Sensex, Nifty come off day's high

Key benchmarks trimmed gains in mid-morning trade. At 11:18 IST, the barometer index, the S&P BSE Sensex, was up 313.74 points or 0.88% at 36,008.84. The Nifty 50 index was up 86.50 points or 0.81% at 10,813.85. Positive global cues spurred buying in domestic shares. The Nifty was trading above 10,800 mark. The Sensex was trading a tad above 36,000 mark.

The indices opened higher and extended gains in morning trade. Indices trimmed gains in mid-morning trade.

Among secondary barometers, the BSE Mid-Cap index was up 0.42%. The BSE Small-Cap index was up 0.67%.

The market breadth, indicating the overall health of the market, was strong. On BSE, 1420 shares rose and 699 shares fell. A total of 138 shares were unchanged.

Most IT shares rose. HCL Technologies (up 1.30%), MindTree (up 0.99%), Tech Mahindra (up 0.85%), Oracle Financial Services Software (up 0.45%) and Wipro (up 0.42%), edged higher. MphasiS (down 0.17%), Hexaware Technologies (down 0.36%) and Persistent Systems (down 1.02%), edged lower.

Infosys was up 0.61%. Infosys will announce Q3 December 2018 results on Friday, 11 January 2019.

TCS was up 0.91%. TCS will announce Q3 December 2018 results on Thursday, 10 January 2019.

Pharmaceuticals shares were mixed. Alkem Laboratories (up 0.74%), Divi's Laboratories (up 0.52%), Sun Pharmaceutical Industries (up 0.39%), Wockhardt (up 0.31%), Cadila Healthcare (up 0.30%), GlaxoSmithKline Pharmaceuticals (up 0.29%), Cipla (up 0.25%), Strides Shasun (up 0.25%) and Lupin (up 0.10%), edged higher. Aurobindo Pharma (down 0.21%), IPCA Laboratories (down 0.65%), Piramal Enterprises (down 0.86%), Dr Reddy's Laboratories (down 0.87%) and Glenmark Pharmaceuticals (down 2.27%), edged lower.

Overseas, Asian shares advanced on Monday as a dovish turn by the Federal Reserve and startlingly strong US jobs data soothed some of the market's worst fears about the global outlook.

Investor sentiment also picked up slightly ahead of a round of trade negotiations between the United States and China in Beijing. The US and China will hold vice ministerial level trade talks in Beijing on January 7-8, according to the Chinese commerce ministry.

US stocks surged higher on Friday, buoyed by a better-than-expected jobs report for December and dovishly interpreted remarks by the chairman of the Federal Reserve.

The Bureau of Labor Statistics said the US economy added 312,000 jobs in December. The surge in hiring was the largest since February.

Investor optimism was further reinforced by comments by Federal Reserve Chairman Jerome Powell, who said during a Friday morning appearance that the jobs report didn't materially increase concerns over rising inflation, while reiterating that the central bank would continue to keep an open mind about how much it will raise interest rates in 2019 and how aggressively it will shrink its balance sheet, based on incoming data about the US and global economy, including recent weakness in equity markets.

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