Key benchmark indices were trading higher after hitting fresh intraday high in early afternoon trade. At 12:16 IST, the barometer index, the S&P BSE Sensex, was up 205.73 points or 0.65% at 31,893.25. The Nifty 50 index was up 73.75 points or 0.74% at 10,008.55. Positive cues from other Asian stocks boosted investors sentiment.
Nifty crossed the psychologically important 10,000 mark. The Sensex hit its highest intraday level in one week. The Nifty hit its highest intraday level in more than one month. The Sensex rose 239.22 points, or 0.75% at the day's high of 31,926.74 in early afternoon trade, its highest level since 4 September 2017. The index rose 110.37 points, or 0.35% at the day's low of 31,797.89 in early trade. The Nifty rose 78 points, or 0.79% at the day's high of 10,012.80 in early afternoon trade, its highest level since 8 August 2017. The index rose 34 points, or 0.34% at the day's low of 9,968.80 in early trade.
Among secondary barometers, the BSE Mid-Cap index was up 0.87%. The BSE Small-Cap index was up 0.86%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. 1,526 shares rose and 870 shares fell. A total of 154 shares were unchanged.
Telecom shares were mixed. MTNL (up 1.26%), Reliance Communications (up 0.90%) and Tata Teleservices (Maharashtra) (up 0.15%), edged higher. Bharti Airtel (down 0.27%) and Idea Cellular (down 0.44%), edged lower.
Telecom tower infrastructure provider Bharti Infratel was down 0.32%.
Power generation stocks were in demand. Tata Power (up 2.66%), Jaiprakash Power Ventures (up 2.37%), JSW Energy (up 2.29%), Reliance Infrastructure (up 1.68%), CESC (up 1.4%), GMR Infrastructure (up 1.16%), Reliance Power (up 1.14%), Adani Power (up 1.13%), Torrent Power (up 0.69%) and NTPC (up 0.24%), edged higher. NHPC was down 0.18%.
State-run Coal India was up 0.94%. State-run Power Grid Corporation of India was up 0.12%.
Overseas, Asian shares edged higher after North Korean dictator Kim Jong Un decided to hold a party over the weekend rather than launch another missile. The United States and its allies had been bracing for another long-range missile launch by North Korea in time for the 69th anniversary of North Korea's founding on Saturday, 9 September 2017.
Investors, however, remained cautious over the possible economic impact of Hurricane Irma in the US as it chewed its way up the Florida coast, knocking out electricity to 3 million homes and businesses statewide.
US equity benchmarks ended Friday, 8 September 2017, on a mixed note, with both the S&P 500 and the Nasdaq Composite in the red but the Dow Jones Industrial Average slightly higher as Hurricane Irma made landfall in Florida over the weekend. Tensions with North Korea also weighed on investors' minds, as the market fears the country will test a ballistic missile to commemorate its founding on Saturday. The S&P 500 slipped 0.1% to 2,462. The tech-focused Nasdaq Composite Index weakened 0.7% to 6,357. The Dow finished the week more or less flat at 21,789.
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