Metal shares in demand

Key benchmark indices extended early gains and hit fresh intraday higher in morning trade. At 10:16 IST, the barometer index, the S&P BSE Sensex, was up 152.79 points or 0.57% at 26,785.92. The Nifty 50 index was currently up 52.20 points or 0.64% at 8,242.70.

The Sensex hit its highest intraday level in almost two months. The Nifty hit its highest intraday level in almost one month. The Sensex rose 189.62 points, or 0.71% at the day's high of 26,822.75 in morning 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 61.35 points, or 0.75% at the day's high of 8,251.85 in morning 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 0.73%. The BSE Small-Cap index was currently up 0.81%. Both these indices outperformed the Sensex.

The broad market depicted strength. There were more than three gainers against every loser on BSE. 1,628 shares rose and 454 shares fell. A total of 82 shares were unchanged.

Metal shares were in demand. Hindustan Copper (up 2.98%), JSW Steel (up 2.30%), Hindustan Zinc (up 2.25%), Vedanta (up 1.84%), Steel Authority of India (up 1.78%), Tata Steel (up 1.32%), Hindalco Industries (up 1.23%), Jindal Steel & Power (up 1.12%), National Aluminium Company (up 0.91%), Bhushan Steel (up 0.60%) and NMDC (up 0.56%), edged higher.

Meanwhile, copper price edged higher in the global commodities markets. High Grade Copper for March 2017 delivery was currently up 0.16% at $2.5605 per pound on the COMEX.

Power generation stocks edged higher. Jaiprakash Power Ventures (up 4.28%), GMR Infrastructure (up 1.49%), JSW Energy (up 1.47%), CESC (up 1.42%), Reliance Infrastructure (up 1.39%), Reliance Power (up 1.30%), NHPC (up 0.91%), Adani Power (up 0.79%), Torrent Power (up 0.59%), Tata Power (up 0.53%) and NTPC (up 0.46%), edged higher.

State-run Coal India was up 0.70%. State-run Power Grid Corporation of India was up 0.94%.

Pratibha Industries rose 1.54% after the company announced that a meeting of the board of directors of the company shall be held on 7 January 2017, to consider and approve, the issue and allotment of shares on preferential basis to the lenders of the company, who have not subscribed the shares till 4 January 2017 under strategic debt restructuring (SDR) scheme. The announcement was made before market hours today, 5 January 2017.

On the political front, assembly elections in UP, Punjab, Uttarakhand, Goa and Manipur will be held between 4 February 2017 and 8 March 2017, the results of which will be announced on 11 March 2017.

Overseas, most Asian stocks edged higher today, 5 January 2017, underpinned by a firm closing at the Wall Street. 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. Japan's Nikkei 225 was down 0.39%.

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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