Sensex, Nifty recover from fresh intraday low

Key benchmark indices firmed up once again in mid-afternoon trade after hitting fresh intraday low in afternoon trade. At 14:21 IST, the barometer index, the S&P BSE Sensex, was up 54.69 points or 0.16% at 33,866.95. The Nifty 50 index was up 23.75 points or 0.23% at 10,465.95.

Indices managed to hover in positive terrain as positive global cues boosted sentiment. Key indices opened higher and hit fresh intraday high in morning trade. Further gains were capped as profit booking emerged at higher levels in mid-morning trade.

The Sensex rose 186.11 points, or 0.55% at the day's high of 33,998.37 in morning trade, its highest level since 1 January 2018. The index rose 15.42 points, or 0.05% at the day's low of 33,827.68 in afternoon trade. The Nifty rose 61.40 points, or 0.59% at the day's high of 10,503.60 in morning trade. The index rose 12.45 points, or 0.12% at the day's low of 10,454.65 in afternoon trade.

Among secondary barometers, the BSE Mid-Cap index was up 0.67%. The BSE Small-Cap index was up 1.02%. Both these indices outperformed the Sensex.

The broad market depicted strength. There were more than two gainers against every loser on BSE. 1,948 shares rose and 867 shares fell. A total of 104 shares were unchanged.

Auto stocks were mixed. Bajaj Auto (down 1.19%), Maruti Suzuki India (down 1.06%), Tata Motors (down 0.91%) and TVS Motor Company (down 0.91%), edged lower. Hero MotoCorp (up 0.15%), Mahindra & Mahindra (up 0.37%), Escorts (up 0.46%), Eicher Motors (up 0.78%) and Ashok Leyland (up 1.30%), edged higher.

Most capital goods shares were trading higher. Jindal Saw (up 7.21%), GE Power India (up 1.84%), ABB India (up 1.46%), Thermax (up 1.43%), Crompton Greaves (up 1.32%), Havells India (up 1.27%), Praj Industries (up 0.64%), AIA Engineering (up 0.41%), GE T&D India (up 0.29%), Bharat Electronics (up 0.28%), Bharat Heavy Electricals (up 0.26%) and Siemens (up 0.25%), edged higher. Lakshmi Machine Works (down 0.06%), Reliance Defence and Engineering (down 0.25%), Suzlon Energy (down 0.32%), SKF India (down 0.44%), Punj Lloyd (down 1.31%) and BEML (down 3.76%), edged lower.

Engineering and construction major Larsen & Toubro (L&T) was up 1.67%.

Dixon Technologies (India) gained 1.95% after the company announced that its joint venture company commenced manufacturing of closed-circuit televisions and digital video recorders. The announcement was made after market hours yesterday, 2 January 2018.

AIL Dixon Technologies, a joint venture company of Dixon Technologies (India), commenced manufacturing of closed-circuit televisions (CCTV) and digital video recorders (DVR) on 2 January, 2018. The products will be manufactured at company's manufacturing facility situated at Tirupati, India. The company had entered into joint venture agreement on 8 May 2017 with Aditya Infotech and AIL Dixon Technologies. Shares of the company had made debut on the bourses on 18 September 2017.

Overseas, most European shares were trading higher as investors reacted to a string of robust economic data. Asian shares were mixed. Japanese market was shut.

US stocks jumped overnight, with major indexes rallying to record levels in a broad rally. The Dow Jones Industrial Average rose 0.4%. The S&P 500 rose 0.8%. The Nasdaq Composite Index gained 1.5%.

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