After hovering near flat line in morning trade, key benchmark indices hit fresh intraday high in mid-morning trade. At 11:16 IST, the barometer index, the S&P BSE Sensex, was currently up 73.69 points or 0.28% at 26,669.14. The Nifty 50 index was currently up 24.60 points or 0.30% at 8,204.10.
The Sensex rose 74.57 points, or 0.28% at the day's high of 26,670.02 in mid-morning trade. The index fell 107.08 points, or 0.40% at the day's low of 26,488.37 in morning trade. The Nifty rose 27.95 points, or 0.34% at the day's high of 8,207.45 in mid-morning trade. The index fell 30.90 points, or 0.38% at the day's low of 8,148.60 in morning trade.
In side indices, the BSE Mid-Cap index was currently up 0.59%. The BSE Small-Cap index was currently up 0.93%. Both these indices outperformed the Sensex.
The broad market depicted strength. There were more than two gainers against every loser on BSE. 1,689 shares rose and 606 shares fell. A total of 92 shares were unchanged.
Most cement shares edged higher. Ambuja Cements (up 0.72%) and UltraTech Cement (up 0.28%), edged higher. ACC was down 0.57%.
Grasim Industries was up 0.09%. Grasim has exposure to cement sector through its holding in UltraTech Cement.
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Telecom shares declined. Bharti Airtel (down 0.96%), Idea Cellular (down 0.87%), Tata Teleservices (Maharashtra) (down 0.16%) and Reliance Communications (down 0.14%), edged lower. MTNL was up 0.25%.
Telecom tower infrastructure provider Bharti Infratel was down 0.81%.
Titan Company surged 5.25% after the company said that Q3 December 2016 started off on a high of the festive season and long awaited resurgence of the consumer sentiment. The company issued the business update after market hours yesterday, 2 January 2017.
Titan said it had one of its best festive seasons in the last few years with both Tanishq and Watches performing well above expectations. Titan said that post the announcement of demonetization on 8 November 2016, all consumer facing businesses of the company witnessed a drastic slowdown for a few days after which recovery was clearly visible in modern retail and dedicated retail channels.
While the sale in these channels has recovered to pre-demonetisation levels, the sale in the trade channel in Watches (the multi brand outlets) has taken a hit and is yet to recover as most transactions in these outlets have been on cash basis, the company said. The company is in the process of introducing multiple modes of electronic payment in all its stores, including UPI, E-wallets etc in order to provide customers with a plethora of payment options. The company will continue the thrust on all its growth levers and introduce well designed products and collections to attract customers, Titan said. It also plans to continue with store expansions and investment plans in order to capitalize on the opportunities for growth and expansion, the company said.
MEP Infrastructure Developers rose 3.57% after the company announced that it has received the letter of acceptance (LOA) dated 2 January 2017 from National Highways Authority of India (NHAI) informing that it has been engaged as the contractor for the collection of user fee through competitive bidding on e-tender basis only for Brijghat fee plaza for the section of Hapur-Garhmuketeshwar of National Highways No. 24 in Uttar Pradesh. The period of the contract is one year. The contractual amount for the project is Rs 60.03 crore payable to NHAI on a weekly basis over a period of one year. The operations will commence within two days after complying the statutory formalities namely, submission of performance security, signing of contract as per the letter of acceptance. The announcement was made during market hours today, 3 January 2017.
SML Isuzu rose 1.76% after the company said its total sales rose 16.4% to 1,021 units in December 2016 over December 2015. The sales figures were announced after market hours yesterday, 2 January 2017.
On the macro front, core sector output rose 4.9% in November 2016 on the back of a strong expansion in steel production and electricity generation, but the pace of growth was down from 6.6% in October 2016, data released yesterday, 2 January 2017, showed. Part of the buoyancy was due to the base effect of a lower growth rate at 0.6% in November 2015.
Overseas, Asian stocks were mixed today, 3 January 2017, uninspired by a surge in European markets to their highest in more than a year, while the dollar resumed its climb after last week's stumble. Japan was closed for an extended New Year holiday.
Trading in US index futures indicated that the Dow Jones Industrial Average could rise 108 points at the opening bell today, 3 January 2017. US financial markets were closed yesterday, 2 January 2017.
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