A bout of volatility was seen in morning trade as the Sensex trimmed gains after scaling a fresh record high. At 10:16 IST, the barometer index, the S&P BSE Sensex, was up 97.76 points or 0.28% at 35,609.34. Oil and gas stocks saw mixed trend. Telecom stocks dropped.
Trading for the week began on a positive note led by gains in Reliance Industries and HDFC Bank.
The S&P BSE Mid-Cap index was down 0.1%, underperforming the Sensex. The S&P BSE Small-Cap index was up 0.47%, outperforming the Sensex.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,379 shares rose and 1,017 shares fell. A total of 112 shares were unchanged.
Overseas, most Asian stocks were trading higher as investors kept an eye on political developments in the US after a government shutdown began last week. US stocks on Friday, 19 January 2018 finished higher, with both the S&P 500 and the Nasdaq ending at records as optimism over corporate earnings outweighed the US government shutdown.
Republican and Democratic leaders of the US Senate failed to secure a deal on Sunday night seeking to break the impasse that has kept the US government shut down for two days.
Back home, oil and gas stocks saw mixed trend. Oil India (up 0.87%) rose.
Among PSU OMCs, BPCL (down 1.79%), and Indian Oil Corporation (down 1.04%) fell.
Among gas utility stocks, Gujarat State Petronet (down 1.32%) and GAIL (India) (down 1.47%) declined. Indraprastha Gas (up 0.02%) and Gujarat Gas (up 0.44%) rose.
Reliance Industries rose 1.92% to Rs 947.20 after consolidated net profit rose 25.5% to Rs 9445 crore on 25.7% growth in net sales to Rs 99810 crore in Q3 December 2017 over Q3 December 2016. The result was announced after market hours on Friday, 19 January 2018.
Mukesh D. Ambani, Chairman and Managing Director, RIL said that the quarter marks the culmination of its petrochemical expansion projects and the first positive net profit contribution from its newest business line - Digital Services (Jio). Jio's strong financial result reflects the fundamental strength of its business, significant efficiencies and right strategic initiatives, he said. Ambani further added that the company is excited about the prospects of its energy and consumer businesses due to strong growth in Indian markets and constructive macro environment.
ONGC jumped 4.42% to Rs 202.15. HPCL fell 3.08% to Rs 403.70. ONGC on Friday, 19 January 2018, approved acquisition of the entire 51.11% shareholding of Government of India (GoI) in HPCL, at a cash purchase consideration of Rs 473.97 per share with a total acquisition cost of Rs 36915 crore. The parties expect to complete the transaction before end of January 2018. The announcement was made on Saturday, 20 January 2018.
Telecom stocks dropped. Bharti Airtel (down 1.1%), Idea Cellular (down 1.32%), Tata Teleservices (Maharashtra) (down 0.42%) and Reliance Communications (down 2.72%) edged lower. MTNL (up 0.97%) rose.
Shares of Bharti Infratel fell 0.56%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.
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