Key benchmark indices were trading higher in morning trade. At 10:16 IST, the barometer index, the S&P BSE Sensex, was up 162.28 points or 0.51% at 31,849.80. The Nifty 50 index was up 46.75 points or 0.47% at 9,981.55. Positive cues from other Asian stocks boosted investors sentiment.
Nifty pared gains after touching the psychologically important 10,000 mark. The Sensex hit its highest intraday level in one week. The Nifty hit its highest intraday level in more than one month. The Sensex rose 186.61 points, or 0.59% at the day's high of 31,874.13 in early trade, its highest level since 4 September 2017. The index rose 110.37 points, or 0.35% at the day's low of 31,797.89 in early trade. The Nifty rose 65.75 points, or 0.66% at the day's high of 10,000.55 in early trade, its highest level since 8 August 2017. The index rose 34 points, or 0.34% at the day's low of 9,968.80 in early trade.
Among secondary barometers, the BSE Mid-Cap index was up 0.75%. The BSE Small-Cap index was up 0.64%. Both these indices outperformed the Sensex.
The broad market depicted strength. There were more than two gainers against every loser on BSE. 1,345 shares rose and 502 shares fell. A total of 67 shares were unchanged.
Auto major Tata Motors was up 0.73% to Rs 377.80. With reference to news report captioned, "Workers' protest for pay hike at Tata Motors' Jamshedpur plant continues," Tata Motors clarified during trading hours today, 11 September 2017, that the information is not considered material as the said protest was limited to a very small section of temporary workers at Jamshedpur works and there will be no loss of production for the month. The statement carried in the media is incorrect. We would like to clarify that production at Jamshedpur is going on. A section of temporary workers instigated by some vested interests had staged a protest. In our continued commitment to maintain cordial relations with the workforce and in the long term interest of the organisation, the Company has successfully concluded its discussions with the concerned workers. These workers have ended the protest and the matter stands resolved.
IT stocks rose. Tech Mahindra (up 1.64%), MindTree (up 0.68%), MphasiS (up 0.68%), HCL Technologies (up 0.28%), Hexaware Technologies (up 0.15%), Persistent Systems (up 0.11%) and Wipro (up 0.07%), edged higher. TCS (down 0.14%) and Oracle Financial Services Software (down 0.56%), edged lower.
IT major Infosys was up 0.32% to Rs 887.20. The company announced during trading hours today, 11 September 2017, that it has completed the acquisition of Brilliant Basics, a London-based product design and customer experience (CX) innovator known for its world-class design thinking-led approach and experience in executing global programs. The acquisition is in accordance with the terms set out in the agreement announced by the company on 3 August 2017. Through this acquisition, Infosys further expands its worldwide connected network of Digital Studios that are focused on fulfilling the needs of global clients for end-to-end Digital Transformation solutions required to meet customer demand for next-generation enhanced customer experiences. The addition of Brilliant Basics extends Infosys' digital design services network to include Europe and the Middle East, and enhances the company's expertise across financial services, retail and telco sectors.
Cement stocks were in demand. UltraTech Cement (up 1.36%), Ambuja Cements (up 0.76%) and ACC (up 0.4%), edged higher.
Grasim Industries was up 0.73%. Grasim has exposure to cement sector through its holding in UltraTech Cement.
Overseas, Asian shares edged higher after North Korean dictator Kim Jong Un decided to hold a party over the weekend rather than launch another missile. The United States and its allies had been bracing for another long-range missile launch by North Korea in time for the 69th anniversary of North Korea's founding on Saturday, 9 September 2017.
Investors, however, remained cautious over the possible economic impact of Hurricane Irma in the US as it chewed its way up the Florida coast, knocking out electricity to 3 million homes and businesses statewide.
US equity benchmarks ended Friday, 8 September 2017, on a mixed note, with both the S&P 500 and the Nasdaq Composite in the red but the Dow Jones Industrial Average slightly higher as Hurricane Irma made landfall in Florida over the weekend. Tensions with North Korea also weighed on investors' minds, as the market fears the country will test a ballistic missile to commemorate its founding on Saturday. The S&P 500 slipped 0.1% to 2,462. The tech-focused Nasdaq Composite Index weakened 0.7% to 6,357. The Dow finished the week more or less flat at 21,789.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content