Domestic stocks kick-started trading for the week on a upbeat note on positive Asian stocks. At 9:20 IST, the barometer index, the S&P BSE Sensex, was up 204.56 points or 0.65% at 31,565.19. The Nifty 50 index was up 21.50 points or 0.22% at 9,687.30. Gains in TCS, Tata Motors and Infosys pushed the Sensex and the Nifty to record high in early trade. Buoyant Asian stocks also lifted sentiment.
The S&P BSE Mid-Cap index was up 0.46%. The S&P BSE Small-Cap index was up 0.61%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 864 shares rose and 285 shares fell. A total of 58 shares were unchanged.
Overseas, Asian stocks were trading higher after a stronger-than-expected US jobs data reinstated confidence in global growth. US stocks finished higher on Friday, 7 July 2017 as tech stocks rebounded from a slump and the jobs report showed a higher-than-expected gain for June.
The Fed, in its semiannual monetary policy report, forecast a gradual hike in interest rates and a winddown of the balance sheet as the economy continues its steady pace of expansion. Meanwhile, the Group of 20 meeting of world leaders made little impact on markets, as there was less discord than expected.
In economic data, an employment report showed the US added 222,000 jobs in June, representing the second-largest job haul of the year and underscoring that the labor market remains healthy. The Labor Department said unemployment ticked up to 4.4% from 4.3%.
Back home, TCS (up 2.99%), Bharti Airtel (up 2.98%) and Infosys (up 1.18%) edged higher from the Sensex pack.
Tata Motors gained 2.61% after the company said that the sales of its British luxury unit Jaguar Land Rover (JLR) rose 11% to 51,591 units in June 2017 over June 2016, driven by healthy China market. Jaguar sales grew by 16.4% to 15,343 units in June 2017 over June 2016. Land Rover sales rose 8.9% to 36,248 units in June 2017 over June 2016. The announcement was made after market hours on Friday, 7 July 2017.
Sun Pharmaceutical Industries advanced 2.61% after the company and one of its wholly-owned subsidiaries entered into settlements with certain plaintiffs in re Modafinil Antitrust Litigation matter currently pending in the United States District Court for the Eastern District of Pennsylvania. The settlements extend to all claims brought by Apotex Corporation and the Retailer Purchaser Plaintiffs. The settlements remain are confidential. The announcement was made after market hours on Friday, 7 July 2017.
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