Shares edge higher amid positive global cues

Investors' sentiment was upbeat as key benchmark indices extended gains and hit fresh intraday high in early afternoon trade. At 12:19 IST, the barometer index, the S&P BSE Sensex, was up 227.58 points or 0.85% at 26,860.71. The Nifty 50 index was currently up 74.75 points or 0.91% at 8,265.25.

The Sensex hit its highest intraday level in almost two months in mid-morning trade. The Nifty hit its highest intraday level in almost one month in mid-morning trade. The Sensex rose 238.01 points, or 0.89% at the day's high of 26,871.14 in early afternoon 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 76.50 points, or 0.93% at the day's high of 8,267 in early afternoon 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 1.08%. The BSE Small-Cap index was currently up 0.96%. Both these indices outperformed the Sensex.

The broad market depicted strength. There were almost three gainers against every loser on BSE. 1,841 shares rose and 639 shares fell. A total of 107 shares were unchanged.

Auto stocks edged higher. TVS Motor Company (up 2.91%), Escorts (up 1.25%), Hero MotoCorp (up 1.25%), Maruti Suzuki India (up 0.93%), Eicher Motors (up 0.52%), Bajaj Auto (up 0.48%) and Ashok Leyland (up 0.06%), edged higher.

Tata Motors rose 2.87% after the company's British luxury unit Jaguar Land Rover (JLR) reported a 30% jump in retail sales in US in December 2016. JLR yesterday, 4 January 2017, announced its US retail sales for the month of December 2016. JLR's US sales rose 30% to 12,573 units in December 2016 over December 2015. Jaguar sales jumped 259% to 4,294 units in December 2016 over December 2015. Land Rover sales declined 2% to 8,279 units in December 2016 over December 2015.

Mahindra & Mahindra (M&M) was down 0.83% after the company announced that Bank of New York Mellon disposed its entire 5.39% stake in M&M on 4 January 2017. The announcement was made during trading hours today, 5 January 2017.

Telecom shares were in demand. Tata Teleservices (Maharashtra) (up 1.99%), MTNL (up 1.26%), Reliance Communications (up 1.17%), Bharti Airtel (up 1.08%) and Idea Cellular (up 0.81%), edged higher.

Telecom tower infrastructure provider Bharti Infratel was down 1.62%.

Tata Elxsi rose 2.21% after the company announced its partnership with DiSTI Corporation Florida, USA, the creators of user interface tool, GL Studio. The announcement was made after market hours yesterday, 4 January 2017.

Tata Elxsi said the partnership will help the continued effort to provide best in-class user interface solutions to automotive clients delivering high end human machine interface (HMI) design, innovative and appealing visual content for futuristic displays in vehicles.

Separately, Irdeto, the world leader in digital platform security, announced a partnership with Tata Elxsi, a key global player in the automotive ecosystem, to provide automakers with secure in-car display systems for automobiles. The announcement was made after market hours yesterday, 4 January 2017.

Overseas, most Asian stocks edged higher today, 5 January 2017, underpinned by a firm closing at the Wall Street. Japan's Nikkei 225 was down 0.37%. 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.

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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