Key benchmark indices held firm in afternoon trade. At 13:20 IST, the barometer index, the S&P BSE Sensex, was up 140.97 points or 0.53% at 26,867.52. The Nifty 50 index was up 40.80 points or 0.5% at 8,276.85. The BSE Mid-Cap index was up 0.28%, underperforming the Sensex. The BSE Small-Cap index was up 0.59%, outperforming the Sensex.
The market breadth, indicating the overall health of the market was strong. On the BSE, 1,594 shares rose and 1,019 shares declined. A total of 127 shares were unchanged.
After opening higher amid mixed trend in Asian stocks key indices continued to trade in the positive terrain so far during the session.
Capital goods stocks saw a mixed trend. L&T (up 0.24%), and Havells India (up 1.02%) gained. ABB India (down 0.28%), Thermax (down 0.62%) and Siemens (down 0.26%) declined.
Bharat Heavy Electricals (Bhel) rose 0.86% after the company said that it has bagged an order from PowerGrid Corporation of India for the augmentation of three extra voltage substations in Karnataka on turnkey basis amounting to Rs 96 crore. The announcement was made during market hours today, 10 January 2017.
Shares of most power generation and power distribution companies gained on renewed buying. Torrent Power (up 0.48%), NHPC (up 0.37%), NTPC (up 0.06%), Tata Power Company (up 0.59%), Reliance Infrastructure (up 1.31%) and Adani Power (up 1.67%) gained. Power Grid Corporation of India (down 0.56%) and Reliance Power (down 0.57%) declined.
Shares of state run coal mining major Coal India fell 0.02% to Rs 300. The stock hit high of Rs 300.30 and low of Rs 299.25 in intraday trade.
HDFC declined 0.43%. The company will issue senior, secured, redeemable, non convertible debentures amounting to Rs 843 crore on private placement basis. The announcement was made during market hours today, 10 January 2017.
Shiva Cement gained 2.79% after the company said that the board meeting of directors of the company will be held on 10 January 2017, to consider proposal of a cement company for purchasing promoter's shares in Shiva Cement and thereby enabling them to invest and expand plant capacity of Shiva Cement. Promoter holding stood at 37.15% (as at 30 September 2016).. The company announced regarding the board meeting after trading hours yesterday, 9 January 2017.
Overseas, Asian stocks were mixed amid lacklustre closing on the Wall Street and sharp slide in oil prices overnight. In mainland China, the Shanghai Composite was down 0.21%. In Hong Kong, the Hang Seng was up 0.58%.
Among economic data, growth in China's consumer price index (CPI), the main gauge of inflation, increased 2.1% from a year ago in December, slightly down from November's 2.3% rise, the National Bureau of Statistics (NBS) said today, 10 January 2017.
Meanwhile, China's producer price index (PPI), which measures costs for goods at the factory gate, reached a five-year high in December, official data showed today, 10 January 2017. The reading rose 5.5% year on year, the highest reading since September 2011, according to NBS. On a month-to-month basis, it increased 1.6%.
In the US, major stock indices closed mixed yesterday, 9 January 2017, with and utilities lagging, as investors geared up for the start of earnings season and digested falling oil prices. The Nasdaq composite hit a new all-time closing high.
Meanwhile, Atlanta Federal Reserve bank president Dennis Lockhart said yesterday, 9 January 2017 that recovery from the economic crisis is largely done, and officials should now turn to addressing longer-term issues like how to boost productivity. The economy is near full employment, inflation is close to the Fed's 2% goal, and the US appears locked in for steady growth of around 2% annually, Lockhart said.
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