Wall Street's three major stock indexes hit record highs with earnings for S&P 500 companies expected to have increased by 11.8 per cent in the recently-ended quarter, according to Thomson Reuters I/B/E/S. Earlier this week, the nation's second-largest software exporter said effective tax rate on its US operations will be lower after it signed an agreement with the country's tax authority.
India's stock exchanges set new records with the Benchmark indices Sensex and Nifty opening at new record highs on 12 January 2018. Tata Consultancy Services will announce its Q3 results tomorrow, while Infosys will declare results on Friday. "Company earnings could provide a further impetus to the Indian markets".
The rupee pared its early gains to trade down by 6 paise at 63.77 against the greenback in afternoon deals on sustained bouts of dollar buying by banks.
Shares of Shree Cements rose 1.5% on strong December quarter numbers. Among them, metal index gained the most by 0.71%, capital goods 0.61%, infrastructure 0.56% and banking 0.47%, while IT Index was down 0.1%. The Nikkei Asia300 Index of companies outside Japan has gained 0.6% since last Friday, adding to the more-than-3% advance in the previous week. On the NSE, 761 stocks advanced, 1,047 declined while 49 remained unchanged.
Notable losers were TCS 1.27 percent, Bharti Airtel 0.82 percent and Wipro 0.45 percent.
On the sectoral front, Media rose 1.71 per cent, Private Bank 0.52 per cent, Finance Service 0.43 per cent, Bank 0.34 per cent and Auto 0.31 per cent.
The 50-share Nifty, after range-bound morning trade, spurted to touch an all-time high of 10,664.60 on a flurry of buying.