Market extends intraday gains

Buying continued unabated as key benchmark indices hit fresh intraday high in mid-afternoon trade. At 14:16 IST, the barometer index, the S&P BSE Sensex, was up 223.52 points or 0.84% at 26,856.65. The Nifty 50 index was currently up 78.85 points or 0.96% at 8,269.35. The broad market depicted strength. Positive global stocks boosted sentiment on the domestic bourses.

The Sensex hit its highest intraday level in almost two months in mid-morning trade. The Nifty hit its highest intraday level in almost one month in afternoon trade. The Sensex rose 266.75 points, or 1% at the day's high of 26,899.88 mid-afternoon trade, its highest level since 11 November 2016. The index rose 105.29 points, or 0.40% at the day's low of 26,738.42 at the onset of trading session. The Nifty rose 88.40 points, or 1.08% at the day's high of 8,278.90 in mid-afternoon trade, its highest level since 9 December 2016. The index rose 33.20 points, or 0.41% at the day's low of 8,223.70 at the onset of trading session.

Among secondary barometers, the BSE Mid-Cap index was currently up 0.98%. The BSE Small-Cap index was currently up 0.89%. Both these indices outperformed the Sensex.

The broad market depicted strength. There were more than two gainers for every loser on BSE. 1,913 shares rose and 792 shares fell. A total of 145 shares were unchanged.

Capital goods shares were mixed. Punj Lloyd (up 3.05%), Crompton Greaves (up 1.64%), Siemens (up 1.41%), Suzlon Energy (up 1.34%), Havells India (up 1.31%), Jindal Saw (up 1.21%), BEML (up 0.72%), Thermax (up 0.62%), Bharat Heavy Electricals (up 0.55%), Bharat Electronics (up 0.55%), Reliance Defence and Engineering (up 0.36%) and GE T&D India (up 0.33%), edged higher. Lakshmi Machine Works (down 0.04%), Praj Industries (down 0.23%), AIA Engineering (down 0.4%), GE Power India (down 0.4%), SKF India (down 0.4%) and ABB India (down 0.67%), edged lower.

Engineering and construction major L&T was up 1.41% at Rs 1,395.40.

Most pharmaceutical shares edged higher. Aurobindo Pharma (up 2.69%), Strides Shasun (up 1.94%), Cipla (up 1.92%), Dr Reddy's Laboratories (up 1.33%), Lupin (up 1.31%), Divi's Laboratories (up 1.29%), Sun Pharmaceutical Industries (up 1.25%), IPCA Laboratories (up 0.86%), Wockhardt (up 0.71%), Cadila Healthcare (up 0.19%), Glenmark Pharmaceuticals (up 0.14%) and Piramal Enterprises (up 0.13%), edged higher. Alkem Laboratories (down 0.48%) and GlaxoSmithKline Pharmaceuticals (down 0.72%), edged lower.

BGR Energy Systems lost 1.12% to Rs 124, with the stock sliding on profit booking after a recent sharp rally. Shares of BGR Energy Systems rallied 16.97% in preceding seven straight trading sessions to settle at Rs 125.40 yesterday, 4 January 2017, from its close of Rs 107.20 on 26 December 2016. The stock had settled higher by surging 6.32% in a single trading session yesterday, 4 January 2017, after the company during market hours announced that it has recently won two large value contracts aggregating to Rs 650 crore for water treatment projects.

The company had in November 2016 announced receiving a letter of award from Neyveli Uttar Pradesh (NUPPL) for balance of plant (BoP) contract for the 3 x 660 megawatts (MW) super critical Ghatampur thermal power project, Uttar Pradesh. The total lump sum price of this contract was Rs 2788.60 crore. BGR Energy Systems' order book now stands at Rs 10425 crore.

Overseas, most shares in Europe opened lower today, 5 January 2017, after minutes from the last US Federal meeting showed willingness to increase rates at a faster pace. UK's FTSE 100 was up 0.27%.

Most Asian stocks edged higher today, 5 January 2017, underpinned by a firm closing at the Wall Street. Japan's Nikkei 225 index fell 0.37%. US stocks closed just shy of record levels yesterday, 4 January 2017, following the release of the Federal Reserve's policy minutes from its December meeting and a strong showing in auto sales.

The Fed said interest-rate hikes may come at a faster-than-expected pace, according to minutes from the Federal Open Market Committee's 13-14 December 2016 meeting.

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