Key benchmark indices traded with modest gains in afternoon trade. At 13:15 IST, the barometer index, the S&P BSE Sensex, rose 104.30 points or 0.31% at 33,897.68. The Nifty 50 index advanced 30.20 points or 0.29% at 10,473.40.
Key indices opened higher, tracking positive leads from Asian markets and overnight rally on the Wall Street. Key indices hovered with small gains till morning trade. Later, indices extended gains and traded modestly higher so far.
Among secondary indices, the S&P BSE Mid-Cap index advanced 0.45%. The S&P BSE Small-Cap index rose 0.74%. Both these indices outperformed the Sensex.
The broad market depicted strength. There were almost two gainers against every loser on BSE. 1,815 shares rose and 943 shares fell. A total of 98 shares were unchanged.
Telecom stocks were mixed. Bharti Airtel (up 0.44%) and Ideal Cellular (up 0.68%) edged higher. Reliance Communications (down 0.16%) dropped.
Bharti Infratel was up 0.16%. Bharti Infratel is a telecom tower infrastructure services provider.
Auto stocks declined. Tata Motors (down 0.92%), Hero MotoCorp (down 0.7%), Bajaj Auto (down 0.54%), Eicher Motors (down 0.49%), TVS Motor Company (down 0.43%), Mahindra & Mahindra (down 0.35%) and Maruti Suzuki India (down 0.24%) edged lower. Ashok Leyland (up 0.8%) gained.
On the macro front, the Nikkei India services Purchasing Managers' Index (PMI) returned to marginal growth during December as new orders broadly stabilised. The seasonally adjusted business activity index stood at 50.9 in December 2017, up from 48.5 in November 2017. A reading above 50 indicates economic expansion, while a reading below 50 points toward contraction. The data was unveiled during trading hours today, 4 January 2018.
Overseas, most Asian shares edged higher as solid economic data from China reinforced investors' optimism while oil prices continued their upward momentum with unrest in Iran stoking supply disruption concerns.
China's services sector grew at its fastest pace in more than three years in December, according to a private survey. The Caixin China services purchasing managers' index came in at 53.9 in December, up from 51.9 in November.
In the US, stock-market indices advanced further into record territory, with the main benchmarks closing at fresh all-time highs.
The minutes from the latest US Federal Reserve meeting showed a distinct lack of unity over the central bank's projection of three rate hikes in 2018. Some policymakers think three rate hikes would be too aggressive, while others think such a pace would be too slow.
Among other news, US factory activity increased more than expected in December, boosted by a surge in new orders growth.
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