After a bit of initial volatility in positive terrain, key benchmark indices traded with modest gains in morning trade. At 10:16 IST, the barometer index, the S&P BSE Sensex, was up 127.93 points or 0.48% at 26,854.48. The Nifty 50 index was up 39 points or 0.47% at 8,275.05.
The Sensex rose 175.50 points or 0.65% at the day's high of 26,902.05 at the onset of trading session, its highest level since 6 January 2017. It rose 77.62 points or 0.29% at the day's low of 26,804.17 in early trade. The Nifty rose 52.05 points or 0.63% at the day's high of 8,288.10 at the onset of trading session, its highest level since 6 January 2017. It rose 24.95 points or 0.3% at the day's low of 8,261 in early trade.
The BSE Mid-Cap index was up 0.46%, underperforming the Sensex. The BSE Small-Cap index was up 0.61%, outperforming the Sensex.
Broad market depicted strength. There were more than two gainers against every loser on the BSE. 1,399 shares rose and 650 shares declined. A total of 101 shares were unchanged.
Telecom stocks were mixed. Tata Teleservices (Maharashtra) (up 0.5%) and Reliance Communications (up 0.45%) edged higher. Bharti Infratel was up 1.28%. Bharti Infratel is a telecom tower arm of Bharti Airtel.
Mahanagar Telephone Nigam (down 0.25%) and Bharti Airtel (down 0.13%) edged lower. Idea Cellular was flat at Rs 74.
Cement stocks also witnessed mixed trend. UltraTech Cement (up 0.15%) edged higher. Ambuja Cements (down 0.31%) and Shree Cement (down 0.14%) edged lower. ACC was unchanged at Rs 1,325.95.
Grasim Industries was up 0.13%. Grasim has exposure to cement sector through its holding in UltraTech Cement.
Engineers India gained 2.85% after the company won a contract worth over Rs 2500 crore from HPCL for modernization of Vizag refinery. HPCL has entrusted the project for execution of Vizag refinery modernization project (VRMP) to the company.
Engineers India shall execute this project contract under two separate contracts, namely PMC services for major process units and packages under U&O and execution of U&O and PRU revamp on open book estimate (OBE) basis. The total awarded order value is more than Rs 2500 crore with a total project schedule of 43 months for mechanical completion. The announcement was made after market hours yesterday, 9 January 2017.
Overseas, Asian stocks were mixed amid lacklustre closing on the Wall Street and sharp slide in oil prices overnight. In mainland China, the Shanghai Composite was down 0.07%. In Hong Kong, the Hang Seng was up 0.52%.
Among economic data, growth in China's consumer price index (CPI), the main gauge of inflation, increased 2.1% from a year ago in December, slightly down from November's 2.3% rise, the National Bureau of Statistics (NBS) said today, 10 January 2017.
Meanwhile, China's producer price index (PPI), which measures costs for goods at the factory gate, reached a five-year high in December, official data showed today, 10 January 2017. The reading rose 5.5% year on year, the highest reading since September 2011, according to NBS. On a month-to-month basis, it increased 1.6%.
In the US, major stock indices closed mixed yesterday, 9 January 2017, with and utilities lagging, as investors geared up for the start of earnings season and digested falling oil prices. The Nasdaq composite hit a new all-time closing high.
Meanwhile, Atlanta Federal Reserve bank president Dennis Lockhart said yesterday, 9 January 2017 that recovery from the economic crisis is largely done, and officials should now turn to addressing longer-term issues like how to boost productivity. The economy is near full employment, inflation is close to the Fed's 2% goal, and the US appears locked in for steady growth of around 2% annually, Lockhart said.
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