Nifty hits record high

After trading in the negative zone till morning trade, key benchmark indices entered into positive zone in the mid-morning trade. At 11:19 IST, the barometer index, the S&P BSE Sensex rose 35.17 points or 0.11% at 32,668.81. The Nifty 50 index advanced 19 points or 0.19% at 10,249.85. The Nifty hit record high in mid-morning trade.

Market sentiment was subdued ahead of the long Diwali weekend. Also, investors remained on the side lines for a possible correction in the market after the key indices hit record highs yesterday, 16 October 2017.

The S&P BSE Mid-Cap index rose 0.44%. The S&P BSE Small-Cap index advanced 0.61%. Both the indices outperformed the Sensex.

The breadth, indicating the overall health of the market, was positive. On the BSE, 1,295 shares rose and 937 shares declined. A total of 107 shares were unchanged.

Realty stocks were mostly higher. DLF (up 2.66%), Indiabulls Real Estate (up 2.64%), D B Realty (up 1.17%), HDIL (up 1.08%), Prestige Estates Projects (up 0.42%) and Sobha (up 0.09%) gained. Oberoi Realty (down 2.53%), Unitech (down 0.82%) and Godrej Properties (down 0.09%) declined.

IT stocks were mixed. HCL Technologies (up 0.07%) and Persistent Systems (up 0.28%) edged higher.

TCS rose 0.52% at Rs 2,598.55 after the company announced that it has launched Connected Clinical Trials (CCT), an innovative software as a service (SaaS) platform that enables pharmaceutical companies to significantly transform patient engagement in clinical trials and improve the efficiency and accountability of the clinical supply process. The announcement was made after market hours yesterday, 16 October 2017.

Wipro rose 0.6% at Rs 291.80. The company is set to announce Q2 September 2017 results today, 17 October 2017.

Hatsun Agro Product rose 2.09% at Rs 720 after net profit rose 17.35% to Rs 38.21 crore on 6.77% rise in total income to Rs 1069.65 crore in Q2 September 2017 over Q2 September 2016. The announcement was made after market hours yesterday, 16 October 2017.

Godawari Power & Ispat hit 5% upper circuit at Rs 130.20 on BSE after the company said that it received additional 28,700 metric tonnes of long-term coal linkage in coal linkage auction concluded on 16 October 2017 by Coal India. The announcement was made after market hours yesterday, 16 October 2017.

Atlas Cycles (Haryana) advanced 1.54% at Rs 419.40 after the company said that its board of directors fixed 31 October 2017 as the record date for 2 for 1 stock split. The announcement was made after market hours yesterday, 16 October 2017.

Overseas, Asian stocks edged higher tracking record closing on the Wall Street overnight. US stocks hit record highs yesterday, 16 October 2017 as Wall Street bets on another strong earnings season.

Among global news, reports suggested that North Korea's deputy UN ambassador warned yesterday, 16 October 2017 that the situation on the Korean Peninsula has reached the touch-and-go point and a nuclear war may break out any moment.

At the International Monetary Fund's (IMF) annual meeting, deputy managing director of the fund Tao Zhang was quoted as saying that China and emerging markets have to stay vigilant to possible risks. Emerging markets have major development needs, but they need to pay attention to how to better use their money, Zhang reportedly said.

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