Market comes off day's high

Key benchmark indices came off day's high in morning trade. At 10:17 IST, the barometer index, the S&P BSE Sensex, was up 152.87 points or 0.50% at 30,617.79. The Nifty 50 index was up 29.70 points or 0.32% at 9,457.60. Investors sentiment were strong following positive Asian stocks.

The Sensex rose 247.23 points, or 0.81% at the day's high of 30,712.15 at the onset of trading session. The index rose 140.53 points, or 0.46% at the day's low of 30,605.45 in morning trade. The Nifty rose 70.75 points, or 0.75% at the day's high of 9,498.65 at the onset of trading session. The index rose 29.20 points, or 0.31% at the day's low of 9,457.10 in morning trade.

Among secondary barometers, the BSE Mid-Cap index was down 0.27%. The BSE Small-Cap index was up 0.08%. Both these indices underperformed the Sensex.

The market breadth indicating the overall health of the market was positive. On BSE, 1,149 shares rose and 955 shares fell. A total of 127 shares were unchanged.

Metal shares were in demand. Vedanta (up 1.09%), Jindal Steel & Power (up 1.03%), Hindustan Zinc (up 0.75%), Tata Steel (up 0.59%), JSW Steel (up 0.49%), Hindalco Industries (up 0.47%), NMDC (up 0.37%), Steel Authority of India (up 0.25%), Hindustan Copper (up 0.22%) and Bhushan Steel (up 0.05%), edged higher.

Meanwhile, copper price edged lower in the global commodities markets. High Grade Copper for July 2017 delivery was currently down 0.35% at $2.5725 per pound on the COMEX.

Most FMCG shares edged higher. Nestle India (up 1.36%), Marico (up 0.84%), Godrej Consumer Products (up 0.78%), Britannia Industries (up 0.72%), Bajaj Corp (up 0.63%), Dabur India (up 0.54%), Hindustan Unilever (up 0.44%), Jyothy Laboratories (up 0.40%), Colgate Palmolive (India) (up 0.26%) and Tata Global Beverages (up 0.23%), edged higher. Procter & Gamble Hygiene & Health Care was down 0.15%.

Just Dial lost 2.69% after net profit fell 37.1% to Rs 25.35 crore on 5.9% growth in net sales to Rs 181.72 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours on Friday, 19 May 2017.

Overseas, Asian equities were trading higher, following the continued recovery on Wall Street last week. Investors shrugged off a weekend missile test by North Korea that raised further concerns on its ability to deliver a nuclear warhead as far as the US states of Hawaii and Alaska.

Japan's Nikkei 225 was up 0.43%. Japanese exports rose 7.5% in April, buoyed by strong demand in Asia for semiconductors, semiconductor-making equipment and steel. It was the fifth consecutive month of increase for exports, data from Japan's Ministry of Finance showed.

US stocks rose on Friday, 19 May 2017, but closed below their session highs on renewed concerns about Donald Trump's presidency, following two new media reports of possible coordination between Russia and Trump's election campaign.

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