Nifty reclaims 10500, Sensex up 40 points in opening trade

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Trading may remain volatile during the latter part of the day as traders roll over positions in the futures & options (F&O) segment from the near month December 2017 series to January 2018 series. The Sensex and Nifty surpassed the 34,000 and 10,500 levels for the first time, shrugging off below-expected corporate earnings as well as uncertainties on the global front.

The Sensex clocked its best performance in recent years, rising by 7,430.37, or 27.91% in 2017.

In the domestic market, shares of Tata Motors (up 3.06 per cent), TCS (up 2.72 per cent), Hero MotoCorp (up 2.38 per cent), Axis Bank (up 2.30 per cent) and Adani Ports (up 1.94 per cent) led gains on BSE. The Nifty too rallied 2,344.90 points, or 28.65%, in 2017.

Asian markets are trading mixed taking cues from USA markets. "Rich valuation and lack of fresh triggers may lead the market to a consolidation phase", said Vinod Nair, Head of Research, Geojit Financial Services. The Nifty 50 index was off 0.30 points at 10,490.45.

The 30-share BSE index made a modest gain of 63.24 points, or 0.18 per cent, at 33,975.05.

It surpassed its previous closing high of 34,010.61 reached on December 26.

The broader Nifty50 of the National Stock Exchange (NSE) surged by 28.64 per cent to close at 10,530.70 points from its 2016 close at 8,185.80 points.

Japan's Nikkei and the S&P 500 are both ahead by nearly 20 per cent, while the Dow has risen by a quarter.

Reliance Communications (RCom) today rose as much as 23%, after Mukesh Ambani's Reliance Jio announced yesterday that it will acquire RCom's wireless infrastructure assets, including towers and spectrum, at an estimated price of Rs 20,000-24,000 crore.The stock, however, 17.48% up on the NSE.

In four days, shares of the company have zoomed 122% adding Rs 5,506.76 crore to its market capitalisation. "Sectorally, the top gainers were the pharma, media and IT indices, while the top losers were the Bank Nifty, PSU banks, realty and auto indices", he added. Globally, Hong Kong's Hang Seng rose 0.42 per cent while Japan's Nikkei up 0.25 per cent in early trade.

Metal stocks moved up, tracking a rally in copper prices, and pushed the BSE Metal index up by over 2 percent.

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