Key benchmark indices extended intraday gains in early afternoon trade. At 12:15 IST, the barometer index, the S&P BSE Sensex rose 145.14 points or 0.44% at 33,373.13. The Nifty 50 index advanced 51.15 points or 0.5% at 10,291.30.
Key indices started the session on a subdued note and traded in negative zone till morning trade on mixed Asian cues, data showing surge in India's consumer price inflation and a moderate growth in industrial production. Indices reversed losses in mid-morning trade.
The Sensex advanced 166.40 points, or 0.5%, at the day's high of 33,394.39 in early afternoon trade. The index fell 104.55 points, or 0.31%, at the day's low of 33,123.44 in early trade, its lowest level since 8 December 2017. The Nifty advanced 56.40 points, or 0.55%, at the day's high of 10,296.55 in early afternoon trade. The index fell 29.60 points, or 0.28%, at the day's low of 10,210.55 in early trade, its lowest level since 8 December 2017.
Among secondary indices, the S&P BSE Mid-Cap index rose 0.2%. The S&P BSE Small-Cap index advanced 0.35%. Both the indices underperformed the Sensex.
The breadth, indicating the overall health of the market, was positive. On the BSE, 1,367 shares rose and 1,054 shares declined. A total of 135 shares were unchanged.
Metal and mining stocks were mixed. NMDC (up 0.42%), Hindalco Industries (up 0.34%), Hindustan Zinc (up 0.22%) and Jindal Steel & Power (up 0.03%) edged higher. Vedanta (down 1.4%), Steel Authority of India (down 0.5%), JSW Steel (down 0.46%), National Aluminium Company (down 0.32%) and Tata Steel (down 0.06%) edged lower.
Hindustan Copper jumped 6.34% to Rs 94.80 after the company said that its Kendadih copper mine located at Ghatsila, Jharkhand has been reopened on 11 December 2017. The announcement was made after market hours yesterday, 12 December 2017.
Kendadih Copper Mine of Hindustan Copper (HCL) located at Ghatsila, Jharkhand, was closed in February 2000 due to economic reasons. Since then, considering the favourable market conditions, the company has reworked the mine business plan. After obtaining all the statutory clearances like environment and forest clearances including execution of mining lease deed from central and state governments it has re-opened the mine on 11 December 2017.
Auto stocks advanced. Eicher Motors (up 1.08%), Hero MotoCorp (up 0.74%), Tata Motors (up 0.67%), Ashok Leyland (up 0.48%), Mahindra & Mahindra (up 0.37%) and Bajaj Auto (up 0.26%) gained. TVS Motor Company (down 0.72%) and Maruti Suzuki India (down 0.08%) declined.
On the macro front, the all-India general inflation based on the consumer price index (CPI) surged to 4.88% in November 2017, compared with 3.58% in October 2017. The core CPI inflation increased to 4.69% in November 2017 compared with 4.4% in October 2017. The inflation data was released by the government after market hours yesterday, 12 December 2017.
India's industrial production rose at moderated pace of 2.2% in October 2017 over October 2016, while showing a deceleration in growth from 4.1% increase in September 2017, data released by the government after market hours yesterday, 12 December 2017 showed.
Overseas, Asian stocks were mixed as investors awaited the conclusion of the Federal Reserve's two-day policy meeting. US stocks rose yesterday, 12 December 2017 amid growing optimism that Republican lawmakers would be able to revamp the corporate tax system. Wall Street also looked to the Federal Reserve as its two-day policy meeting kicked off.
The US Federal Reserve's Federal Open Market Committee (FOMC) two-day meeting which began yesterday, 12 December 2017, on interest rate decision, concludes later in the global day today, 13 December 2017. The Federal Reserve left the target range for its federal funds rate unchanged at 1% to 1.25% during its November 2017 meeting as widely expected.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
