Key benchmark indices extended early gains and hit fresh intraday high in morning trade. At 10:16 IST, the barometer index, the S&P BSE Sensex, was currently up 77.09 points or 0.29% at 26,720.33. The Nifty 50 index was currently up 25.45 points or 0.31% at 8,217.70.
The Sensex rose 79.43 points, or 0.30% at the day's high of 26,722.67 in morning trade. The index fell 10.29 points, or 0.04% at the day's low of 26,632.95 in morning trade. The Nifty rose 26.20 points, or 0.32% at the day's high of 8,218.45 in morning trade. The index fell 1.40 points, or 0.02% at the day's low of 8,190.85 in morning trade.
Among secondary barometers, the BSE Mid-Cap index was currently up 0.62%. The BSE Small-Cap index was currently up 0.77%. Both these indices outperformed the Sensex.
The broad market depicted strength. There were three gainers against every loser on BSE. 1,541 shares rose and 513 shares fell. A total of 79 shares were unchanged.
Most metal shares edged higher. NMDC (up 3.65%), National Aluminium Company (up 1.36%), Jindal Steel & Power (up 1.35%), Tata Steel (up 1.20%), Hindustan Copper (up 0.96%), Hindalco Industries (up 0.85%), Vedanta (up 0.57%), Bhushan Steel (up 0.49%) and JSW Steel (up 0.19%), edged higher. Steel Authority of India (down 0.19%) and Hindustan Zinc (down 0.85%), edged lower.
IT shares rose. MindTree (up 2.51%), Hexaware Technologies (up 1.81%), HCL Technologies (up 0.84%), Tech Mahindra (up 0.57%), Infosys (up 0.35%), MphasiS (up 0.27%), Oracle Financial Services Software (up 0.27%), Wipro (up 0.10%) and Persistent Systems (up 0.07%), edged higher. TCS was down 0.09%.
Jubilant Life Sciences surged 5.26% after the company announced that its wholly own subsidiary, Jubilant Pharma, through one of its units Jubilant DraxImage Inc. Montreal Canada (JDI), has signed long term contracts with distribution networks in the US. The contracts are for the supply of products used for diagnostic and therapeutic procedures for thyroid, myocardial perfusion, lung, kidney and bone scans to be supplied by JDI over a period of 39 months effective from January 2017.
Commenting on the occasion, Shyam S. Bhartia, Chairman and Hari S. Bhartia, Co-Chairman and Managing Director, Jubilant Life Sciences said that these contracts provide visibility on company's future revenues with the differentiated and niche products in specialty pharma business and will strengthen the company for its growth, going forward. The announcement was made during market hours today, 4 January 2017.
Overseas, most stocks in Asia rose after data fueled confidence in the US economy, and as equity traders in Tokyo returned from holidays with the yen nursing a three-day slump. Japan's Nikkei 225 was up 2.26%. Hong Kong's Hang Seng was down 0.09%. Indonesia's Jakarta Composite Index was down 0.12%.
US stocks on Tuesday, 3 January 2017, started the first trading day of 2017 on a positive note but closed off of intraday highs as oil prices turned sharply lower, puncturing some of the initial exuberance that underpinned an early rally in the Dow Jones Industrial Average.
US manufacturing posted the fourth straight month of faster expansion in December 2016 as new orders and output jumped, pointing to a growing economy, the Institute for Supply Management said yesterday, 3 January 2017. The ISM manufacturing index rose 1.5 points from November to 54.7%, with 11 of the 18 industries surveyed reporting growth. A reading in the purchasing managers index above 50 indicates growth.
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