Sensex, Nifty hit fresh intraday high

Key equity indices extended early gains and hit fresh intraday high in morning trade, backed by firmness in IT and FMCG shares. At 10:20 IST, the barometer index, the S&P BSE Sensex, was up 196.44 points or 0.55% at 35,709.58. The Nifty 50 index was up 41.60 points or 0.39% at 10,727.20. Positive cues from other Asian shares boosted investors sentiment. The Nifty held firm above the 10,700 mark.

Among secondary barometers, the BSE Mid-Cap index was up 0.04%. The BSE Small-Cap index was up 0.15%.

The market breadth, indicating the overall health of the market, was positive. On BSE, 1011 shares rose and 898 shares fell. A total of 95 shares were unchanged.

IT shares were in demand. MphasiS (up 2.51%), Infosys (up 2.42%), Persistent Systems (up 1.79%), TCS (up 1.47%), Oracle Financial Services Software (up 1.39%), MindTree (up 1.05%), Hexaware Technologies (up 0.42%), Tech Mahindra (up 0.37%) and Wipro (up 0.29%), edged higher. HCL Technologies was down 0.46%.

FMCG shares advanced. Colgate Palmolive (India) (up 1.67%), Nestle India (up 1.42%), Godrej Consumer Products (up 1.36%), Tata Global Beverages (up 1.08%), Dabur India (up 1.07%), GlaxoSmithKline Consumer Healthcare (up 0.8%), Hindustan Unilever (up 0.69%), Bajaj Corp (up 0.67%), Marico (up 0.59%), Britannia Industries (up 0.52%) and Jyothy Laboratories (up 0.19%), edged higher. Procter & Gamble Hygiene & Health Care was down 0.3%.

Overseas, Asian shares were trading higher on Wednesday as investors wait for an important meeting between US President Donald Trump and Chinese leader Xi Jinping later this week. The two leaders are expected to talk trade after Washington and Beijing applied additional tariffs on billions of dollars' worth of each other's imports. Those moves prompted concerns about slowing global economic growth.

US stocks bounced back from early losses to close higher Tuesday as gains in so-called defensive sectors helped to offset anxieties that a near-term resolution to trade tensions between the US and China remain elusive.

On the US data front, home prices across the country are rising at the slowest pace in nearly two years, according to the S&P/Case-Chiller 20-city Index.

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