Gains in ICICI Bank, Tata Motors and ONGC pushed the key benchmark indices to fresh intraday high in afternoon trade. At 13:16 IST, the barometer index, the S&P BSE Sensex, was up 108.64 points or 0.32% at 33,794.20. The Nifty 50 index was up 21.15 points or 0.2% at 10,473.65. Both the Sensex and the Nifty scaled record high in afternoon trade. Auto stocks gained. Telecom stocks saw mixed trend.
Indices opened lower, tracking mixed cues from other Asian stocks. Key benchmarks hit fresh intraday low in morning trade. The indices, however, recovered as buying emerged at lower levels in mid-morning trade. Shares turned range bound in early afternoon trade.
Among secondary barometers, the BSE Mid-Cap index was up 0.51%. The BSE Small-Cap index was up 0.7%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,532 shares rose and 1,133 shares fell. A total of 138 shares were unchanged.
Auto stocks gained. Tata Motors (up 2.4%), Maruti Suzuki India (up 1.76%), Ashok Leyland (up 2.22%), Bajaj Auto (up 0.49%), Hero MotoCorp (up 0.39%) and TVS Motor Company (up 1.5%) gained. Eicher Motors (down 0.12%) and Escorts (down 0.43%) fell.
Mahindra & Mahindra (M&M) was up 2.28% after the company said its board of directors will meet on 10 November 2017 to consider bonus issue along with unveiling its Q2 results. Seperately, M&M said that the offer price for the initial public offer (IPO) of its subsidiary Mahindra Logistics has been fixed at Rs 429 per share. The announcement was made after market hours on Friday, 3 November 2017. The IPO of Mahindra Logistics, which concluded on 2 November 2017, was subscribed 5.54 times. The company had fixed Rs 425-429 per share for the share sale.
Telecom stocks saw mixed trend. Reliance Communications (down 5.62%), Bharti Airtel (down 0.62%) and Idea Cellular (down 1.7%) fell. MTNL (up 0.86%) and Tata Teleservices (Maharashtra) (up 4.91%) rose.
Shares of Bharti Infratel rose 2.51%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.
India Nippon Electricals slumped 7.36% after net profit rose 4.5% to Rs 11.17 crore on 23% growth in net sales to Rs 117.55 crore in Q2 September 2017 over Q2 September 2016. The result was announced on Saturday, 4 November 2017.
Overseas, Asian stocks were mixed as investors were cautious after a surprise shakeup over the weekend in Saudi Arabia and with President Donald Trump in Asia for more than a week of high-profile meetings.
Minutes from the Bank of Japan's (BoJ) September meeting released Monday showed most policymakers thought the central bank should keep its current policy guidelines. Meanwhile, Japan's service sector grew at its fastest pace in two years in October as new orders rose sharply in a strong start to the fourth quarter. The Nikkei-Markit services purchasing managers' index rose to 53.4 in October, up from 51 in the previous month and its strongest since August 2015.
Traders are keeping an eye on President Donald Trump's first trip to Asia. After a few days in Tokyo and Seoul, Trump will arrive in China on Wednesday, 8 November 2017, with executives from some 40 companies seeking deals in sectors ranging from energy to aviation to financial services.
Investors were also cautious as Saudi Arabia's crown prince cemented his power through an anti-corruption crackdown, leading to arrests of royals, ministers and investors including prominent business billionaire Alwaleed bin Talal.
US stocks closed at records on Friday, 3 November 2017, with major indexes extending their lengthy upward moves on the back of strong results at Apple, which offset a mixed set of economic data, including a lackluster October jobs report. The Dow Jones Industrial Average rose 0.1%, the Nasdaq Composite Index climbed 0.7%, and the S&P 500 gained 0.3%.
US payrolls data provided a mixed picture of the strength of the labor market, though distortions from the hurricanes in August made it difficult to draw firm conclusions. The US economy added 261,000 jobs in October and the unemployment rate was 4.1% as labor conditions returned to normal following the storm-weakened September.
Meanwhile, Trump announced last week that US Fed Governor Jerome Powell will be nominated to replace Janet Yellen as the future chairman when her term expires in February 2018.
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