The market extended early gains and hit fresh intraday high in morning trade. At 10:21 IST, the barometer index, the S&P BSE Sensex, was up 286.88 points or 0.76% at 37,950.44. The Nifty 50 index was up 82.85 points or 0.73% at 11,467.90. Metal shares were in demand. Positive global cues boosted trading sentiment.
Overseas, most Asian shares were trading higher after China and the United States agreed to hold their first trade talks since June, next week and as the Turkish lira extended gains from its record low earlier this week.
US stocks rallied to close higher Thursday, on strong corporate earnings from Walmart Inc. and Cisco Systems Inc. News that the US and China are prepared to resume trade talks next week also bolstered investors' sentiment.
On the data front, initial jobless claims, a measure of layoffs in the US, fell in early August and returned near a post-recession low. New claims declined by 2,000 to 212,000 in the seven days from August 5 to August 11. The Philadelphia Fed manufacturing index sank to a 21-month low of 11.9 in August. Construction of new houses increased by less than 1% in July, reflecting a recent slowdown in building that is likely tied to higher mortgage rates and growing shortages of skilled craftsmen.
Back home, the market firmed up after a gap-up opening. The Sensex rose 291.82 points, or 0.77% at the day's high of 37,955.38 in morning trade. The index rose 176.60 points, or 0.47% at the day's low of 37,840.16 in early trade. The Nifty rose 84.80 points, or 0.74% at the day's high of 11,469.85 in morning trade. The index rose 46.75 points, or 0.41% at the day's low of 11,431.80 in early trade.
Among secondary barometers, the BSE Mid-Cap index was up 0.85%. The BSE Small-Cap index was up 0.84%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On BSE, 1535 shares rose and 523 shares fell. A total of 93 shares were unchanged.
Metal shares were in demand. National Aluminium Company (up 3.23%), Jindal Steel & Power (up 2.84%), NMDC (up 2.81%), Tata Steel (up 2.34%), Vedanta (up 2.04%), Steel Authority of India (up 1.95%), Hindalco Industries (up 1.46%), Hindustan Copper (up 1.16%), Hindustan Zinc (up 1%) and JSW Steel (up 0.94%), edged higher.
Most FMCG shares rose. Tata Global Beverages (up 1.38%), Procter & Gamble Hygiene & Health Care (up 1.17%), Marico (up 1.16%), Bajaj Corp (up 0.89%), Britannia Industries (up 0.36%), GlaxoSmithKline Consumer Healthcare (up 0.33%), Colgate Palmolive (India) (up 0.3%), Dabur India (up 0.17%) and Hindustan Unilever (up 0.16%), edged higher. Godrej Consumer Products (down 0.06%), Nestle India (down 0.11%) and Jyothy Laboratories (down 0.79%), edged lower.
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