Key benchmark indices extended initial gains and hit fresh intraday high in morning trade on renewed buying. Indices are set to snap previous three sessions of losses. At 10:20 IST, the barometer index, the S&P BSE Sensex, was up 118.58 points or 0.4% at 29,694.32. The Nifty 50 index was up 26.10 points or 0.28% at 9,207.55.
Domestic bourses bucked weak trend witnessed in most of the Asian markets. Capital goods stocks gained while IT stocks were mixed. Infosys rose ahead of its Q4 results later during the week.
Buying vigor continued unabated in small cap and mid cap counters. The BSE Mid-Cap index was up 0.64%. The BSE Small-Cap index was up 0.7%. Both these indices outperformed the Sensex.
The broad market depicted strength. There were more than two gainers against every loser on BSE. 1,561 shares rose and 622 shares fell. A total of 95 shares were unchanged.
IT stocks were mixed. HCL Technologies (down 0.46%) and TCS (down 0.03%) declined. Tech Mahindra (up 0.1%) and Wipro (up 0.19%) edged higher.
IT major Infosys rose 1.26%. The company will release its Q4 results on Thursday, 13 April 2017.
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Majesco gained 1.51% after the company announced that a tier two specialty insurer renewed its application management services agreement with Majesco for three years to support a number of key operational systems.
The insurer is focused on specialty related insurance in the US. The agreement will provide the insurer end to end support of some of their key operational systems for three years. The application management services are part of Majesco's ADM services. The insurer has been a long-term strategic client of Majesco. The announcement was made after market hours yesterday, 10 April 2017.
Capital goods stocks gained in a firm market. Bharat Heavy Electricals (Bhel) (up 0.63%), BEML (up 0.1%), Havells India (up 1.57%), ABB India (up 2.43%), Bharat Electronics (up 2.24%), L&T (up 0.33%), and Siemens (up 0.57%) gained.
Suzlon Energy rose 1.81% after the company said it has won a repeat order of 50.40 megawatts (MW) wind power project in Karnataka from a leading independent power producer (IPP) company. The project will be completed by June 2017.
Suzlon will execute the entire project on a turnkey basis and will also provide operation and maintenance services. The announcement was made after market hours yesterday, 10 April 2017.
Overseas, Asian stocks declined as rising tensions in the Middle East and political uncertainty in Europe kept investors on edge, underpinning safe assets such as the yen, gold and treasuries.
The upcoming French presidential election and the heightened tensions in the Middle East following the US strikes on Syria have left investors nervous even as a raft of global data over recent months have pointed to a steadily improving global economy. In France, polls for many weeks have been showing centrist Emmanuel Macron and far-right leader Marine Le Pen on track to top the first round of voting on 23 April and go through to a 7 May runoff.
US stocks closed fractionally higher yesterday, 10 April 2017, amid geopolitical tensions while investors looked ahead to the start of earnings season.
Federal Reserve Chairwoman Janet Yellen indicated yesterday that the era of extremely stimulative monetary policy was coming to an end. In a public discussion at the University of Michigan, Yellen said the Fed was moving away from its efforts to revive a recession-scarred economy and focusing instead on maintaining the gains of the past few years.
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