A bout of volatility was witnessed as key benchmark indices pared gains in mid-afternoon trade after hitting fresh intraday high in afternoon trade. At 14:20 IST, the barometer index, the S&P BSE Sensex, was up 294.51 points or 0.82% at 36,344.95. The Nifty 50 index was up 70.30 points or 0.64% at 11,139.95.
Key indices opened higher and firmed up further as the session progressed. The Sensex and the Nifty, both, scaled fresh record high in afternoon trade as the Economic Survey tabled in the Parliament today, 29 January 2018, showed that Indian economy is expected to expand at 7-7.5% in 2018-19. However, profit booking emerged at higher levels in mid-afternoon trade.
The Sensex rose 393.54 points, or 1.09% at the day's high of 36,443.98 in afternoon trade, its record high level. The index rose 42.92 points, or 0.12% at the day's low of 36,093.36 in early trade. The Nifty rose 101.90 points, or 0.92% at the day's high of 11,171.55 in afternoon trade, its record high level. The index rose 6.30 points, or 0.06% at the day's low of 11,075.95 in early trade.
Among secondary barometers, the BSE Mid-Cap index was off 0.36%. The BSE Small-Cap index was down 0.47%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was negative. On BSE, 1,609 shares fell and 1,191 shares rose. A total of 149 shares were unchanged.
Housing finance major HDFC rose 2.40% to Rs 1948.15. On a consolidated basis, the net profit surged 144.70% to Rs 6677.06 crore on 12.40% increase in total income to Rs 16846.77 crore in Q3 December 2017 over Q3 December 2016. The result was announced during trading hours today, 29 January 2018.
Most realty shares declined. Phoenix Mills (down 2.48%), Oberoi Realty (down 1.85%), Parsvnath Developers (down 1.79%), D B Realty (down 1.24%), Mahindra Lifespace Developers (down 1.24%), Indiabulls Real Estate (down 1.08%), Peninsula Land (down 1.01%), Sunteck Realty (down 0.75%), Godrej Properties (down 0.44%), Prestige Estates Projects (down 0.24%) and Omaxe (down 0.07%), edged lower.
Sobha (up 0.32%), Anant Raj (up 0.73%), Unitech (up 1.05%), Housing Development and Infrastructure (HDIL) (up 2.10%) and DLF (up 2.53%), edged higher.
Capital goods shares were mixed. GE Power India (down 2.01%), Thermax (down 1.4%), BEML (down 0.83%), Bharat Heavy Electricals (down 0.73%), ABB India (down 0.69%), SKF India (down 0.56%), Punj Lloyd (down 0.43%), Siemens (down 0.41%), GE T&D India (down 0.31%) and AIA Engineering (down 0.11%), edged lower. Crompton Greaves (up 0.05%), Bharat Electronics (up 0.11%), Lakshmi Machine Works (up 0.29%), Reliance Defence and Engineering (up 0.30%), Praj Industries (up 1.04%), Havells India (up 1.06%), Larsen & Toubro (up 1.29%) and Suzlon Energy (up 1.37%), edged higher.
On the macro front, the Economic Survey 2017-18 was tabled in Parliament today, 29 January 2018. India's economy should grow between 7% and 7.5% in the 2018/19 (April-March) with exports and private investment set to rebound. The survey estimates that gross domestic product will have grown 6.75% in the current fiscal year ending in March 2018.
India's external sector continued to be resilient and strong in 2017-2018. The global economy is gathering pace and is expected to accelerate from 3.2% in 2016 to 3.6% in 2017 and 3.7% in 2018 which reflects an upward revision of the earlier projections by the International Monetary Fund (IMF).
FDI equity inflows to the services sector grew by 15% during 2017-18 (April-October). It has been possible because the Government has undertaken a number of reforms to ensure that India remains an increasingly attractive investment destination, which include announcement of National Intellectual Property Rights (IPR) policy, implementation of GST, reforms for ease of doing business.
The survey highlighted that against the emerging macroeconomic concerns, policy vigilance will be necessary in the coming year, especially if high international oil prices persist or elevated stock prices correct sharply, provoking a ―sudden stall in capital flows.
Meanwhile, the total revenue received under Goods and Services Tax (GST) for the month of December 2017 (received in December/January up to 24 January 2018) has been Rs 86703 crore till 24 January 2018. The last date for filing of GSTR 3B return for the month of December 2017 was 22 January 2018, the Finance Ministry said in a statement on 25 January 2018.
The next major trigger for the market is Union Budget 2018-2019, which will be presented by the finance minister Arun Jaitley in the parliament on Thursday, 1 February 2018.
The Budget Session of the parliament began today, 29 January 2018. The session began with the address of the President. The first phase of the budget session of the parliament is being held from 29 January 2018 to 9 February 2018. After a recess, Parliament will meet again from 5 March 2018 to 6 April 2018, as per reports.
Overseas, most Eurpean shares were trading higher as investors monitored fresh economic data and corporate earnings.
Asian shares were mixed after several stocks gave up gains from upbeat openings that tracked Friday's rally on Wall Street. US stocks surged on Friday, 26 January 2018. A reading of fourth-quarter gross domestic product came in slightly softer than expected but was viewed by investors as healthy enough to perceive that the economy is on firm footing. The Dow Jones Industrial Average rose 0.85%. The S&P 500 index climbed 1.18%. The Nasdaq Composite Index surged 1.28%.
US gross domestic product (GDP) for the fourth quarter rose 2.6% as consumption and business activity picked up.
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