Key benchmark indices extended early gains and hit fresh intraday high in morning trade. At 10:23 IST, the barometer index, the S&P BSE Sensex, was up 235.46 points or 0.71% at 33,184.67. The Nifty 50 index was up 75.45 points or 0.74% at 10,242.15.
The Sensex rose 254.34 points, or 0.77% at the day's high of 33,203.55 in morning trade, its highest intraday level since 1 December 2017. The index rose 84.99 points, or 0.26% at the day's low of 33,034.20 at the onset of trading session. The Nifty rose 81.15 points, or 0.80% at the day's high of 10,247.85 in morning trade, its highest intraday level since 1 December 2017. The index rose 28.55 points, or 0.28% at the day's low of 10,195.25 at the onset of trading session.
Among secondary barometers, the BSE Mid-Cap index was up 0.86%. The BSE Small-Cap index was up 1.02%. Both these indices outperformed the Sensex.
The broad market depicted strength. There were more than two gainers against every loser on BSE. 1,589 shares rose and 571 shares fell. A total of 108 shares were unchanged.
Metal shares were in demand. Steel Authority of India (up 3.37%), Vedanta (up 2.22%), Hindalco Industries (up 2.07%), Jindal Steel & Power (up 1.84%), Hindustan Zinc (up 1.51%), Hindustan Copper (up 1.33%), National Aluminium Company (up 1.23%), NMDC (up 1.04%), Bhushan Steel (up 0.91%), JSW Steel (up 0.76%) and Tata Steel (up 0.36%), edged higher.
Meanwhile, copper price edged higher in the global commodities markets. High Grade Copper for March 2018 delivery was currently up 0.52% at $2.98 per pound on the COMEX.
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Overseas, Asian stocks were trading higher following a broad-based rally in US equities. Japan's economy grew at a much faster pace than initially estimated in the July-September quarter. The nation's gross domestic product grew at an annualized pace of 2.5% from the previous three months, according to government data released Friday.
US stocks closed higher Thursday, with the S&P 500 snapping a four-session losing streak on the back of gains in the technology, industrials and materials sectors. Traders looked ahead to the monthly jobs report due Friday. Initial US jobless claims, a way to measure layoffs, fell by 2,000 to 236,000 in the seven days ended 2 December 2017. The S&P 500 index rose 0.29%, while the Dow Jones Industrial Average added 0.29%, to 24,211.48. The tech-heavy Nasdaq Composite Index rose 0.54%.
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