Key benchmark indices came off day's high and were trading with modest gains in morning trade. At 10:20 IST, the barometer index, the S&P BSE Sensex, was up 79.32 points or 0.23% at 35,325.59. The Nifty 50 index was up 31.05 points or 0.29% at 10,747.60. Positive leads from Asian markets and overnight gains on the Wall Street boosted investors' sentiment.
The market opened higher and trimmed gains in morning trade. The Sensex rose 143.13 points, or 0.41% at the day's high of 35,389.40 in early trade. The index rose 15.79 points, or 0.04% at the day's low of 35,262.06 in morning trade. The Nifty rose 45.95 points, or 0.43% at the day's high of 10,762.50 in early trade. The index rose 7.90 points, or 0.07% at the day's low of 10,724.45 in morning trade.
Among secondary barometers, the BSE Mid-Cap index was up 0.36%, outperforming the Sensex. The BSE Small-Cap index was up 0.19%, underperforming the Sensex.
The market breadth, indicating the overall health of the market, turned negative from positive. On BSE, 874 shares rose and 902 shares fell. A total of 74 shares were unchanged.
Metal shares were in demand. Hindustan Copper (up 6.34%), Jindal Steel & Power (up 3.42%), Steel Authority of India (up 1.59%), Vedanta (up 1.16%), JSW Steel (up 0.99%), NMDC (up 0.86%), Tata Steel (up 0.79%), National Aluminium Company (up 0.59%) and Hindustan Zinc (up 0.08%), edged higher. Hindalco Industries was down 0.29%.
FMCG shares were mixed. Marico (down 1.44%), Godrej Consumer Products (down 0.72%), Bajaj Corp (down 0.63%), Hindustan Unilever (down 0.34%), Dabur India (down 0.19%) and Procter & Gamble Hygiene & Health Care (down 0.02%), edged lower. Tata Global Beverages (up 0.35%), Colgate Palmolive (India) (up 0.40%), Jyothy Laboratories (up 0.99%), Britannia Industries (up 1.21%) and GlaxoSmithKline Consumer Healthcare (up 1.31%), edged higher.
FMCG major Nestle India was up 6.48%. The company's net profit rose 38.23% to Rs 424.03 crore on 11.06% rise in total income to Rs 2813.67 crore in Q1 March 2018 over Q1 March 2017. The announcement was made after market hours yesterday, 10 May 2018.
Overseas, Asian shares were trading higher, tracking gains on Wall Street overnight, as softer-than-forecast US inflation data tempered expectations for faster Federal Reserve interest rate rises this year.
US stocks jumped on Thursday, with equities advancing in a broad rally that gave the Dow Jones Industrial Average its longest winning streak since February. Gains were supported by the latest economic data, which suggested the economy was healthy, but not growing so quickly that it was at risk of overheating.
In US, the consumer-price index rose 0.2% in April, while core CPI, which strips out food and energy, rose 0.1%. In another report on Thursday, the number of people who applied for first-time US unemployment benefits in early May stood at 211,000 for the second straight week, near a 49-year low.
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