Market pares early gains

Key indices came off day's high in morning trade. At 10:23 IST, the barometer index, the S&P BSE Sensex, was up 142.93 points or 0.37% at 38,837.04. The Nifty 50 index was up 42.35 points or 0.36% at 11,734.30. Both Sensex and Nifty pared gains after hitting fresh all-time highs in early trade.

Indices opened higher and hit fresh intraday high in early trade. Indices pared gains in morning trade. The Sensex rose 226.03 points, or 0.58% at the day's high of 38,920.14 in early trade. The index rose 66.47 points, or 0.17% at the day's low of 38,760.58 in morning trade. The Nifty rose 68.25 points, or 0.58% at the day's high of 11,760.20 in early trade. The index rose 18.55 points, or 0.16% at the day's low of 11,710.50 in morning trade.

Among secondary barometers, the BSE Mid-Cap index was down 0.06%. The BSE Small-Cap index was up 0.32%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was positive. On BSE, 1045 shares rose and 1038 shares fell. A total of 115 shares were unchanged.

Most metal shares declined. National Aluminium Company (down 0.88%), NMDC (down 0.74%), Hindustan Zinc (down 0.72%), Jindal Steel & Power (down 0.72%), Hindustan Copper (down 0.33%), Steel Authority of India (down 0.32%), Tata Steel (down 0.26%) and JSW Steel (down 0.03%), edged lower. Vedanta (up 0.62%) and Hindalco Industries (up 1.26%), edged higher.

Auto stocks were mixed. Tata Motors (up 1.27%), Maruti Suzuki India (up 1.20%), TVS Motor Company (up 0.76%), Ashok Leyland (up 0.11%) and Mahindra & Mahindra (up 0.01%), edged higher. Eicher Motors (down 0.11%), Bajaj Auto (down 0.24%), Escorts (down 0.37%) and Hero MotoCorp (down 0.46%), edged lower.

Overseas, shares in Asia advanced amid hopes global tariff tensions were abating as the United States and Mexico made a deal to overhaul the North American Free Trade Agreement. US stocks gained Monday, with the S&P 500 and the Nasdaq closing at records for a second straight session, as the market rallied on enthusiasm over a new trade deal between the US and Mexico.

On Monday, the United States and Mexico announced that a deal had been agreed upon after months of negotiations between the two countries over the future of the North American Free Trade Agreement. The new deal, which President Donald Trump has said would be called The United States-Mexico Trade Agreement, is expected to last 16 years and will be reviewed every six years pending its approval by Congress, according to US Trade Representative Robert Lighthizer.

On the US data front, a measure of the US economy from the Chicago Federal Reserve slowed in July from June's robust performance, owed in large part to lighter output at the nation's factories. The Chicago Fed's index of national economic activity registered at a positive 0.13 last month, down from an upwardly revised positive 0.48 in June.

Powered by Capital Market - Live News