The market extended early gains and hit fresh intraday high in morning trade. At 10:20 IST, the barometer index, the S&P BSE Sensex, was up 359.90 points or 1.01% at 36,055. The Nifty 50 index was up 107.75 points or 1% at 10,835.10. Positive global cues spurred buying in domestic shares. The Nifty was trading above 10,800 mark. The Sensex was trading above 36,000 mark.
Among secondary barometers, the BSE Mid-Cap index was up 0.63%. The BSE Small-Cap index was up 0.82%.
The market breadth, indicating the overall health of the market, was strong. On BSE, 1331 shares rose and 512 shares fell. A total of 80 shares were unchanged.
Metal shares were in demand. Jindal Steel & Power (up 2.04%), Vedanta (up 1.81%), Tata Steel (up 1.72%), Hindustan Copper (up 1.69%), Steel Authority of India (up 1.6%), Hindustan Zinc (up 1.23%), JSW Steel (up 1.01%), NMDC (up 1.01%), Hindalco Industries (up 0.5%) and National Aluminium Company (up 0.23%), edged higher.
Most FMCG shares advanced. Marico (up 2.33%), Jyothy Laboratories (up 2.26%), Bajaj Corp (up 1.94%), Hindustan Unilever (up 0.99%), Dabur India (up 0.89%), Britannia Industries (up 0.61%), GlaxoSmithKline Consumer Healthcare (up 0.42%), Tata Global Beverages (up 0.30%) and Procter & Gamble Hygiene & Health Care (up 0.08%), edged higher. Colgate Palmolive (India) (down 0.06%), Godrej Consumer Products (down 0.4%) and Nestle India (down 0.76%), edged lower.
Overseas, Asian shares advanced on Monday as a dovish turn by the Federal Reserve and startlingly strong US jobs data soothed some of the market's worst fears about the global outlook.
Investor sentiment also picked up slightly ahead of a round of trade negotiations between the United States and China in Beijing. The US and China will hold vice ministerial level trade talks in Beijing on January 7-8, according to the Chinese commerce ministry.
US stocks surged higher on Friday, buoyed by a better-than-expected jobs report for December and dovishly interpreted remarks by the chairman of the Federal Reserve.
The Bureau of Labor Statistics said the US economy added 312,000 jobs in December. The surge in hiring was the largest since February.
Investor optimism was further reinforced by comments by Federal Reserve Chairman Jerome Powell, who said during a Friday morning appearance that the jobs report didn't materially increase concerns over rising inflation, while reiterating that the central bank would continue to keep an open mind about how much it will raise interest rates in 2019 and how aggressively it will shrink its balance sheet, based on incoming data about the US and global economy, including recent weakness in equity markets.
In the global commodities markets, Brent for March 2019 settlement jumped $1.11 a barrel, or 1.98% to settle at $57.06 a barrel during the previous trading session.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)