Positive market breadth

Fresh buying in index pivotals propelled the key benchmark indices to intraday high in early afternoon trade, with the Sensex and the Nifty, both, scaling fresh record high. At 12:18 IST, the barometer index, the S&P BSE Sensex, was up 316.48 points or 0.83% at 38,264.36. The Nifty 50 index was up 78.20 points or 0.68% at 11,548.95. Auto stocks rose. Telecom stocks saw mixed trend. Positive Asian 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. Stocks extended gains and hit fresh intraday high in morning trade. Key benchmark indices held firm in in mid-morning trade.

The S&P BSE Mid-Cap index was up 1.03%, outperforming the Sensex. The S&P BSE Small-Cap index was up 0.37%, underperforming the Sensex.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1433 shares rose and 1049 shares fell. A total of 153 shares were unchanged.

Auto stocks rose. Tata Motors (up 4%), Mahindra & Mahindra (M&M) (up 1.22%), Ashok Leyland (up 1.44%), Escorts (up 1.99%), Bajaj Auto (up 1.69%), Hero MotoCorp (up 1.69%) and TVS Motor Company (up 0.56%) gained. Maruti Suzuki India (down 0.36%) and Eicher Motors (down 0.84%) fell.

Telecom stocks saw mixed trend. Idea Cellular (up 5.5%), Reliance Communications (up 2.29%) and Bharti Airtel (up 0.15%) rose. MTNL (down 0.66 %) and Tata Teleservices (Maharashtra) (down 1.01%) fell.

Shares of Bharti Infratel rose 0.71%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.

Overseas, 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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