Strong market breadth

Key benchmark indices extended initial gains and hit fresh intraday high in morning trade. At 10:30 IST, the barometer index, the S&P BSE Sensex, was up 159.05 points or 0.49% at 32,756.23. The Nifty 50 index was up 51.70 points or 0.51% at 10,095.80.

The Sensex rose 186.31 points, or 0.57% at the day's high of 32,783.49 in morning trade. The index rose 0.94 points at the day's low of 32,598.12 in early trade. The Nifty rose 60.75 points, or 0.60% at the day's high of 10,104.85 in morning trade. The index rose 17.80 points, or 0.18% at the day's low of 10,061.90 in early trade.

Among secondary barometers, the BSE Mid-Cap index was up 0.83%. The BSE Small-Cap index was up 0.86%. Both these indices outperformed the Sensex.

The broad market depicted strength. There were more than three gainers against every loser on BSE. 1,646 shares rose and 543 shares fell. A total of 82 shares were unchanged.

Engineering and construction major L&T was up 1.27% after the company said that its subsidiary L&T Hydrocarbon Engineering has secured order valued over Rs 1600 crore from HPCL, Visakhapatnam refinery. The announcement was made during market hours today, 7 December 2017.

Metal shares were in demand. Hindustan Copper (up 2.38%), Steel Authority of India (up 1.71%), JSW Steel (up 1.40%), Jindal Steel & Power (up 1.36%), Tata Steel (up 1.23%), Bhushan Steel (up 0.98%), National Aluminium Company (up 0.92%), Hindalco Industries (up 0.91%), NMDC (up 0.43%) and Vedanta (up 0.20%), edged higher. Hindustan Zinc was down 0.42%.

IT shares were mixed. Tech Mahindra (up 2.07%), MindTree (up 1%), Hexaware Technologies (up 0.27%), Oracle Financial Services Software (up 0.24%), Persistent Systems (up 0.21%) and TCS (up 0.02%), edged higher. Wipro (down 0.02%), MphasiS (down 0.11%) and HCL Technologies (down 0.13%), edged lower.

IT major Infosys was up 0.35%. The company announced that it has submitted application with the Securities and Exchange Board of India pertaining to matters relating to the severance agreement entered into with the former CFO in October 2015. The announcement was made after market hours yesterday, 6 December 2017.

Overseas, most Asian shares declined as US policy uncertainty kept sentiment in check. US stocks ended mixed on Wednesday, as weakness in the energy sector spurred some minor selling that offset a recovery in the technology sector. The Dow Jones Industrial Average fell 0.16%. The S&P 500 fell 0.01%. The Nasdaq Composite Index rose 0.21%.

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