Key benchmark indices were trading with small gains in mid-morning trade. At 11:30 IST, the barometer index, the S&P BSE Sensex, was up 35.06 points or 0.11% at 31,782.15. The Nifty index was up 17.40 points or 0.18% at 9,803.45.
Domestic stocks drifted higher in early trade led by index heavyweights Reliance Industries (RIL) and ITC.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,304 shares rose and 1,034 shares fell. A total of 140 shares were unchanged.
Overseas, Asian stocks were trading mixed. The US stock market remained resilient yesterday, 11 July 2017 with the Nasdaq extending its winning streak to a third session as a pair of political developments dominated the news cycle. The Dow Jones Industrial Average, edged up less than a point to close at 21,409.07. The S&P 500 lost 1.90 points to finish at 2,425.53. The Nasdaq Composite Index rose 16.91 points, or 0.3%, to end at 6,193.30.
In a development in claims that Russia might have meddled in the 2016 US presidential election, Donald Trump's eldest son released correspondence on Tuesday that showed communication with a Russian government attorney.
Meanwhile, investors are awaiting testimony from Federal Reserve Chair Janet Yellen on Wednesday and Thursday for more cues on the pace of interest-rate increases. On the Fed front, Fed Gov. Lael Brainard, speaking at a conference held at Columbia University, indicated she supports the central bank beginning to reverse its $4.5 trillion balance sheet, but wasn't persuaded on more rate increases after that.
Back home, telecom stocks rose. Bharti Airtel (up 0.47%), Idea Cellular (up 0.71%) and Reliance Communications (up 0.21%) fell. MTNL (down 0.71%) and Tata Teleservices (Maharashtra) (down 2.18%) fell.
Shares of Bharti Infratel rose 0.65%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.
Tata Global Beverages advanced 2.72% to Rs 173.50, extending recent gains on reports that the company has decided to sell its stake in various Tata group listed companies to its parent Tata Sons. Shares of Tata Global Beverages have risen 13.52% in four trading sessions from its close of Rs 153.45 on 6 July 2017.
According to reports, Tata Global Beverages (TGBL) has decided to sell its stake in various Tata group listed companies to its parent, Tata Sons, in the next few months. N Chandrasekaran had taken over charge as chairman of the board early this month.
Among macro economic data, investors are awaiting industrial output data for the month of May and retail inflation data of June by the government today, 12 July 2017. The government will announce industrial production data for the month of May 2017 after market hours today, 12 July 2017. The data on inflation based on consumer price index (CPI) or retail inflation for June 2017 will also be announced after market hours today, 12 July 2017.
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