Key barometers were hovering in a narrow range near day's high in mid-morning trade. At 11:20 IST, the barometer index, the S&P BSE Sensex, was up 116.40 points or 0.33% at 35,362.67. The Nifty 50 index was up 41.15 points or 0.38% at 10,757.70.
Positive leads from Asian markets and overnight gains on the Wall Street boosted investors' sentiment. Global risk appetite got a boost from soft US inflation, helping alleviate worries of faster rate hikes by the Federal Reserve.
The market opened higher and trimmed gains in morning trade. Indices firmed up once again in mid-morning trade. The Sensex rose 143.13 points, or 0.41% at the day's high of 35,389.40 in early trade. The index rose 15.79 points, or 0.04% at the day's low of 35,262.06 in morning trade. The Nifty rose 46.25 points, or 0.43% at the day's high of 10,762.80 in mid-morning trade. The index rose 7.90 points, or 0.07% at the day's low of 10,724.45 in morning trade.
Among secondary barometers, the BSE Mid-Cap index was up 0.43%, outperforming the Sensex. The BSE Small-Cap index was up 0.17%, underperforming the Sensex.
The market breadth, indicating the overall health of the market, was negative. On BSE, 1,068 shares rose and 1,149 shares fell. A total of 120 shares were unchanged.
Telecom shares tumbled after Reliance Jio announced all-time low tariffs for postpaid customers. Idea Cellular (down 6.6%), Bharti Airtel (down 4.41%), Tata Teleservices (Maharashtra) (down 2.78%), Reliance Communications (down 0.36%) and MTNL (down 0.28%), edged lower.
Telecom tower infrastructure provider Bharti Infratel was down 1.15%.
Reliance Jio Infocomm (Jio), a subsidiary of RIL, launched post-paid plan with monthly rental of Rs 199, and an ISD calling service at a starting price of 50 paise per minute. The company also announced international roaming service with outgoing calls at Rs 2 per minute onwards. The new Jio plan has expanded the tariff war to the post-paid segment. The announcement was made after market hours yesterday, 10 May 2018.
Index heavyweight Reliance Industries (RIL) was up 0.50% to Rs 985.60.
Realty shares were mixed. Parsvnath Developers (down 2.59%), Housing Development and Infrastructure (HDIL) (down 2%), Godrej Properties (down 1.03%), Peninsula Land (down 1.01%), Indiabulls Real Estate (down 0.83%), Sobha (down 0.46%), D B Realty (down 0.33%), Omaxe (down 0.27%) and Anant Raj (down 0.12%), edged lower. Phoenix Mills (up 0.35%), Oberoi Realty (up 0.54%), Unitech (up 0.59%), Prestige Estates Projects (up 0.92%), DLF (up 1.41%), Sunteck Realty (up 1.76%) and Mahindra Lifespace Developers (up 5.12%), edged lower.
Overseas, Asian shares were trading higher, tracking gains on Wall Street overnight, as softer-than-forecast US inflation data tempered expectations for faster Federal Reserve interest rate rises this year.
Investors also welcomed continued moves between the United States and North Korea to reduce tensions in the region. US President Donald Trump will meet North Korean leader Kim Jong un in Singapore next month amid high hopes of doing something very meaningful to curtail Pyongyang's nuclear ambitions.
US stocks jumped on Thursday, with equities advancing in a broad rally that gave the Dow Jones Industrial Average its longest winning streak since February. Gains were supported by the latest economic data, which suggested the economy was healthy, but not growing so quickly that it was at risk of overheating.
In US, the consumer-price index rose 0.2% in April, while core CPI, which strips out food and energy, rose 0.1%. In another report on Thursday, the number of people who applied for first-time US unemployment benefits in early May stood at 211,000 for the second straight week, near a 49-year low.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
