Sensex off record highs, still up 76 points in late morning

Equity indices surge to new highs on global cues buying support

Indian shares edged higher on Friday to a record close, boosted by surging financial and energy stocks, while investors awaited monthly inflation data for clues on the central bank's monetary policy.

At 9:16 AM, the BSE Sensex was trading at 34,606, up 102 points, while the broader Nifty50 was ruling at 10,688, up 37 points.

The markets opened at fresh high on earnings optimism.

The 30-share Sensex, after a cautious start, gathered momentum and rallied to 34,558.88, before ending at 34,503.49, a rise of 70.42 points, or 0.20 per cent.

Major gainers were ICICI Bank 1.26 per cent, Maruti 1.25 per cent, Reliance 1.16 per cent, L&T 0.69 per cent and HDFC 0.58 per cent. This came even as TCS posted disappointing December quarter earnings.

However, the BSE market breadth remained bearish as 1,584 stocks declined as compared to 1,331 advances. In an unprecedented move, Justice Chelameswar and three other senior judges today held a press conference on various issues relating to the apex court judiciary.

Profit booking in IT, Teck and telecom counters pulled the index back from record high level. China's custom-cleared trade data showed brisk growth in exports and imports in 2017, underscoring a global economy that continues to hum along nicely.

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