Market pares gains

Key benchmark indices came off day's high in early afternoon trade as profit booking set in at higher levels. At 12:23 IST, the barometer index, the S&P BSE Sensex, was up 170.29 points or 0.52% at 32,767.47. The Nifty 50 index was up 61.35 points or 0.61% at 10,105.45.

Indices opened higher and extended intraday gains to hit fresh intraday high in mid-morning trade. However, profit selling trimmed some gains off key indices in early afternoon trade.

The Sensex rose 258.91 points, or 0.79% at the day's high of 32,856.09 in mid-morning trade, its highest intraday level since 5 December 2017. The index rose 0.94 points at the day's low of 32,598.12 in early trade. The Nifty rose 84.25 points, or 0.84% at the day's high of 10,128.35 in mid-morning trade, its highest intraday level since 5 December 2017. The index rose 17.80 points, or 0.18% at the day's low of 10,061.90 in early trade.

Among secondary barometers, the BSE Mid-Cap index was up 0.86%. The BSE Small-Cap index was up 0.81%. Both these indices outperformed the Sensex.

The broad market depicted strength. There were more than two gainers against every loser on BSE. 1,744 shares rose and 704 shares fell. A total of 117 shares were unchanged.

Auto major Tata Motors was up 1.56%. Jaguar Land Rover total vehicle sales rose 10% to 52,332 vehicles in November 2017 over November 2016, driven primarily by the introduction of the new Land Rover Discovery and the Range Rover Velar. Furthermore, retail sales of Jaguar's all new compact SUV, the E-PACE, began in the UK and Europe during November. The announcement was made during trading hours today, 7 December 2017.

Telecom shares were in demand. Reliance Communications (up 3.15%), MTNL (up 1.69%), Bharti Airtel (up 1.46%) and Idea Cellular (up 0.38%), edged higher. Tata Teleservices (Maharashtra) was down 0.46%.

Telecom tower infrastructure provider Bharti Infratel was up 0.45%.

Realty shares were in demand. Phoenix Mills (up 1.89%), Parsvnath Developers (up 1.75%), Sobha (up 1.63%), Godrej Properties (up 1.61%), Peninsula Land (up 1.46%), Indiabulls Real Estate (up 1.19%), Anant Raj (up 0.94%), Unitech (up 0.84%), Omaxe (up 0.51%), DLF (up 0.48%), Mahindra Lifespace Developers (up 0.26%), D B Realty (up 0.14%), Sunteck Realty (up 0.14%) and Housing Development and Infrastructure (HDIL) (up 0.09%), edged higher. Prestige Estates Projects was down 2.13%.

Pokarna tanked 8.49% after consolidated net profit fell 35.2% to Rs 12.06 crore on 9.3% decline in net sales to Rs 85.05 crore in Q2 September 2017 over Q2 September 2016. The result was announced after market hours yesterday, 6 December 2017.

The Phoenix Mills gained 1.89% after the company announced that the finance and investment committee of the board of directors of the company approved the issuance of commercial papers for an aggregate amount of upto Rs 200 crore, in one or more tranches. The announcement was made after market hours yesterday, 6 December 2017.

Overseas, most Asian shares declined as US policy uncertainty kept sentiment in check. US stocks ended mixed on Wednesday, as weakness in the energy sector spurred some minor selling that offset a recovery in the technology sector. The Dow Jones Industrial Average fell 0.16%. The S&P 500 fell 0.01%. The Nasdaq Composite Index rose 0.21%.

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