Sensex, Nifty hover near day's high

Key equity indices were trading near day's high in mid-afternoon trade. At 14:18 IST, the barometer index, the S&P BSE Sensex, was up 179.36 points or 0.46% at 38,873.47. The Nifty 50 index was up 41.45 points or 0.35% at 11,733.40. Both Sensex and Nifty were hovering near their all-time highs hit in early trade.

Indices opened higher and hit fresh intraday high in early trade. Indices pared gains in morning trade. Indices firmed up once again and hovered near the day's high in afternoon trade. The Sensex rose 226.03 points, or 0.58% at the day's high of 38,920.14 in early trade. The index rose 66.47 points, or 0.17% at the day's low of 38,760.58 in morning trade. The Nifty rose 68.25 points, or 0.58% at the day's high of 11,760.20 in early trade. The index rose 18.55 points, or 0.16% at the day's low of 11,710.50 in morning trade.

Among secondary barometers back home, the BSE Mid-Cap index was off 0.36%. The BSE Small-Cap index was up 0.39%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was negative. On BSE, 1136 shares rose and 1462 shares fell. A total of 170 shares were unchanged.

IT shares were mixed. Oracle Financial Services Software (up 1.19%), Infosys (up 1.06%), TCS (up 0.78%), HCL Technologies (up 0.16%), Persistent Systems (up 0.16%) and Tech Mahindra (up 0.01%), edged higher. MindTree (down 0.18%), Wipro (down 0.44%), Hexaware Technologies (down 0.64%) and MphasiS (down 2.05%), edged lower.

Pharmaceuticals shares were mixed. Piramal Enterprises (up 2.05%), IPCA Laboratories (up 1.87%), Alkem Laboratories (up 1.45%), Cadila Healthcare (up 0.73%), Wockhardt (up 0.49%), Sun Pharmaceutical Industries (up 0.43%), Lupin (up 0.35%), GlaxoSmithKline Pharmaceuticals (up 0.32%) and Cipla (up 0.23%), edged higher. Strides Shasun (down 0.44%), Aurobindo Pharma (down 0.57%), Glenmark Pharmaceuticals (down 0.94%), Dr Reddy's Laboratories (down 0.98%) and Divi's Laboratories (down 1.2%), edged lower.

Overseas, European shares rose after the United States and Mexico reached a trade agreement. Shares in Asia advanced amid hopes global tariff tensions were abating as the United States and Mexico made a deal to overhaul the North American Free Trade Agreement. US stocks gained Monday, with the S&P 500 and the Nasdaq closing at records for a second straight session, as the market rallied on enthusiasm over a new trade deal between the US and Mexico.

On Monday, the United States and Mexico announced that a deal had been agreed upon after months of negotiations between the two countries over the future of the North American Free Trade Agreement. The new deal, which President Donald Trump has said would be called The United States-Mexico Trade Agreement, is expected to last 16 years and will be reviewed every six years pending its approval by Congress, according to US Trade Representative Robert Lighthizer.

On the US data front, a measure of the US economy from the Chicago Federal Reserve slowed in July from June's robust performance, owed in large part to lighter output at the nation's factories. The Chicago Fed's index of national economic activity registered at a positive 0.13 last month, down from an upwardly revised positive 0.48 in June.

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