Nifty trades above 10,700 mark

The market extended gains and hit fresh intraday high in afternoon trade. At 13:20 IST, the barometer index, the S&P BSE Sensex, was up 159.05 points or 0.45% at 35,672.76. The Nifty 50 index was up 46.40 points or 0.43% at 10,718.65. The Nifty regained 10,700 mark.

Domestic stocks nudged higher in early trade as buying demand resumed in index pivotals after a two-day slide. Stocks reversed initial gains to sink in negative zone in morning trade. Volatility rose in mid-morning trade as the key benchmark indices once again regained positive zone. Indices extended gains and hit fresh intraday high in afternoon trade.

The S&P BSE Mid-Cap index was up 0.48%. The S&P BSE Small-Cap index was up 0.13%.

The market breadth, indicating the overall health of the market, was positive. The breadth alternately swung between positive and negative zone so far during the day. On the BSE, 1,238 shares rose and 1,100 shares fell. A total of 158 shares were unchanged.

Bharti Airtel (up 2.65%), Tata Motors (up 2.53%), Axis Bank (up 2.42%), State Bank of India (up 2.42%) and Yes Bank (up 1.96%), were the major Sensex gainers.

Infosys (down 1.21%), TCS (down 1%), IndusInd Bank (down 0.76%), Larsen & Toubro (down 0.73%), Hindustan Unilever (down 0.46%) and Wipro (down 0.4%), were the major Sensex losers.

HDFC rose 1.16%. HDFC announced that during the quarter ended 31 December 2018, it assigned loans amounting to Rs 6959 crore compared to nil in the corresponding quarter of the previous year. Individual loans sold in the preceding 12 months amounted to Rs 22732 crore compared to Rs 12078 crore in the corresponding period of the previous year.

Income from dividend for the quarter ended 31 December 2018 was Rs 2 crore compared to Rs 151 crore in the corresponding quarter of the previous year (which was inclusive of Rs 141 crore from HDFC Standard Life Insurance Company).

During the quarter ended 31 December 2018, there were no proceeds on account of sale of investments in subsidiary/associate companies. In the corresponding quarter of the previous year, HDFC earned a gross income of Rs 5257 crore from the stake sale in the initial public offer of HDFC Standard Life Insurance Company. The announcement was made after market hours yesterday, 3 January 2019.

Power Grid Corporation of India rose 1.11%. Power Grid Corporation of India said that its board approved implementation of 500MVAr Thyristor Controlled Reactor at Kurukshetra 400kV bus at an estimated cost of Rs 267.33 crore with commissioning schedule of 30 months from the date of investment approval. The board also approved Reliable Communication Scheme under Central Sector for Western Region at an estimated cost of Rs 112.12 crore with commissioning schedule of 36 months from the date of investment approval. The announcement was made after market hours yesterday, 3 January 2019.

On the macro front, India's service economy expanded further at the end of 2018, as strengthening demand continued to translate into new business gains, data released today showed. The Nikkei/IHS Markit Services Purchasing Managers' Index declined to 53.2 in December from 53.7 in November.

Overseas, Asian stocks were mixed after a technology-led sell-off on Wall Street. US stocks declined yesterday, 3 January 2019 after a factory gauge dropped the most in a decade and Apple cut its sales outlook.

Apple slashed its quarterly revenue forecast for the first time in more than 15 years Wednesday evening, in a move that the iPhone maker's chief executive, Tim Cook, said was prompted by signs of weakness in the world's second-largest economy China.

On the data front, the Institute for Supply Management's manufacturing index fell to 54.1% in December, down from 59.3% the month before.

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