Key benchmark indices hit fresh intraday high in mid-afternoon trade as European market opened higher. At 14:19 IST, the barometer index, the S&P BSE Sensex, was up 474.20 points or 1.81% at 26,711.07. The Nifty 50 index was currently up 148.40 points or 1.83% at 8,250.45.
The Sensex hit a one-week high. The Nifty hit its highest level in more than three-weeks. The Sensex surged 484.40 points, or 1.85% at the day's high of 26,721.27 in mid-afternoon trade, its highest level since 1 December 2016. The index rose 120.48 points, or 0.46% at the day's low of 26,357.35 in early trade. The Nifty rose 149.30 points, or 1.84% at the day's high of 8,251.35 in mid-afternoon trade, its highest level since 15 November 2016. The index rose 49.70 points, or 0.61% at the day's low of 8,151.75 in early trade.
Overseas, European stocks were trading higher in early trade today, 8 December 2016, as investors await an announcement from President Mario Draghi of the European Central Bank (ECB) on further monetary stimulus.
Asian stocks edged higher on expectations the ECB would extend its asset buying campaign at a policy meeting later in the session. In mainland China, the Shanghai Composite ended 0.21% lower. In Hong Kong, the Hang Seng was currently up 0.27%. China's trade balance fell more-than-expected last month, official data showed today, 8 December 2016. In a report, National Bureau of Statistics of China said that Chinese Trade Balance fell to $44.61 billion in November 2016, from $49.06 billion in the preceding month.
US stocks registered strong gains yesterday, 7 December 2016, with the Dow and S&P 500 notching new records. Investors are bracing for the ECB's policy-setting meeting today, 8 December 2016.
Back home, the broad market depicted strength. There were more than two gainers against every loser on BSE. 1,858 shares rose and 678 shares fell. A total of 146 shares were unchanged. The BSE Mid-Cap index was currently up 1.40%. The BSE Small-Cap index was currently up 1.28%. Both these indices underperformed the Sensex.
FMCG shares were mixed. Bajaj Corp (up 2.64%), Britannia Industries (up 1.97%), Tata Global Beverages (up 1.43%), Godrej Consumer Products (up 1.21%), Hindustan Unilever (up 1.08%), Marico (up 0.57%), Colgate Palmolive (India) (up 0.36%) and Nestle India (up 0.27%), edged higher. GlaxoSmithKline Consumer Healthcare (down 0.01%), Dabur India (down 0.55%), Jyothy Laboratories (down 0.8%) and Procter & Gamble Hygiene & Health Care (down 0.99%), edged lower.
Most power generation stocks edged higher. Reliance Infrastructure (up 2.48%), JSW Energy (up 1.91%), Tata Power (up 1.55%), Reliance Power (up 1.31%), Jaiprakash Power Ventures (up 1.22%), GMR Infrastructure (up 1.19%), CESC (up 0.82%), NHPC (up 0.73%) and Torrent Power (up 0.11%), edged higher. Adani Power (down 0.16%) and NTPC (down 0.64%), edged lower.
State-run Coal India was up 1.99%. State-run Power Grid Corporation of India was up 0.82%.
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