Indices extend gains

Stocks extended gains and hit intraday high in mid-afternoon trade. At 14:25 IST, the barometer index, the S&P BSE Sensex, was up 237.11 points or 0.61% at 38,801.99. The Nifty 50 index was up 81.55 points or 0.7% at 11,657.50. Telecom stocks gained.

Key indices edged higher in early trade on positive Asian stocks. Stocks hovered in positive zone in morning trade. Key indices traded in a small range with positive bias in mid-morning trade. Key equity benchmarks were trading with small gains in afternoon trade.

The S&P BSE Mid-Cap index was up 0.14%. The S&P BSE Small-Cap index was up 0.25%.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 1125 shares rose and 1230 shares fell. A total of 161 shares were unchanged.

Telecom stocks gained. Bharti Airtel (up 2.99%), Vodafone Idea (up 0.18%), MTNL (up 0.89%), Tata Teleservices (Maharashtra) (up 0.34%) rose. Reliance Communications (down 4.52%) fell.

Shares of Bharti Infratel rose 1.78%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.

Tata Global Beverages fell 0.6% after consolidated net profit declined 61.48% to Rs 22.90 crore on 5.16% rise in net sales to Rs 1775.46 crore in Q4 March 2019 over Q4 March 2018. The result was announced after market hours yesterday, 23 April 2019.

Overseas, most European shares declined as market participants monitored the latest flurry of corporate results. Asian stocks were mixed on Wednesday.

In US, the S&P 500 index and the Nasdaq registered record closing highs after a broadbased rally on Tuesday, as a clutch of better-than-expected earnings reports eased concerns about a slowdown. The Dow Jones Industrial Average rose 145.34 points, or 0.55%, to 26,656.39, the S&P 500 gained 25.71 points, or 0.88%, to 2,933.68 and the Nasdaq Composite added 105.56 points, or 1.32%, to 8,120.82.

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