Telecom, cement stocks advance

After a higher opening triggered by positive global cues, key benchmark indices hovered firm in positive zone in morning trade. At 10:16 IST, the barometer index, the S&P BSE Sensex, was up 148.31 points or 0.55% at 27,047.87. The Nifty 50 index was up 49.45 points or 0.6% at 8,338.05. The Sensex was currently hovering above the psychological 27,000 level after crossing that level in early trade.

The Sensex rose 179.13 points or 0.66% at the day's high of 27,078.69 in morning trade, its highest level since 11 November 2016. It rose 78.88 points or 0.29% at the day's low of 26,978.44 in early trade. The Nifty rose 56.85 points or 0.68% at the day's high of 8,345.45 in morning trade, its highest level since 11 November 2016. It rose 33.65 points or 0.4% at the day's low of 8,322.25 in early trade.

The BSE Mid-Cap index was up 0.68%. The BSE Small-Cap index was up 0.59%. Both these indices outperformed the Sensex.

Overseas, Asian stock indices edged higher tracking mostly positive closing on the Wall Street overnight. US equities closed higher yesterday, 10 January 2017, as the Nasdaq composite notched a fresh record high.

Closer home, broad market depicted strength. There were more than two gainers against every loser on the BSE. 1,443 shares rose and 615 shares declined. A total of 103 shares were unchanged.

Telecom stocks advanced. Tata Teleservices (Maharashtra) (up 1.16%), Bharti Airtel (up 1.05%), Idea Cellular (up 0.87%) and Reliance Communications (up 0.15%) edged higher. Bharti Infratel was up 0.35%. Bharti Infratel is a telecom tower arm of Bharti Airtel.

Cement stocks also edged higher. Ambuja Cements (up 2.26%), ACC (up 1.63%) and UltraTech Cement (up 1.33%) gained. Shree Cement (down 0.18%) edged lower.

Grasim Industries was up 0.75%. Grasim has exposure to cement sector through its holding in UltraTech Cement.

Endurance Technologies gained 3.69% after the company said its wholly owned subsidiary in Germany, Endurance Amann GmbH, has commenced operations at its new machining plant from 10 January 2017. The plant is located at Massenbachhausen, Germany, in proximity to the existing two plants of Endurance Amann GmbH. The new plant admeasuring about 4,500 square meters will contain machining operations, warehouse and office facilities. The announcement was made after market hours yesterday, 10 January 2017.

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