Market hovered in a narrow range with small gains in afternoon trade. At 13:15 IST, the barometer index, the S&P BSE Sensex was up 59.64 points or 0.2% at 29,918.44. The Nifty 50 index was up 31.45 points or 0.34% at 9,316.75.
The Sensex fell below the psychological 30,000-mark after regaining that mark in mid-morning trade. Earlier, key indices had regained strength and hit fresh intraday high after trimming initial gains. Indices had opened with small gains tracking firm global stocks.
The BSE Mid-Cap index rose 0.54%. The BSE Small-Cap index gained 0.61%. Both these indices outperformed the Sensex.
The breadth, indicating the overall health of the market, was strong. On BSE, 1,570 shares rose and 1,047 shares fell. A total of 155 shares were unchanged.
Power generation and power distribution stocks edged higher. JSW Energy (up 3.89%), Torrent Power (up 1.74%), Adani Power (up 1.33%), NTPC (up 0.53%), NHPC (up 0.16%), Reliance Infrastructure (up 0.17%) and Reliance Power (up 0.11%) edged higher. Jaiprakash Power Ventures (down 1.71%), Power Grid Corporation of India (down 0.29%) and Tata Power Company (down 0.18%) edged lower.
Shares of state-run coal mining giant Coal India were up 0.02% at Rs 279.
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FMCG stocks were mixed. Marico (down 1.16%), Godrej Consumer Products (down 0.95%), Colgate-Palmolive (India) (down 0.38%), Hindustan Unilever (down 0.27%) and Nestle India (down 0.14%) edged lower. Tata Global Beverages (up 0.82%), Britannia Industries (up 0.75%) and Dabur India (up 0.68%) edged higher.
Procter & Gamble Hygiene and Health Care surged 4.84% after net profit rose 2.65% to Rs 99.63 crore on 5.53% rise in net sales to Rs 573.87 crore in Q3 March 2017 over Q3 March 2016. The result was announced after market hours on Friday, 5 May 2017.
Vikas EcoTech rose 4.35% after the company said it won a commercial order to supply Organotin stabilizers from Mexichem. The Mexico-headquartered company is a worldwide leader in plastic pipes, and one of the largest chemical and petrochemical companies, with more than 50 years of experience in Latin America. The announcement was made during trading hours today, 8 May 2017.
Overseas, European stocks witnessed a mixed trend. Most Asian stocks rose led by gains in Japanese stocks amid optimism on improving global growth following Emmanuel Macron's victory as France's next president. Japan's Nikkei Average closed 2.31% higher as the index was also playing catch-up with other markets in the region, having been shut since Wednesday, 3 May 2017 for public holidays.
China's April exports rose 8% from a year earlier while imports expanded 11.9%, official data showed. That left the country with a trade surplus of $38.05 billion for the month, the General Administration of Customs said.
Meanwhile, centrist candidate Emmanuel Macron has won the French presidential election with about 66.1% of the votes, against 33.9% for rival Marine Le Pen, according to official tallies. The victory on Sunday, 7 May 2017 for the 39-year-old Macrona staunch supporter of the European Unionis likely to placate anxious global market investors, who have fretted for weeks that far-right candidate Le Pen would win and make good on promises to yank France out of the EU, potentially unsettling the eurozone and world markets.
US stocks closed at a record Friday, 5 May 2017 on better-than-forecast data on American jobs.
Data in US showed some 211,000 people found new jobs in April as hiring rebounded from a wobbly showing in early spring, offering fresh evidence the economy is still growing at healthy clip and paving the way for the Federal Reserve to raise interest rates soon. Unemployment rate, meanwhile, dipped to 4.4% from 4.5% to match the lowest level since May 2007.
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