Key benchmark indices extended gains and hit fresh intraday led by IT stocks. At 10:15 IST, the barometer index, the S&P BSE Sensex, was up 80.70 points or 0.25% at 31,796.34. The Nifty 50 index was up 30.40 points or 0.31% at 9,801.45. Both the Sensex and the Nifty hit record high in morning trade. Positive Asian stocks boosted sentiment on the domestic bourses.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,248 shares rose and 897 shares fell. A total of 92 shares were unchanged.
Overseas, Asian stocks were trading higher as investors hold on to their big bets ahead of the earnings season in the US. However, there was caution in Asia ahead of scheduled appearances by US Federal Reserve officials this week. Investors are watching for more cues from the Fed on the pace of interest-rate increases. Fed Gov. Lael Brainard was due to speak in New York on Tuesday, ahead of Chairwoman Janet Yellen's testimony to congressional committees on Wednesday and Thursday.
In US stocks, the Nasdaq and the S&P 500 finished higher yesterday, 10 July 2017 as a pair embattled sectors, technology and energy, drew bidders, while the Dow industrials closed fractionally lower.
US President Donald Trump's effort to roll back Obamacare faced growing obstacles on Monday as Republicans remained divided over how to curb the costs of their proposed healthcare bill and prevent millions from losing coverage.
Back home, IT stocks gained. TCS (up 2.26%), Infosys (up 2.99%), Wipro (up 0.93%), HCL Technologies (up 1.55%), Oracle Financial Services Software (up 0.86%), Tech Mahindra (up 1.73%), Hexaware Technologies (up 3.26%) and MphasiS (up 0.16%) gained. MindTree (down 0.45%) fell.
Telecom stocks declined. Idea Cellular (down 1.72%), MTNL (down 0.69%), Tata Teleservices (Maharashtra) (down 1.82%) and Reliance Communications (down 1.43%) fell.
Bharti Airtel fell 1.33% on profit booking after recent rally. Shares of Bharti Airtel had surged 7.73% in the preceding three trading sessions to settle at Rs 405.40 yesterday, 10 July 2017, from its closing of Rs 376.30 on 5 July 2017.
Bharti Airtel announced the launch of Project Next - its digital innovation program aimed at transforming customer experience across all of its services and touch points. The announcement was made at the fag end of market hours yesterday, 10 July 2017.
Bharti Airtel said it plans to invest up to Rs 2000 crore over the next 3 years under Project Next to launch several exciting digital innovations to step change the simplicity and interactivity of the Airtel customer experience. Project Next complements Airtel's massive investments towards building a future ready network under Project Leap.
Shares of Bharti Infratel rose 0.28%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.
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