Key indices continue to hover in positive terrain

Key benchmark indices continued to hover in positive zone in mid-afternoon trade after hitting intraday lows in the afternoon trade. At 14:15 IST, the barometer index, the S&P BSE Sensex, rose 171 points or 0.5% at 34,324.85. The Nifty 50 index rose 47.55 points or 0.45% at 10,606.40. Positive global cues boosted investors' sentiment.

Key benchmark indices had opened the session on a strong note with the Sensex and the Nifty hitting record highs in early trade, tracking firmness in Asian markets and strong finish on Wall Street overnight. Indices hit fresh record highs in mid-morning trade and later hovered with modest gains. Indices hit intraday lows in afternoon trade.

Among secondary indices, the S&P BSE Mid-Cap index rose 0.83%. The S&P BSE Small-Cap index advanced 0.8%. Both these indices outperformed the Sensex.

Overseas, European and Asian stocks edged higher following firm US lead as investors awaited upcoming earnings releases. In Europe, Chancellor Angela Merkel of Germany sounded optimistic about reaching a deal with the Social Democrats and thus avoiding fresh elections. In the UK, Prime Minister Theresa May said over the weekend there would be a cabinet reshuffle this week.

US stocks rose to record levels on Friday, 5 January 2018 even as Wall Street shook off jobs data that missed expectations. The US economy added 148,000 jobs in December, according to the Labor Department, as against expectations of 190,000 jobs.

Closer home, the breadth, indicating the overall health of the market, was strong. On the BSE, 1,793 shares advanced and 1,106 shares declined. A total of 132 shares were unchanged.

Gas utility stocks nudged higher. Petronet LNG (up 1.15%), Gujarat Gas (up 1.14%) and GAIL (India) (up 0.54%) gained. Indraprastha Gas (down 0.62%) and Gujarat State Petronet (down 0.43%) declined.

Aviation stocks rose. InterGlobe Aviation (up 1.71%) and Jet Airways (India) (up 0.04%) edged higher. SpiceJet (down 0.49%) dropped.

The 14-day long winter session of the Parliament concluded on Friday, 5 January 2018. The Speaker said that 16 bills were introduced in the Lok Sabha by the government in the session, of which 12 bills including the triple talaq bill was passed. Important bills passed during the session also included the Requisitioning and Acquisition of Immovable Property Bill and the Goods and Services Tax (Compensation to States) Amendment Bill.

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