Market extends intraday gains

Key benchmark indices extended intraday gains and hit fresh intraday high in afternoon trade. At 13:15 IST, the barometer index, the S&P BSE Sensex, was up 203.27 points or 0.76% at 27,102.83. The Nifty 50 index was up 76.45 points or 0.92% at 8,365.05. The Sensex was currently hovering above the psychological 27,000 level after crossing that level in early trade.

The Sensex rose 209.91 points or 0.78% at the day's high of 27,109.47 in afternoon trade, its highest level since 11 November 2016. It rose 78.88 points or 0.29% at the day's low of 26,978.44 in early trade. The Nifty rose 78.45 points or 0.95% at the day's high of 8,367.05 in afternoon trade, its highest level since 11 November 2016. It rose 33.65 points or 0.4% at the day's low of 8,322.25 in early trade.

The BSE Mid-Cap index was up 1.04%. The BSE Small-Cap index was up 1.01%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1,669 shares rose and 897 shares declined. A total of 144 shares were unchanged.

FMCG shares edged higher. Bajaj Corp (up 1.48%), Hindustan Unilever (up 1.43%), Britannia Industries (up 1.14%), Jyothy Laboratories (up 1.12%), Nestle India (up 0.72%), Tata Global Beverages (up 0.60%), Dabur India (up 0.54%), Procter & Gamble Hygiene & Health Care (up 0.08%), Godrej Consumer Products (up 0.03%) and Marico (up 0.02%), edged higher. GlaxoSmithKline Consumer Healthcare (down 0.14%) and Colgate Palmolive (India) (down 0.57%), edged lower.

Metal shares were in demand. Jindal Steel & Power (up 11.22%), JSW Steel (up 6.45%), National Aluminium Company (up 5.96%), Bhushan Steel (up 5.74%), Steel Authority of India (up 5.58%), Hindalco Industries (up 5.36%), Tata Steel (up 3.69%), NMDC (up 2.61%), Hindustan Zinc (up 2.04%), Vedanta (up 1.85%) and Hindustan Copper (up 1.40%), edged higher.

Meanwhile, copper price edged higher in the global commodities markets. High Grade Copper for March 2017 delivery was currently up 0.40% at $2.6230 per pound on the COMEX.

Overseas, Asian stock indices edged higher tracking mostly positive closing on the Wall Street overnight. Japan's Nikkei 225 Average settled 0.33% higher. Japan's leading index strengthened to the highest level in 15 months in November, survey data from the Cabinet Office showed today, 11 January 2017. The leading index, which measures the future economic activity, rose to 102.7 in November from 100.8 in October. The coincident index improved to 115.1, from 113.5 in October. The coincident indicator reflects the current economic activity.

US equities closed higher yesterday, 10 January 2017, as the Nasdaq composite notched a fresh record high.

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