Market extends intraday gains

Shares extended gains and hit fresh intraday high in afternoon trade. At 13:16 IST, the barometer index, the S&P BSE Sensex, was up 350.53 points or 0.92% at 38,298.41. The Nifty 50 index was up 88.20 points or 0.77% at 11,558.95. Positive global stocks boosted sentiment on domestic bourses.

The market sentiment was also boosted by data showing that domestic and foreign funds, both, were net buyers of Indian stocks on Friday, 17 August 2018. Foreign portfolio investors (FPIs) bought shares worth a net Rs 147.31 crore on Friday, 17 August 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 151.89 crore on Friday, 17 August 2018, as per provisional data.

Domestic stocks drifted higher in early trade on positive Asian stocks. Key benchmark indices held firm in in mid-morning trade. Indices extended gains and hit fresh intraday high in afternoon trade.

The S&P BSE Mid-Cap index was up 0.90%. The S&P BSE Small-Cap index was up 0.33%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,479 shares rose and 1,115 shares fell. A total of 152 shares were unchanged.

Engineering and construction major Larsen & Toubro (L&T) gained 6.06% after the company announced that its board will meet on 23 August 2018, to consider a proposal for buyback of equity shares of the company. The announcement was made on Saturday, 18 August 2018.

Tata Motors (up 4.99%), ONGC (up 3.03%), Tata Steel (up 2.56%), Reliance Industries (up 2.21%) and HDFC (up 1.91%), were the major Sensex gainers.

Infosys (down 3.05%), Maruti Suzuki India (down 0.52%), ITC (down 0.29%), Power Grid Corporation of India (down 0.13%), ICICI Bank (down 0.15%) and Axis Bank (down 0.2%), were the major Sensex losers.

Overseas, European stocks were trading higher, with investors awaiting the outcome of trade talks between the world's two largest economies later this week.

Most Asian stocks rose following a higher finish on Wall Street last Friday as investors awaited developments on proposed US-China trade talks, while keeping a wary eye on the Chinese yuan and Turkish lira.

China and the United States will hold lower-level trade talks this month, offering hope that they might resolve an escalating tariff war. Reports suggested the talks in Washington would take place on Aug. 21 and 22, just before $16 billion in new US tariffs on Chinese goods take effect. The talks could set the stage for a summit between US President Donald Trump and Chinese President Xi Jinping in November.

US stocks rose on Friday on strength in technology hardware shares and optimism for a resolution in America's trade dispute with China. On the US data front, the University of Michigan said its consumer-sentiment index in August fell to 95.3, down from 97.9 in July, the lowest level in 11 months.

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