%), Jaiprakash Power Ventures (down 0.98%), Torrent Power (down 0.98%), Reliance Infrastructure (down 0.73%), JSW Energy (down 0.63%), Reliance Power (down 0.42%) and Tata Power (down 0.22%), edged lower. NHPC (up 0.17%), NTPC (up 0.17%), CESC (up 0.81%) and GMR Infrastructure (up 1.10%), edged higher.

State-run Power Grid Corporation of India was up 0.46%. State-run Coal India was up 1.07%.

On the macro front, the total revenue received under Goods and Services Tax (GST) for the month of December 2017 (received in December/January up to 24 January 2018) has been Rs 86703 crore till 24 January 2018. The last date for filing of GSTR 3B return for the month of December 2017 was 22 January 2018, the Finance Ministry said in a statement on 25 January 2018.

The next major trigger for the market is Union Budget 2018-19, which will be presented by the finance minister Arun Jaitley in the parliament on Thursday, 1 February 2018.

President Ram Nath Kovind will address the joint sitting of the two Houses today, 29 January 2018, and the Economic Survey will be tabled on the same day. The first phase of the budget session of the parliament will be held from 29 January 2018 to 9 February 2018. After a recess, Parliament will meet again from 5 March 2018 to 6 April 2018, as per reports.

Overseas, most Asian shares were trading higher. US stocks surged on Friday, 26 January 2018. A reading of fourth-quarter gross domestic product came in slightly softer than expected but was viewed by investors as healthy enough to perceive that the economy is on firm footing. The Dow Jones Industrial Average rose 0.85%. The S&P 500 index climbed 1.18%. The Nasdaq Composite Index surged 1.28%.

US gross domestic product (GDP) for the fourth quarter rose 2.6% as consumption and business activity picked up.

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