Shares continued upward trajectory as key benchmark indices hit fresh intraday high in mid-morning trade. At 11:24 IST, the barometer index, the S&P BSE Sensex, was up 227.50 points or 0.64% at 36,025.51. The Nifty 50 index was up 76.20 points or 0.69% at 11,042.40.
Shares opened higher as positive leads from Asian markets and overnight gains on the Wall Street boosted investors sentiment. Both, the Sensex and the Nifty hit record high level in mid-morning trade. The Sensex crossed the 36,000 mark and the Nifty crossed the 11,000 mark.
The Sensex rose 262.70 points, or 0.73% at the day's high of 36,060.71 in mid-morning trade, its record high level. The index rose 65.97 points, or 0.18% at the day's low of 35,863.98. The Nifty rose 86.85 points, or 0.79% at the day's high of 11,053.05 in mid-morning trade, its record high level. The index rose 28.35 points, or 0.26% at the day's low of 10,994.55.
Among secondary barometers, the BSE Mid-Cap index was up 1.19%, outperforming the Sensex. The BSE Small-Cap index was up 0.62%, underperforming the Sensex. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,553 shares rose and 1,041 shares fell. A total of 121 shares were unchanged. Breadth was quite strong in early trade.
IT stocks were in demand. Infosys (up 2.79%), HCL Technologies (up 1.9%), Persistent Systems (up 1.84%), Tech Mahindra (up 1.66%), MindTree (up 1.39%), MphasiS (up 1.29%), Oracle Financial Services Software (up 1.06%), Hexaware Technologies (up 1.01%) and TCS (up 0.33%), edged higher. Wipro was down 0.59%.
Most pharmaceutical shares rose. Cipla (up 3.01%), Wockhardt (up 2.99%), Aurobindo Pharma (up 2.41%), Dr Reddy's Laboratories (up 2.11%), Glenmark Pharmaceuticals (up 1.83%), IPCA Laboratories (up 1.76%), Divi's Laboratories (up 1.54%), Lupin (up 0.91%), Piramal Enterprises (up 0.80%), Strides Shasun (up 0.72%) and Sun Pharmaceutical Industries (up 0.70%), edged higher. Alkem Laboratories (down 0.01%), Cadila Healthcare (down 0.11%) and GlaxoSmithKline Pharmaceuticals (down 0.19%), edged lower.
Tinplate Company of India gained 1% after the company's net profit jumped 186.1% to Rs 12.79 crore on 128.5% surge in net sales to Rs 502.28 crore in Q3 December 2017 over Q3 December 2016. The result was announced after market hours yesterday, 22 January 2018. The stock gained 3.06% to Rs 300.05 ahead of the results yesterday, 22 January 2018.
Indian Oil Corporation rose 2.68% after the company said that its board may consider bonus issue of shares along with its announcement of Q3 December 2017 results in a meeting scheduled on 30 January 2018. The announcement was made after market hours yesterday, 22 January 2018.
Kalpataru Power Transmission jumped 8.50% after the company announced that it has secured new orders/notification of award of Rs 871 crore. The announcement was made after market hours yesterday, 22 January 2018. The stock had gained 2.65% to Rs 478.95 yesterday, 22 January 2018 ahead of the announcement.
Overseas, Asian shares were trading higher following the stronger lead from Wall Street after US lawmakers reached a deal to end a government shutdown.
Japan's central bank kept monetary settings unchanged on Tuesday and offered a more upbeat view on inflation expectations than three months ago. The Bank of Japan (BOJ) maintained a pledge to guide short-term interest rates at minus 0.1% and 10-year bond yields around zero percent at its two-day rate review that ended on Tuesday. It also kept intact a loose pledge to buy government bonds so its holdings increase roughly at an annual pace of 80 trillion yen ($722 billion). The nine-member board also kept its price forecasts that project inflation to hit 2% around the fiscal year ending in March 2020.
US stocks ended higher after the Senate reached a short-term compromise to end a government shutdown that began last week. The stopgap bill approved by the Senate on Monday will keep the US government open through 8 February 2018. The House of Representatives subsequently voted and passed the bill to reopen the government, sending it to President Donald Trump for a signature. The Dow Jones Industrial Average gained 0.6%. The S&P 500 rose 0.8%. The Nasdaq Composite Index rose 1%.
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