After hovering in a range, key benchmark indices hit fresh intraday high in early afternoon trade. At 12:17 IST, the barometer index, the S&P BSE Sensex, was up 75.35 points or 0.28% at 26,769.63. The Nifty 50 index was up 16.80 points or 0.20% at 8,263.65.
The Sensex rose 109.48 points, or 0.41% at the day's high of 26,803.76 in early afternoon trade, its highest level since 15 November 2016. The index rose 13.53 points, or 0.05% at the day's low of 26,707.81 in morning trade. The Nifty rose 28.10 points, or 0.34% at the day's high of 8,274.95 in early afternoon trade, its highest level since 15 November 2016. The index fell 4.90 points, or 0.06% at the day's low of 8,241.95 in morning trade.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,373 shares rose and 949 shares fell. A total of 152 shares were unchanged. The BSE Mid-Cap index was currently up 0.20%, underperforming the Sensex. The BSE Small-Cap index was currently up 0.73%, outperforming the Sensex.
Most telecom stocks edged higher. Reliance Communications (up 0.96%), Idea Cellular (up 0.65%), Tata Teleservices (Maharashtra) (up 0.64%), MTNL (up 0.54%) and Bharti Airtel (up 0.05%), edged higher.
Telecom tower infrastructure provider Bharti Infratel was down 3%.
Cement shares were mixed. Ambuja Cements (up 0.61%) and ACC (up 0.86%), edged higher. UltraTech Cement was down 0.08%.
Grasim Industries was down 0.85%. Grasim has exposure to cement sector through its holding in UltraTech Cement.
Time Technoplast rose 1.16% after the company announced that the meeting of the board of directors of the company will be held on 13 December 2016 to consider alternate means of fund raising including but not limiting to preferential issue of securities. he company's shareholders on the Annual General Meeting on 28 September 2016 has passed special resolution authorising board of directors to issue, offer and allot equity shares/fully convertible debentures/partly convertible debentures/non convertible debentures etc. to the qualified institutional buyers if required at an appropriate time. The announcement was made after market hours yesterday, 8 December 2016.
State-run MMTC lost 6.4% after net profit fell 76.6% to Rs 10.45 crore on 71.5% decline in net sales to Rs 1389.95 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 8 December 2016.
Overseas, Asian shares were mixed after the European Central Bank (ECB) trimmed the size of its asset purchase programme. China's Shanghai Composite was up 0.24%. China's consumer inflation picked up for a third-straight month in November, but remained below the upper limit of a government target range, official data showed Friday, 9 December 2016. China's consumer price index increased 2.3% in November from a year earlier, rising at a quicker pace than a 2.1% year-over-year gain in October, the National Bureau of Statistics said. It added that strength in food prices were the main factor pushing up the headline figure.
US stocks closed at record levels yesterday, 8 December 2016, after ECB outcome. ECB yesterday, 8 December 2016, pledged to continue with its programme of money printing to shore up the euro zone recovery but surprised financial markets by reducing the amount of stimulus it expects to provide each month. ECB left interest rates unchanged and said it would continue its programme of quantitative easing (QE) to next December or beyond if necessary. But the central bank said it would reduce its monthly asset buys to 60 billion euros as of April, from the current 80 billion euros. It, however, said it reserved the right to increase the size of purchases again.
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