Key benchmark indices pared gains after hitting fresh intraday high in mid-morning trade. At 11:19 IST, the barometer index, the S&P BSE Sensex, was up 19.70 points or 0.08% at 24,636.67. The 50-unit Nifty 50 index was up 11.85 points or 0.16% at 7,500.95.
The market breadth indicating the overall health of the market was strong. On BSE, 1,416 shares rose and 721 shares fell. A total of 105 shares were unchanged. The BSE Mid-Cap index was currently up 0.87%. The BSE Small-Cap index was currently up 0.92%. Both these indices outperformed the Sensex.
The Sensex and the Nifty, both, hit their highest levels in almost one week. The Sensex rose 74.92 points, or 0.30% at the day's high of 24,691.89 in mid-morning trade, its highest level since 2 February 2016. The index fell 86.54 points, or 0.35% at the day's low of 24.530.43 in morning trade. The Nifty 50 index rose 21.85 points, or 0.29% at the day's high of 7,510.95 in mid-morning trade, its highest level since 2 February 2016. The index fell 25.15 points, or 0.34% at the day's low of 7,463.95 in morning trade.
In the overseas market, Japan's Nikkei 225 index edged higher today, 8 February 2016, as most major Asian markets remain closed for the Lunar New Year holidays. Markets in mainland China and Taiwan are closed all week. Other markets closed today include Hong Kong, South Korea, Malaysia, the Philippines, Vietnam and Singapore. Meanwhile, a rout in tech stockshighlighted by LinkedIn Corp.'s massive drop after the business-oriented social network delivered a poor outlookdrove US equities to their largest weekly drop in a month on Friday, 5 February 2016. Adding to negative sentiment was a jobs report that showed weaker-than-forecast growth in January. The US generated 151,000 nonfarm jobs in the first month of 2016, the Labor Department said. The unemployment rate fell a tick to 4.9% the lowest reading in eight years.
Most capital goods shares edged higher. Pipavav Defence and Offshore Engineering Company (up 4.48%), BEML (up 3.20%), Suzlon Energy (up 2.86%), Bharat Electronics (up 1.48%), Crompton Greaves (up 1.46%), Bharat Heavy Electricals (up 1.28%), Praj Industries (up 1.14%), Siemens (up 1.10%), Punj Lloyd (up 1.04%), Larsen & Toubro (up 0.95%), AIA Engineering (up 0.66%), Jindal Saw (up 0.66%), SKF India (up 0.53%), Lakshmi Machine Works (up 0.48%), Thermax (up 0.42%) and ABB India (up 0.31%), edged higher. Havells India (down 0.1%), ALSTOM India (down 0.81%) and Alstom T&D India (down 1.61%), edged lower.
Cement shares were in demand. ACC (up 2%), Ambuja Cements (up 2.30%) and UltraTech Cement (up 0.59%), edged higher.
Grasim Industries was up 0.13%. Grasim has exposure to cement sector through its holding in UltraTech Cement.
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