Key benchmark indices trimmed gains in early afternoon trade. At 12:19 IST, the barometer index, the S&P BSE Sensex, was up 114.41 points or 0.34% at 34,084.05. The Nifty 50 index was up 28.05 points or 0.27% at 10,532.85. The Sensex was trading a tad above the psychological 34,000 mark after opening above that level. Positive global cues boosted sentiment.
Key benchmark indices opened higher and hit fresh intraday high in morning trade. After hovering near the day's high in mid-morning trade, key indices trimmed gains in early afternoon trade.
The Sensex and the Nifty, both, hit record high levels in morning trade. The Sensex rose 205.57 points, or 0.61% at the day's high of 34,175.21 in morning trade, its record high level. The index rose 51.20 points, or 0.15% at the day's low of 34,020.84 in early trade. The Nifty rose 58 points, or 0.55% at the day's high of 10,562.80 in morning trade, its record high level. The index rose 15.30 points, or 0.15% at the day's low of 10,520.10 in early afternoon trade.
Among secondary barometers, the BSE Mid-Cap index was up 0.45%. The BSE Small-Cap index was up 0.65%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,632 shares rose and 1,090 shares fell. A total of 143 shares were unchanged.
Cement shares were in demand. UltraTech Cement (up 1.03%), Ambuja Cements (up 0.57%) and ACC (up 0.44%), edged higher.
Grasim Industries was up 1.84%. Grasim has exposure to cement sector through its holding in UltraTech Cement.
Most telecom stocks rose. Idea Cellular (up 10.72%), Reliance Communications (up 5.85%) and Bharti Airtel (up 1.45%), edged higher. MTNL (down 0.17%) and Tata Teleservices (Maharashtra) (down 0.71%), edged lower.
Telecom tower infrastructure provider Bharti Infratel was up 0.48%.
Indian Overseas Bank jumped 3.89% to Rs 24.05 after the bank said its board approved to utilize the balance available in the share premium account to write off the accumulated losses of the bank. The announcement was made after market hours yesterday, 4 January 2018.
Indian Overseas Bank's (IOB) board at its meeting held yesterday, 4 January 2018, approved to utilize the balance available in the share premium account amounting to Rs 7650.06 crore as at 31 March 2017 to write off the accumulated losses of the bank aggregating to Rs 6978.94 crore as at 31 March 2017 to present a true and fair view of the financial position of the bank and to take the same into account during current financial year 2017-2018. An extraordinary general meeting (EGM) of shareholders of the bank is scheduled on 30 January 2018 for obtaining the approval of the shareholders for the aforesaid issue.
Overseas, most Asian shares rose as US jobs data pointed to firm economic growth. US stock indices closed at all-time highs on Thursday, while the Dow topped the 25,000 milestone for the first time. The Dow Jones Industrial Average rose 0.6% to finish at 25,075.13. The S&P 500 rose 0.4%. The Nasdaq Composite Index gained 0.2%.
The US ADP National Employment Report on Thursday showed US private employers added 250,000 jobs in December, the biggest monthly increase since March. Meanwhile, initial jobless claims, a tool to measure layoffs, rose 3,000 to 250,000 in the seven days ended 30 December 2017, the Labor Department said Thursday. The number of people already collecting unemployment benefits, known as continuing claims, fell 37,000 to 1.91 million.
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