Market trims gains; breadth positive

The market trimmed gains in mid-morning trade. At 11:20 IST, the barometer index, the S&P BSE Sensex, was up 158.94 points or 0.41% at 39,215.59. The Nifty 50 index was up 27.75 points or 0.24% at 11,740.95.

The sentiment continued to be upbeat amid positive Asian cues. Indices opened higher and hit fresh intraday high in morning trade. Benchmarks pared gains in mid-morning trade.

Among secondary barometers, the BSE Mid-Cap index was up 0.44%. The BSE Small-Cap index were up 0.42%.

The market breadth, indicating the overall health of the market, was positive. On BSE, 1194 shares rose and 907 shares fell. A total of 150 shares were unchanged.

Most FMCG shares advanced. Marico (up 2.46%), Bajaj Corp (up 1.95%), Nestle India (up 1.60%), Godrej Consumer Products (up 1.54%), Dabur India (up 1.25%), Colgate Palmolive (India) (up 0.90%), Tata Global Beverages (up 0.50%), Jyothy Laboratories (up 0.44%) and GlaxoSmithKline Consumer Healthcare (up 0.17%), edged higher. Hindustan Unilever (down 0.19%), Procter & Gamble Hygiene & Health Care (down 0.29%) and Britannia Industries (down 0.89%), edged lower.

Auto shares were mixed. Maruti Suzuki India (up 1.69%), TVS Motor Company (up 1.51%), Escorts (up 1.13%), Tata Motors (up 1.06%), Hero MotoCorp (up 0.54%) and Mahindra & Mahindra (up 0.45%), edged higher. Ashok Leyland (down 0.17%), Bajaj Auto (down 0.66%) and Eicher Motors (down 1.67%), edged lower.

Overseas, Asian shares traded higher on Wednesday following a report that said the US and China are closer to reaching a trade agreement.

The US and China are set to resume trade negotiations in Washington on Wednesday, following last week's talks in Beijing. Ahead of the meeting, White House economic adviser Larry Kudlow said the two countries "expect to make more headway" in this week's talks. Both economic powerhouses are closer to reaching a deal, according to media reports.

In US, the S&P 500 and Nasdaq Composite closed with small gains on Tuesday, while the Dow Jones Industrial Average ended in the red.

In economic reports, a report on long-lasting factory goods, or durable goods, in February showed a 1.6% decline, the Commerce Department said.

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