Shares pare intraday gains

Key benchmark indices trimmed gains after hitting fresh intraday high in mid-morning trade. At 11:15 IST, the barometer index, the S&P BSE Sensex, was up 356.53 points or 1.36% at 26,593.40. The Nifty 50 index was up 112.35 points or 1.39% at 8,214.40. Positive cues from Asian markets boosted investors' sentiment.

The Sensex and the Nifty, both, hit their highest intraday levels in one week. The Sensex rose 399.55 points, or 1.52% at the day's high of 26,636.42 in mid-morning trade, its highest level since 1 December 2016. The index rose 120.48 points, or 0.46% at the day's low of 26,357.35 in early trade. The Nifty rose 123.45 points, or 1.52% at the day's high of 8,225.50 in mid-morning trade, its highest level since 1 December 2016. The index rose 49.70 points, or 0.61% at the day's low of 8,151.75 in early trade.

The broad market depicted strength. There were more than three gainers against every loser on BSE. 1,720 shares rose and 492 shares fell. A total of 119 shares were unchanged. The BSE Mid-Cap index was currently up 1.27%. The BSE Small-Cap index was currently up 1.32%. Both these indices underperformed the Sensex.

Cement shares were in demand. Ambuja Cements (up 1.43%), ACC (up 1.22%) and UltraTech Cement (up 0.94%), edged higher.

Grasim Industries was up 0.70%. Grasim has exposure to cement sector through its holding in UltraTech Cement.

Telecom stocks edged higher. Tata Teleservices (Maharashtra) (up 2.43%), MTNL (up 1.66%), Idea Cellular (up 1.33%), Reliance Communications (up 1.10%) and Bharti Airtel (up 0.93%), edged higher.

Telecom tower infrastructure provider Bharti Infratel was down 1.12%.

Overseas, except China's Shanghai Composite, all other Asian stocks were trading higher today, 8 December 2016, after Wall Street strode to new records and bonds rallied on wagers the European Central Bank (ECB) would extend its asset buying campaign at a policy meeting later in the session.

US stocks closed higher yesterday, 7 December 2016, with the Dow industrials and S&P 500 notching new records. Investors are bracing for the ECB's policy-setting meeting today, 8 December 2016.

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