Key benchmark indices registered modest gains. The barometer index, the S&P BSE Sensex, rose 173.01 points or 0.65% at 26,899.56, as per the provisional closing data. The Nifty 50 index advanced 52.55 points or 0.64% at 8,288.60, as per the provisional closing data. The BSE Mid-Cap index provisionally rose 0.8%. The BSE Small-Cap index provisionally advanced 0.7%. Both these indices outperformed the Sensex.
The Sensex and the Nifty opened higher and traded in positive terrain for the entire session albeit in a range-bound fashion.
The Sensex rose 188.40 points or 0.7% at the day's high of 26,914.95 in mid-afternoon trade, its highest level since 6 January 2017. It rose 77.62 points or 0.29% at the day's low of 26,804.17 in early trade. The Nifty rose 57.75 points or 0.7% at the day's high of 8,293.80 in late trade, its highest level since 6 January 2017. It rose 24.95 points or 0.3% at the day's low of 8,261 in early trade.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,662 shares rose and 1,151 shares declined. A total of 129 shares were unchanged.
The total turnover on BSE amounted to Rs 2809.98 crore, higher than turnover of Rs 2768.64 crore registered during the previous trading session.
Metal stocks advanced on higher copper prices. Hindustan Copper (up 4.57%), National Aluminium Company (up 3.98%), Hindalco Industries (up 4.21%), Tata Steel (up 2.12%), NMDC (up 1.4%), Hindustan Zinc (up 0.89%), Steel Authority of India (up 0.76%), JSW Steel (up 1.62%) and Jindal Steel & Power (up 0.94%) advanced. Vedanta (down 0.11%) edged lower.
High Grade Copper for March 2017 delivery was up 1.22% at $2.5695 per pound on the COMEX.
Adani Ports and Special Economic Zone (APSEZ) rose 3.09% after the company said that pursuant to the powers delegated to the Finance Committee by the board of directors of the company, the Finance Committee has reviewed and approved the preliminary offering circular in relation to the proposed issuance of foreign currency denominated bonds (notes) in US dollars by the company. The issuance of notes offering may follow, subject to market conditions.
The pricing, tenure and other terms of the bonds to be issued will be determined later. APSEZ is rated Baa3 (Negative) by Moody's, BBB- (Stable) by S&P and BBB-(Negative) by Fitch and expects the same ratings for its notes. The announcement was made before market hours today, 10 January 2017.
Bharat Heavy Electricals (Bhel) rose 0.43% after the company said that it has bagged an order from PowerGrid Corporation of India for the augmentation of three extra voltage substations in Karnataka on turnkey basis amounting to Rs 96 crore. The announcement was made during market hours today, 10 January 2017.
HDFC was down 0.32%. The company announced that it will issue senior, secured, redeemable, non convertible debentures amounting to Rs 843 crore on private placement basis. The announcement was made during market hours today, 10 January 2017.
Overseas, European stocks edged lower amid concerns over the Italian banking system. As per reports, two Italian banks, Popolare di Vicenza and Veneto Banca, which were rescued last year, are to propose a deal with disgruntled shareholders that could cost the banks more than 600 million euros ($634 million).
Asian stocks were mixed amid lacklustre closing on the Wall Street and sharp slide in oil prices overnight. In mainland China, the Shanghai Composite settled 0.3% lower. In Hong Kong, the Hang Seng ended 0.83% higher.
Among economic data, growth in China's consumer price index (CPI), the main gauge of inflation, increased 2.1% from a year ago in December, slightly down from November's 2.3% rise, the National Bureau of Statistics (NBS) said today, 10 January 2017.
In the US, major stock indices closed mixed yesterday, 9 January 2017, with and utilities lagging, as investors geared up for the start of earnings season and digested falling oil prices. The Nasdaq composite hit a new all-time closing high.
Meanwhile, Atlanta Federal Reserve bank president Dennis Lockhart said yesterday, 9 January 2017 that recovery from the economic crisis is largely done, and officials should now turn to addressing longer-term issues like how to boost productivity. The economy is near full employment, inflation is close to the Fed's 2% goal, and the US appears locked in for steady growth of around 2% annually, Lockhart said.
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