Market trims early gains; breadth strong

The market trimmed gains after hitting fresh intraday high in morning trade. At 10:25 IST, the barometer index, the S&P BSE Sensex, was up 270.04 points or 0.76% at 35,919.98. The Nifty 50 index was up 75.75 points or 0.71% at 10,805.60. The Nifty was trading above 10,800 mark after opening above that level. The Sensex was trading below 36,000 mark after opening above that level. The sentiment was strong amid strong global cues.

The key indices jumped at opening trades and advanced further. However, the indices came off day's high in morning trade as profit selling emerged at higher levels.

Among secondary barometers, the BSE Mid-Cap index was up 0.32%. The BSE Small-Cap index was up 0.67%.

The market breadth, indicating the overall health of the market, was strong. On BSE, 1291 shares rose and 561 shares fell. A total of 104 shares were unchanged.

Metal shares were mixed. Hindustan Copper (up 2.01%), Hindalco Industries (up 1.9%), Hindustan Zinc (up 1%), Vedanta (up 0.94%), National Aluminium Company (up 0.8%) and Tata Steel (up 0.34%), edged higher. Steel Authority of India (down 0.1%), NMDC (down 0.21%) and Jindal Steel & Power (down 1.23%), edged lower.

FMCG shares advanced. Bajaj Corp (up 1.26%), Jyothy Laboratories (up 1.13%), Colgate Palmolive (India) (up 1.06%), Nestle India (up 0.94%), Hindustan Unilever (up 0.81%), GlaxoSmithKline Consumer Healthcare (up 0.76%), Godrej Consumer Products (up 0.63%), Marico (up 0.58%), Dabur India (up 0.30%), Britannia Industries (up 0.27%) and Procter & Gamble Hygiene & Health Care (up 0.27%), edged higher. Tata Global Beverages was down 0.62%.

Meanwhile, the Reserve Bank of India (RBI) on Wednesday constituted an expert committee to review the extant economic capital framework of the central bank. The committee will be headed by Bimal Jalan, former RBI governor, while Rakesh Mohan, former deputy governor and former DEA (Department of Economic Affairs) secretary, is the vice chairman of the committee.

Overseas, Asian shares rose across the board on Thursday following an overnight surge in stocks on Wall Street.

In US, the Dow logged a 1,000-point gain as equities roared back from oversold conditions. Shoppers delivered the strongest holiday sales increase for US retailers in six years, according to Mastercard Spending Pulse, which tracks online and in-store spending with all forms of payment.

On the US data front, the Case-Shiller 20-city price index rose a seasonally adjusted 0.4% in October, while the year-over-year advance fell to 5% from a revised 5.2% in September.

In the global commodities markets, Brent for February 2019 settlement jumped $4 a barrel or 7.93% to settle at $54.47 a barrel during the previous trading session.

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