Buying continued unabated as key benchmark indices extended intraday gains and hit fresh intraday high in early afternoon trade. At 12:23 IST, the barometer index, the S&P BSE Sensex, was up 295.06 points or 0.82% at 36,093.07. The Nifty 50 index was up 103.20 points or 0.94% at 11,069.40.
Shares opened higher as positive leads from Asian markets and overnight gains on the Wall Street boosted investors sentiment. Both, the Sensex and the Nifty hit record high level in early afternoon trade. The Sensex crossed the 36,000 mark and the Nifty crossed the 11,000 mark.
The Sensex rose 309.06 points, or 0.86% at the day's high of 36,107.07 in early afternoon trade, its record high level. The index rose 65.97 points, or 0.18% at the day's low of 35,863.98. The Nifty rose 107 points, or 0.98% at the day's high of 11,073.20 in early afternoon trade, its record high level. The index rose 28.35 points, or 0.26% at the day's low of 10,994.55.
Among secondary barometers, the BSE Mid-Cap index was up 1.24%, outperforming the Sensex. The BSE Small-Cap index was up 0.63%, underperforming the Sensex. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,556 shares rose and 1,177 shares fell. A total of 119 shares were unchanged. Breadth was quite strong in early trade.
Cement shares declined. Ambuja Cements (down 1.79%), ACC (down 1.25%) and UltraTech Cement (down 0.19%), edged lower.
Grasim Industries was down 0.82%. Grasim has exposure to cement sector through its holding in UltraTech Cement.
Telecom shares rose. Reliance Communications (up 5.57%), MTNL (up 2.11%), Idea Cellular (up 1.76%), Bharti Airtel (up 1.07%) and Tata Teleservices (Maharashtra) (up 0.14%), edged higher.
Telecom tower infrastructure provider Bharti Infratel was down 0.66%.
Rallis India fell 5.22% after consolidated net profit fell 1.6% to Rs 24.94 crore on 18.6% growth in net sales to Rs 390.16 crore in Q3 December 2017 over Q3 December 2016. The result was announced after market hours yesterday, 22 January 2018.
V Shankar, Managing Director and CEO, Rallis India said that the company's broad based portfolio of solutions and robust farmer relationship have been instrumental in driving its revenue growth during the quarter. The company's performance in the international business continues to be better than last year due to improving situation in key markets such as Brazil and strong demand for herbicides.
Overseas, Asian shares were trading higher following the stronger lead from Wall Street after US lawmakers reached a deal to end a government shutdown.
Japan's central bank kept monetary settings unchanged on Tuesday and offered a more upbeat view on inflation expectations than three months ago. The Bank of Japan (BOJ) maintained a pledge to guide short-term interest rates at minus 0.1% and 10-year bond yields around zero percent at its two-day rate review that ended on Tuesday. It also kept intact a loose pledge to buy government bonds so its holdings increase roughly at an annual pace of 80 trillion yen ($722 billion). The nine-member board also kept its price forecasts that project inflation to hit 2% around the fiscal year ending in March 2020.
US stocks ended higher after the Senate reached a short-term compromise to end a government shutdown that began last week. The stopgap bill approved by the Senate on Monday will keep the US government open through 8 February 2018. The House of Representatives subsequently voted and passed the bill to reopen the government, sending it to President Donald Trump for a signature. The Dow Jones Industrial Average gained 0.6%. The S&P 500 rose 0.8%. The Nasdaq Composite Index rose 1%.
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