Key benchmarks trim gains

Key benchmark indices pared intraday gains in mid-morning trade. At 11:16 IST, the barometer index, the S&P BSE Sensex, was up 26.46 points or 0.08% at 31,338.03. The Nifty 50 index was up 8.30 points or 0.09% at 9,665.85. The Nifty pared gains after hitting fresh intraday high in mid-morning trade.

The Sensex hit its highest intraday level in two weeks in early trade. The Nifty hit its highest intraday level in 1-1/2 week in mid-morning trade. The Sensex rose 80.96 points, or 0.26% at the day's high of 31,392.53 in early trade, its highest level since 6 June 2017. The index rose 7.30 points, or 0.02% at the day's low of 31,318.87 in early trade. The Nifty rose 18.95 points, or 0.20% at the day's high of 9,676.50 in mid-morning trade, its highest level since 8 June 2017. The index fell 1.95 points, or 0.02% at the day's low of 9,655.60 in early trade.

Among secondary barometers, the BSE Mid-Cap index was up 0.46%. The BSE Small-Cap index was up 0.47%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was positive. On BSE, 1,154 shares rose and 1,042 shares fell. A total of 115 shares were unchanged.

Tata Motors rose 2.44% to Rs 463.35 on media reports that Tata Group may be considering listing its luxury carmaker Jaguar Land Rover through an initial public offer. According to reports, senior executives of Tata Group have held preliminary internal discussions over listing of the British luxury automobile company Jaguar Land Rover (JLR) over an international stock exchange, which may potentially include New York Stock Exchange or London Stock Exchange. Tata Motors had bought an ailing JLR in a surprise move in 2008 for $2.4 billion from Ford Motor Co.

Cement shares were in demand. Ambuja Cements (up 1.41%), ACC (up 0.42%) and UltraTech Cement (up 0.09%), edged higher.

Grasim Industries was up 1.60%. Grasim has exposure to cement sector through its holding in UltraTech Cement.

Most telecom stocks rose. Idea Cellular (up 1.19%), Reliance Communications (up 0.79%) and Bharti Airtel (up 0.23%), edged higher. MTNL (down 0.46%) and Tata Teleservices (Maharashtra) (down 1.13%), edged lower.

Telecom tower infrastructure provider Bharti Infratel was up 0.84%.

Overseas, Asian shares were mixed amid speculation on whether China would be added to the MSCI emerging markets index on the fourth try. Investors are keeping an eye on the decision on whether to include China A-shares in the MSCI Emerging Markets Index. This will be China's fourth attempt at MSCI inclusion, after being passed over the first three times.

US stocks rose overnight with both the Dow and the S&P 500 ending at new records as technology shares rebounded from a recent bout of sharp weakness to lead the market higher. The Dow Jones Industrial Average rose 144.71 points, or 0.7%, to 21,528.99. The S&P 500 gained 20.31 points, or 0.8% to 2,453.46. The Nasdaq Composite Index rose 87.25 points, or 1.4% to 6,239.01.

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