Key benchmark indices were trading higher in morning trade after hitting fresh intraday high in early trade. At 10:20 IST, the barometer index, the S&P BSE Sensex, was up 122.30 points or 0.37% at 33,341.11. The Nifty 50 index was up 48.20 points or 0.47% at 10,351.35. Positive leads from Asian markets and overnight gains on the Wall Street boosted investors sentiment. Metal and FMCG shares were in demand.
The Sensex rose 244.99 points, or 0.74% at the day's high of 33,463.80 in early trade. The index rose 118.06 points, or 0.36% at the day's low of 33,336.87 in morning trade. The Nifty rose 65.30 points, or 0.63% at the day's high of 10,368.45 in early trade. The index rose 41.20 points, or 0.40% at the day's low of 10,344.35 in morning trade.
Among secondary barometers, the BSE Mid-Cap index was up 0.99%. The BSE Small-Cap index was up 1.09%. Both these indices outperformed the Sensex.
The broad market depicted strength. There were more than two gainers against every loser on BSE. 1,580 shares rose and 574 shares fell. A total of 100 shares were unchanged.
Metal shares were in demand. Hindustan Copper (up 3%), Steel Authority of India (up 2.73%), Jindal Steel & Power (up 1.71%), Hindalco Industries (up 1.50%), Bhushan Steel (up 1.48%), National Aluminium Company (up 1.44%), Tata Steel (up 1.40%), Vedanta (up 0.74%), Hindustan Zinc (up 0.72%), JSW Steel (up 0.69%) and NMDC (up 0.35%), edged higher.
Meanwhile, copper price edged lower in the global commodities markets. High Grade Copper for December 2017 delivery was currently down 0.31% at $3.09 per pound on the COMEX.
FMCG shares were in demand. Britannia Industries (up 2.96%), Tata Global Beverages (up 2.96%), Hindustan Unilever (up 2.68%), Bajaj Corp (up 2.11%), Dabur India (up 1.85%), Godrej Consumer Products (up 1.69%), Colgate Palmolive (India) (up 1.36%), Marico (up 1.26%), GlaxoSmithKline Consumer Healthcare (up 1.09%), Jyothy Laboratories (up 0.79%), Nestle India (up 0.35%) and Procter & Gamble Hygiene & Health Care 0.14%), edged higher.
Umang Dairies rose 3.42% after the company reported net loss of Rs 1.18 crore in Q2 September 2017, compared with net loss of Rs 2.89 crore in Q2 September 2016. The result was announced after market hours yesterday, 8 November 2017.
Umang Dairies' revenue from operations rose 16.02% to Rs 59.60 crore in Q2 September 2017 over Q2 September 2016. Revenue from operations includes conversion charges received by the company towards contract manufacturing activities. Despite a decent growth in sales volume/value, the bottom line was adversely impacted during the quarter due to increase in prices of milk.
On the political front, polling began at 8:00 IST in Himachal Pradesh's 68 assembly constituencies. Results will be announced 40 days later on 18 December 2017, along with those for Gujarat, which votes next month. While the BJP has named Prem Kumar Dhumal as its chief ministerial candidate, the Congress is banking on Virbhadra Singh to retain power in the state.
Overseas, most Asian stocks were trading higher following decent gains on Wall Street. US stocks ended higher on Wednesday as investors awaited updates on efforts to pass tax reform in Washington and as President Donald Trump toured Asia, highlighting lingering tensions with North Korea in a speech. The Dow Jones Industrial Average rose 0.03%, the S&P 500 index rose 0.14%, and the tech-oriented Nasdaq Composite Index advanced 0.32%.
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