The stock market continued to hover in positive terrain in the morning trade after a firm start on positive global cues. At 10:15 IST, the barometer index, the S&P BSE Sensex advanced 152.25 points or 0.46% at 33,402.55. The Nifty 50 index rose 46.45 points or 0.45% at 10,312.10.
The S&P BSE Mid-Cap index rose 0.36%, underperforming the Sensex. The S&P BSE Small-Cap index advanced 0.79%, outperforming the Sensex.
Overseas, Asian stocks edged higher following strong finish on the Wall Street on Friday. US equities closed higher on Friday, 8 December 2017, following the release of a stronger-than-expected jobs report. The US economy added 228,000 jobs last month, according to the Bureau of Labor Statistics. The unemployment rate held steady at 4.1%.
Closer home, the breadth, indicating the overall health of the market, was strong. On the BSE, 1,516 shares rose and 697 shares declined. A total of 106 shares were unchanged.
Sugar stocks edged higher on reports the traders have requested the food ministry to raise import duty on sugar to 60% from 50% amid drop in local prices coupled with the influx of cheap sugar from neighboring Pakistan. DCM Shriram Industries (up 3.35%), Bajaj Hindusthan (up 1.33%), Rana Sugars (up 1.41%), Sakthi Sugars (up 0.61%), Dwarikesh Sugar Industries (up 0.34%), Balrampur Chini Mills (up 0.23%) and Dhampur Sugar Mills (up 0.31%) gained. Shree Renuka Sugars (down 0.29%) edged lower.
Cement stocks were mixed. ACC (up 1.14%) and Ambuja Cements (up 0.73%) gained. Grasim Industries (down 0.42%) and Shree Cement (down 0.01%) declined.
UltraTech Cement advanced 1.71% at Rs 4,224.90 after the company said that its board at a meeting held on 9 December 2017, approved the setting up of a 3.5 MTPA integrated cement plant at Pali, Rajasthan, at an investment of around Rs 1850 crore. Commercial production from the plant is expected to commence by June 2020.
The board also approved a proposal for an increase in the investment limits by registered foreign portfolio investors (RFPIs) including foreign institutional investors (FIIs) from the existing limit of 30% of the paid-up equity share capital upto 40% of the paid-up equity share capital of the company. The announcement was made on Saturday, 9 December 2017.
Aegis Logistics surged 5.09% at Rs 268.50 after consolidated net profit jumped 108.49% to Rs 52.06 crore on 83.39% surge in total income to Rs 1242.32 crore in Q2 September 2017 over Q2 September 2016. The result was announced on Saturday, 9 December 2017.
Among other news, Gujarat recorded a polling of 68% in the first phase of assembly elections for 89 assembly constituencies held on Saturday, 9 December 2017. The second phase polling will take place on 14 December 2017 in 93 assembly constituencies. Counting of votes will take place on 18 December 2017. The Gujarat assembly has 182 seats.
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