Market registers modest gains

Market registered modest gains in a broadly firm session of trade. The barometer index, the S&P BSE Sensex rose 160.43 points or 0.5% at 32,433.04, as per the provisional closing data. The Nifty 50 index advanced 69.70 points or 0.69% at 10,155.10, as per the provisional closing data. Telecom stocks gained. Index heavyweights Hindustan Unilever and L&T advanced.

Strong global cues lifted investors' spirit in opening trade. Later, market sentiment remained buoyant till mid-afternoon trade helped by positive European stocks. However, indices slightly pared intraday gains in late trade.

The Sensex surged 235.45 points or 0.72% at the day's high of 32,508.06 in early trade, its highest level since 2 August 2017. It rose 88.64 points or 0.27% at the day's low of 32,361.25 in morning trade. The Nifty surged 86.30 points or 0.85% at the day's high of 10,171.70 in mid-afternoon trade, a record high. It rose 45.90 points or 0.45% at the day's low of 10,131.30 in morning trade.

Among other indices, the S&P BSE Mid-Cap index provisionally rose 0.73%. The S&P BSE Small-Cap index provisionally advanced 0.87%. Both these indices outperformed the Sensex.

The breadth, indicating the overall health of the market, was positive. On the BSE, 1,526 shares rose and 1,106 shares declined. A total of 168 shares were unchanged.

Telecom and telecom tower infrastructure stocks advanced. Idea Cellular (up 3.39%), Bharti Infratel (up 4.7%) and Bharti Airtel (up 0.16%) edged higher. Reliance Communications (down 1.46%) declined.

Mahindra & Mahindra (M&M) fell 0.07% at Rs 1,292.15. The company and Ford Motor Company announced their intent of exploring a strategic alliance, designed to leverage the benefits of Ford's global reach and expertise and Mahindra's scale in India and its successful operating model. The announcement was made during market hours today, 18 September 2017.

Tata Motors rose 0.79% at Rs 404.40 on reports that the company's compact sport utility vehicle (SUV) offering Nexon will be launched on 21 September 2017. As per reports, Nexon will be offered in four variants each -- XE, XM, XT, and XZ+ -- in both petrol and diesel models and will come donned in five colours -- Moroccan blue, Vermont red, Seattle silver, Glasgow grey and Calgary white, reports indicated. Launch of Nexon will mark the company's foray into the rapidly growing compact sport utility vehicle (SUV) segment in India. The vehicle will then compete against primary rivals like the Maruti Suzuki Vitara Brezza and Ford EcoSport, reports added.

Vascon Engineers surged 10.5% at Rs 38.95 after the company said that it has received letter of award (sub-contract) from Shapoorji Pallonji and Company, a domestic entity for the work of civil construction of affordable housing in Adoni Municipal Area and Nandyal Municipal Area of Kurnool District in Andhra Pradesh amounting to Rs 235.76 crore. The work has to be completed within 13 months from the date of receipt of work order. The announcement was made during market hours today, 18 September 2017.

The total turnover on BSE amounted to Rs 4272.24 crore, lower than turnover of Rs 4326 crore registered during the previous trading session.

Among economic data, India's merchandise exports increased 10.3% to $23.82 billion in August 2017 over a year ago. Meanwhile, merchandise imports jumped 21% to $35.46 billion. The trade deficit galloped 51.1% to $11.64 billion in August 2017 from $7.71 billion in August 2016, data released by the government after trading hours on Friday, 15 September 2017 showed.

As per the data released by the Reserve Bank of India, India's services exports increased 3.2% to $13.18 billion in July 2017 over July 2016. Meanwhile, India's services imports declined 1% to $7.33 billion in July 2017. India's services trade surplus improved 8.9% to $5.84 billion in July 2017 from $5.37 billion in July 2016.

Overseas, European and Asian stocks edged higher as investors anticipated clues on the direction of monetary policy from central banks later in the week. The US Federal Reserve's interest rate decision is scheduled on Wednesday, 20 September 2017.

European Union economic and financial affairs ministers held an informal meeting in Tallinn, Estonia on Friday, 15 September 2017 and emphasized that the strength of the entire EU is dependent on the strength of the economic and monetary union. The implementation of the Greek programme and the third review dominated the meeting, noted Eurogroup president Jeroen Dijsselbloem at a press conference after the end of the meeting, as per reports.

US stocks rose to record levels on Friday, 15 September 2017, posting sharp weekly gains, with a big assist from rallying telecommunication and bank shares as Wall Street shook off North Korea's latest missile launch.

In the economic news, US industrial output fell in August for the first time since January as Hurricane Harvey battered oil, gas and chemical plants along the Gulf Coast and a cool summer sapped utility demand in the east, the Federal Reserve said on Friday, 15 September 2017. Overall industrial production fell 0.9% over the month after a July increase revised upward to 0.4%.

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