Sensex, Nifty come off day's high

Key benchmark indices pared gains after hitting fresh intraday high in mid-afternoon trade. At 14:26 IST, the barometer index, the S&P BSE Sensex, was up 114.82 points or 0.33% at 34,530.40. The Nifty 50 index was up 45.75 points or 0.43% at 10,609.80.

The market opened lower, but recovered as the session progressed. Trading was volatile due to negative global cues and derivatives expiry later this week.

The Sensex rose 248.37 points, or 0.72% at the day's high of 34,663.95 in mid-afternoon trade. The index fell 156.31 points, or 0.45% at the day's low of 34,259.27 in early trade, its lowest intraday level since 13 April 2018. The Nifty rose 74.30 points, or 0.70% at the day's high of 10,638.35 in mid-afternoon trade. The index fell 49.10 points, or 0.46% at the day's low of 10,514.95 in early trade, its lowest intraday level since 13 April 2018.

Among secondary barometers, the BSE Mid-Cap index was up 0.36%. The BSE Small-Cap index was up 0.62%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was positive. On BSE, 1,384 shares rose and 1,212 shares fell. A total of 154 shares were unchanged.

IT shares were in demand. Persistent Systems (up 4.86%), MphasiS (up 3.68%), MindTree (up 3.59%), HCL Technologies (up 3.49%), Tech Mahindra (up 2.51%), Infosys (up 1.92%), Hexaware Technologies (up 0.79%) and Oracle Financial Services Software (up 0.65%), edged higher. Wipro was down 0.30%.

IT major TCS was the top Sensex gainer. The stock was up 1.75% at Rs 3,466. TCS has become the first Indian company to achieve the $100 billion in market capitalisation, the first ever in the history of Indian capital markets.

Pharmaceutical shares rose. Cadila Healthcare (up 3.77%), Aurobindo Pharma (up 3.34%), Piramal Enterprises (up 2.06%), Strides Shasun (up 1.87%), Lupin (up 1.63%), Alkem Laboratories (up 1.41%), Sun Pharmaceutical Industries (up 1.36%), Glenmark Pharmaceuticals (up 1.34%), IPCA Laboratories (up 1.13%), Wockhardt (up 1%), Cipla (up 0.87%) and Dr Reddy's Laboratories (up 0.47%), edged higher. GlaxoSmithKline Pharmaceuticals (down 0.28%) and Divi's Laboratories (down 1.22%), edged lower.

Overseas, European shares fell on Monday as results from Switzerland's biggest bank, UBS, disappointed investors.

Asian stocks were trading lower as investors kept an eye on rising US Treasury yields. US stocks ended lower on Friday, as weakness in technology and consumer staples shares offset the latest batch of corporate earnings, which largely continued to beat expectations. While earnings were the primary driver of sentiment last week, investors lately grew concerned about a jump in bond yields that reflect rising inflation expectations.

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