Nifty trades above 11,000 mark

The market bounced back from early losses and hit fresh intraday high in morning trade. At 10:30 IST, the barometer index, the S&P BSE Sensex, was up 106.26 points or 0.29% at 36,411.28. The Nifty 50 index was up 34.05 points or 0.31% at 11,001.45. The Nifty regained the 11,000 mark in morning trade.

Among secondary barometers, the BSE Mid-Cap index was up 0.34%. The BSE Small-Cap index was down 0.39%.

The market breadth, indicating the overall health of the market, was negative. On BSE, 908 shares rose and 1205 shares fell. A total of 109 shares were unchanged.

Metal shares were mixed. Jindal Steel & Power (up 1.54%), National Aluminium Company (up 1.54%), Steel Authority of India (up 1.09%), NMDC (up 0.62%), JSW Steel (up 0.28%) and Vedanta (up 0.17%), edged higher. Hindalco Industries (down 0.58%), Hindustan Zinc (down 0.62%), Hindustan Copper (down 0.89%) and Tata Steel (down 1.59%), edged lower.

FMCG shares were mixed. Bajaj Corp (down 2.28%), Jyothy Laboratories (down 0.56%), Nestle India (down 0.5%), Dabur India (down 0.46%), Marico (down 0.45%), Procter & Gamble Hygiene & Health Care (down 0.1%) and Godrej Consumer Products (down 0.04%), edged lower. GlaxoSmithKline Consumer Healthcare (up 0.10%), Hindustan Unilever (up 0.51%), Britannia Industries (up 0.74%), Tata Global Beverages (up 1.08%) and Colgate Palmolive (India) (up 1.10%), edged higher.

Overseas, most Asian stocks were trading higher. Markets in Hong Kong and South Korea are closed for public holidays. Investors were cautious as the latest round of US-China tariffs revived fears the trade dispute would knock global growth, while crude oil was elevated near four-year highs after Saudi Arabia and Russia ruled out immediate production increases.

US stocks closed mostly lower Monday as the US-China trade war entered a new phase when tariffs on billions of dollars of products took effect. Investors were also looking ahead to the Federal Reserve's two-day monetary policy meeting, which wraps Wednesday and is likely to result in another interest-rate hike.

On the US economic data front, the Chicago Fed's national activity index came in at 0.18 in August, unchanged with the previous month.

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