Key benchmark indices held firm in early afternoon trade. At 12:20 IST, the barometer index, the S&P BSE Sensex, rose 301.13 points or 0.87% at 34,893.52. The Nifty 50 index advanced 75.10 points or 0.7% at 10,756.35. Firmness in Asian stocks supported gains on the bourses. India's industrial production surging at 25-month high pace of 8.4% in November also boosted sentiment.
Indices had opened on a firm note and extended intraday gains till mid-morning trade. Both the key indices hit fresh record highs today, 15 January 2018.
The Sensex surged 371.30 points or 1.07% at the day's high of 34,963.69 in mid-morning trade, its record high. The index rose 94.82 points or 0.27% at the day's low of 34,687.21 in early trade. The Nifty gained 101.40 points or 0.95% at the day's high of 10,782.65 in mid-morning trade, its record high. The index advanced 32.55 points or 0.3% at the day's low of 10,713.80 in early trade.
Among the secondary indices, the S&P BSE Mid-Cap index rose 0.14%. The S&P BSE Small-Cap index advanced 0.43%. Both these indices underperformed the Sensex.
The breadth indicating overall health of the market was positive. On the BSE, 1,621 shares advanced and 1,147 shares declined. A total of 152 shares were unchanged.
TCS declined 0.26%. The company announced an expanded strategic technology partnership with Marks and Spencer plc to enable the iconic retailer to become a digital-first business. The announcement was made during market hours today, 15 January 2018.
As part of the retailer's five-year plan to transform its business, the retailer aims to make its technology function deliver more commercial opportunities.
Most capital goods stocks gained. Havells India (up 0.66%), ABB India (up 2.07%), Bharat Electronics (up 0.37%), L&T (up 0.74%), and Thermax (up 1.6%) gained. Bharat Heavy Electricals (Bhel) (down 0.1%) and Siemens (down 0.48%) declined.
While, auto stocks declined. Ashok Leyland (down 0.97%), Maruti Suzuki India (down 0.59%), Eicher Motors (down 1.34%), Hero MotoCorp (down 0.86%), Bajaj Auto (down 0.54%) and TVS Motor Company (down 0.41%) declined. Mahindra & Mahindra (M&M) rose 0.33%.
Granules India rose 1.38% after the Reserve Bank of India on 12 January 2018 notified that the Foreign Portfolio Investors (FPIs) investment limit under portfolio investment scheme in the company has increased from 24% to 49% of its paid up capital. Granules India has passed necessary resolutions of its board of directors and general body.
On the macroeconomic data front, industrial production surged at 25-month high pace of 8.4% in November 2017 over November 2016, while showing a sharp acceleration in growth from the 2% increase in October 2017.
The inflation based on consumer price index (CPI) surged to 17-month high of 5.21% in December 2017 compared with 4.88% in November 2017. The corresponding provisional inflation rate for rural area was 5.27% and urban area 5.09% in December 2017 as against 4.79% and 4.9% in November 2017. The core CPI inflation increased to 4.96% in December 2017 compared with 4.75% in November 2017. The cumulative CPI inflation was lower at 3.25% in April-December FY 2018 compared with 4.85% in April-December FY 2017. Both IIP and CPI data was announced after market hours on Friday, 12 January 2018.
The government said today, 15 January 2018, that the inflation based on monthly wholesale price index (WPI), eased to 3.58% (provisional) for the month of December 2017 as compared to 3.93% (provisional) for the previous month and 2.1% during the corresponding month of the previous year. Build up inflation rate in the financial year so far was 2.21% compared to a build up rate of 3.71% in the corresponding period of the previous year
Overseas, Asian stocks gained and built on the strong start to this year and headed for a fresh record high amid optimism in global growth.
US markets will remain shut today, 15 January 2018, for the Martin Luther King Jr. holiday. Better-than-expected quarterly earnings from some financial majors and robust economic data boosted the benchmark US indices to fresh closing highs on Friday, 12 January 2018. Among macro data, US Commerce Department said retail sales increased by 0.4% in December, in-line with estimates.
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