Key indices remained firm in early afternoon trade as firmness in Asian stocks perked up sentiment. At 12:20 IST, the barometer index, the S&P BSE Sensex, gained 169.28 points or 0.5% at 33,925.56. The Nifty 50 index rose 41.60 points or 0.4% at 10,481.90.
The market opened higher and extended gains till mid-morning trade. Stocks remained firm in early afternoon trade.
The S&P BSE Mid-Cap index rose 0.45%. The S&P BSE Small-Cap index gained 0.82%. Both these indices outperformed the Sensex.
The market breadth indicating health of the market was strong. On the BSE, 1,586 shares rose and 934 shares fell. A total of 160 shares were unchanged.
IT stocks advanced. Tech Mahindra (up 0.14%), TCS (up 0.89%), Infosys (up 1.14%), and Wipro (up 0.42%) edged higher. HCL Technologies declined 0.14%.
Auto stocks were mixed. Mahindra & Mahindra (M&M) (up 0.8%), Maruti Suzuki India (up 1.03%), Eicher Motors (up 0.37%), Tata Motors (up 0.46%) and TVS Motor Company (up 0.08%) gained. Ashok Leyland (down 0.08%) and Bajaj Auto (down 0.25%) declined.
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Hero MotoCorp dropped 0.42%. The company will be increasing the ex-showroom prices of its motorcycles, starting 1 January 2018 to partially off-set the rising input costs. The price hike translates to about Rs 400 per model. The exact quantum of the increase will vary, based on the model and the specific market. The announcement was made during market hours today, 22 December 2017.
Aarti Industries rose 5.11% to Rs 1,099.90 after the company said its board approved buyback of 8.2 lakh shares at Rs 1,200 per share. The announcement was made after market hours yesterday, 21 December 2017.
The share buyback announced by the company is worth Rs 98.44 crore and 5 January 2018 is the record date for the proposed buyback, Aarti Industries said in a stock exchange filing.
Canara Bank rose 1.66% after the company said it plans to pare stake in Can Fin Homes. The announcement was made after market hours yesterday, 21 December 2017. Canara Bank said it proposes to offload 4% stake in Canfin Homes (CFHL) through empanelled merchant bankers/ investment bankers. The post deal stake holding by Canara Bank in CFHL will be 26%.
Overseas, most Asian stocks rose after positive close for US stocks overnight. Japanese Prime Minister Shinzo Abe's cabinet endorsed a record $860 billion spending budget for fiscal 2018, highlighting his greater emphasis on growth than austerity, with aggressive monetary stimulus keeping borrowing costs low.
US stock-market indexes closed modestly higher yesterday, 21 December 2017, driven by gains in the energy, financials and telecom sectors.
On the economic data front, the US economy's pace of growth in the third quarter was lowered slightly to a 3.2% annual rate from 3.3% under the government's final revision to gross domestic product. The economy expanded at a 3.1% rate in the second quarter. Separately, initial jobless claims rose a higher-than-expected 20,000 in the latest week, though they remain at historically low levels.
On the upside, the Philadelphia Fed's Manufacturing Business Outlook Survey jumped to a reading of 26.2 in December from 22.7.
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