Key benchmark indices provisionally settled with modest gains after volatile session of trade. The barometer index, the S&P BSE Sensex rose 168.17 points or 0.49% at 34,324.12, as per the provisional closing data. The Nifty 50 index gained 48.50 points or 0.46% at 10,549.40, as per the provisional closing data. Firmness in global stocks supported gains on the bourses. Metal stocks gained.
Indices opened higher on firm global cues. Stocks extended gains and hit intraday highs in morning trade. The market held firm till early afternoon trade before once again hitting fresh intraday highs in afternoon trade. Stocks pared lion's share of gains later during the day.
The Sensex gained 379.13 points or 1.11% at the day's high of 34,535.08 in afternoon trade. The index rose 30.06 points or 0.09% at the day's low of 34,186.01 in early trade. The Nifty gained 117.20 points or 1.12% at the day's high of 10,618.10 in afternoon trade. The index gained 10.15 points or 0.1% at the day's low of 10,511.05 in early trade.
Among secondary indices, the S&P BSE Mid-Cap index provisionally fell 0.46%. The S&P BSE Small-Cap index provisionally dropped 1.27%. Both these indices underperformed the Sensex.
The breadth, indicating the overall health of the market, was quite weak. There were more than two losers for every gainer. On the BSE, 1,917 shares declined and 914 shares advanced. A total of 130 shares were unchanged.
The total turnover on BSE amounted to Rs 3967.70 crore, lower compared with the turnover of Rs 4615.30 crore registered during the previous trading session.
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ICICI Bank gained 3.28%, Infosys 1.1% and ONGC was up 1.26%.
Telecom stocks declined. Bharti Airtel fell 1.15%, Tata Teleservices (Maharashtra) 3.23%, Reliance Communications 5.41%, Idea Cellular 2.42% and MTNL shed 2.38%.
Shares of Bharti Infratel gained 0.67%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.
Sun Pharmaceutical Industries rose 0.44%. The company's consolidated net profit fell 75.17% to Rs 365.39 crore on 16.04% decline in total revenue from operations to Rs 6653.23 crore in Q3 December 2017 over Q3 December 2016. The results were announced after market hours yesterday, 14 February 2018.
Sun Pharma's bottom line in Q3 December 2017 was adversely impacted by one-time deferred tax adjustment of Rs 513 crore related to changes in US tax rates.
Dilip Shanghvi, Managing Director, Sun Pharma, said that the company's Q3 performance reflects a gradual improvement in profitability over the first half of this year, despite a challenging US generic pricing environment. Sun Pharma continues to evaluate opportunities in the specialty segment to further enhance this business, he said.
On the macro front, the government announced that inflation based on wholesale price index (WPI) eased to 2.84% (provisional) for the month of January 2018 as compared to 3.58% (provisional) for the previous month and 4.26% during the corresponding month of the previous year. Build up inflation rate in the financial year so far was 2.3% compared to a build-up rate of 4.55% in the corresponding period of the previous year.
Overseas, European stocks gathered pace for a second day after investors brushed off a spike in US inflation, turning their focus back to strong company earnings. France's unemployment rate fell below 9% at the end last year for the first time in almost nine years, the country's statistics agency Insee said. France's unemployment rate fell to 8.9% at the end of 2017 from 9.6% at the end of the previous quarter, Insee said.
Asian stocks gained taking cues from the rally on Wall Street overnight following the release of stronger-than-expected US inflation data. The consumer price index in US rose 0.5% last month, topping the forecast. Other economic data released overnight included US retail sales for the month of January, which missed expectations. Retail sales decreased 0.3% last month.
It is a shortened week for greater China markets, with mainland China markets remaining closed from 15 to 21 February 2018 and Hong Kong markets shut from 16 to 19 February 2018 for the Lunar New Year. Markets in South Korea, Taiwan and Vietnam are closed today for the Lunar New Year holiday.
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