Key benchmarks turn volatile

A bout of volatility was witnessed as key benchmark indices pared gains after hitting fresh intraday high in morning trade. At 10:20 IST, the barometer index, the S&P BSE Sensex, was up 36.62 points or 0.11% at 33,830. The Nifty 50 index was up 12.90 points or 0.12% at 10,456.10. Shares were hovering in positive terrain, tracking positive leads from Asian markets and overnight rally on the Wall Street.

The Sensex rose 123.37 points, or 0.37% at the day's high of 33,916.75 in morning trade. The index rose 8.75 points, or 0.03% at the day's low of 33,802.13 in early trade. The Nifty rose 26.90 points, or 0.26% at the day's high of 10,470.10 in morning trade. The index fell 1.75 points, or 0.02% at the day's low of 10,441.45 in early trade.

 

Among secondary barometers, the BSE Mid-Cap index was up 0.31%. The BSE Small-Cap index was up 0.57%. Both these indices outperformed the Sensex.

The broad market depicted strength. There were more than two gainers against every loser on BSE. 1,686 shares rose and 721 shares fell. A total of 81 shares were unchanged.

Metal shares were in demand. JSW Steel (up 2.07%), NMDC (up 1.94%), National Aluminium Company (up 1.86%), Steel Authority of India (up 1.71%), Bhushan Steel (up 0.82%), Hindalco Industries (up 0.81%), Tata Steel (up 0.68%), Vedanta (up 0.15%), Hindustan Zinc (up 0.13%), Hindustan Copper (up 0.10%) and Jindal Steel & Power (up 0.05%), edged higher.

Meanwhile, copper price edged lower in the global commodities markets. High Grade Copper for March 2018 delivery was currently down 0.23% at $3.25 per pound on the COMEX.

Power generation stocks were mixed. NHPC (up 4.59%), CESC (up 2.77%), Jaiprakash Power Ventures (up 1.17%), Adani Power (up 1.13%), Torrent Power (up 0.68%), JSW Energy (up 0.22%) and NTPC (up 0.14%), edged higher. Reliance Infrastructure (down 0.71%), Tata Power (down 0.89%), GMR Infrastructure (down 0.92%) and Reliance Power (down 1.23%), edged lower.

State-run Coal India was up 1.08%. State-run Power Grid Corporation of India was down 0.64%.

Unichem Laboratories gained 5.33% after the company said that the board of directors will meet on 8 January 2018 to consider a proposal to buy-back the fully paid-up equity shares of the company. The company made the announcement after market hours yesterday, 3 January 2018.

Overseas, most Asian shares were trading higher as solid economic data from the United States and Germany reinforced investors' optimism while oil prices hovered at 2-1/2-year high with unrest in Iran stoking supply disruption concerns.

In US, stock-market indices advanced further into record territory, with the main benchmarks closing at fresh all-time highs. The S&P 500 rose 0.6%. The Dow Jones Industrial Average advanced 0.4%. The Nasdaq Composite Index rose 0.8%.

The minutes from the latest US Federal Reserve meeting showed a distinct lack of unity over the central bank's projection of three rate hikes in 2018. Some policymakers think three rate hikes would be too aggressive, while others think such a pace would be too slow.

US factory activity increased more than expected in December, boosted by a surge in new orders growth. In Germany, the unemployment rate hit a record low of 5.5% in December.

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