Key benchmark indices extended early gains and hit fresh intraday high in morning trade. At 10:17 IST, the barometer index, the S&P BSE Sensex, was up 152.08 points or 0.46% at 33,309.30. The Nifty 50 index was up 50.75 points or 0.49% at 10,373.80.
The Sensex and the Nifty, both, hit their record high levels in morning trade. The Sensex rose 174.84 points, or 0.53% at the day's high of 33,332.06 in morning trade, its record high level. The index rose 49.71 points, or 0.15% at the day's low of 33,206.93 at the onset of trading session. The Nifty rose 60.75 points, or 0.59% at the day's high of 10,383.80 in morning trade, its record high level. The index rose 21.25 points, or 0.21% at the day's low of 10,344.30 at the onset of trading session.
Among secondary barometers, the BSE Mid-Cap index was up 1.13%. The BSE Small-Cap index was up 1.14%. Both these indices outperformed the Sensex.
The broad market depicted strength. There were more than two gainers against every loser on BSE. 1,560 shares rose and 611 shares fell. A total of 102 shares were unchanged.
Metal shares were in demand. Hindalco Industries (up 1.74%), National Aluminium Company (up 1.63%), NMDC (up 1.63%), Bhushan Steel (up 1.42%), Vedanta (up 1.12%), Jindal Steel & Power (up 0.87%), Tata Steel (up 0.83%), Steel Authority of India (up 0.63%), Hindustan Zinc (up 0.46%), Hindustan Copper (up 0.43%) and JSW Steel (up 0.30%), edged higher.
Meanwhile, copper price edged lower in the global commodities markets. High Grade Copper for December 2017 delivery was currently down 0.60% at $3.0975 per pound on the COMEX.
Telecom shares rose. Tata Teleservices (Maharashtra) (up 4.98%), MTNL (up 3.39%), Bharti Airtel (up 1.25%), Idea Cellular (up 0.43%) and Reliance Communications (up 0.31%), edged higher.
Telecom tower infrastructure provider Bharti Infratel was up 2.35%.
Canara Bank jumped 5.14% after the state-run bank reported a drop in the ratio of gross NPAs and net NPAs in Q2 September 2017 on sequential basis. Net profit fell 27.1% to Rs 260.18 crore on 1.57% decline in total income to Rs 11994.64 crore in Q2 September 2017 over Q2 September 2016. The result was announced after market hours on Friday, 27 October 2017. The bank's gross non-performing assets (NPAs) stood at Rs 39164.08 crore as on 30 September 2017 as against Rs 37657.76 crore as on 30 June 2017 and Rs 33315.40 crore as on 30 September 2016. The ratio of gross NPAs to gross advances stood at 10.51% as on 30 September 2017 as against 10.56% as on 30 June 2017 and 9.81% as on 30 September 2016. The ratio of net NPAs to net advances stood at 7.02% as on 30 September 2017 as against 7.09% as on 30 June 2017 and 6.69% as on 30 September 2016. The bank's provisions and contingencies rose 36% to Rs 2156.64 crore in Q2 September 2017 over Q2 September 2016.
Overseas, Asian stocks were trading on a mixed note as investors awaited an announcement on who will helm the US Federal Reserve.
In the US, the S&P 500 and Nasdaq Composite closed at records on Friday, 27 October 2017, fueled by large gains in technology shares following better-than-expected quarterly results from heavyweights Amazon.com Inc., Microsoft Corp., Alphabet Inc. and Intel Corp. Equities were also buoyed by data showing the US economy expanded at a solid 3% annual pace for a second straight quarter despite damages from two hurricanes, while the University of Michigan reported consumer sentiment in October was the strongest it has seen in 13 years. The S&P 500 gained 0.8%, the Dow Jones Industrial Average rose 0.1% and the Nasdaq Composite Index meanwhile, advanced 2.2%.
According to reports, US President Donald Trump will interview Janet Yellen Thursday, 2 November 2017, about potentially staying on as chair of the Federal Reserve after her first term ends in February. Yellen was appointed to the fed by former President Barack Obama in 2014. She is the first female head of the institution, which sets the country's monetary policy and regulates its major banks.
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