Strong market breadth

Stocks held firm in mid-morning trade on sustained buying demand in index pivotals. At 11:28 IST, the barometer index, the S&P BSE Sensex, was up 147.52 points or 0.42% at 35,591.19. The Nifty 50 index was up 48.45 points or 0.45% at 10,816.10. Telecom stocks gained. FMCG stocks rose. Shares of index heavyweight and cigarette major ITC rose.

Trading for the week began on upbeat note as the key benchmark indices drifted higher in early trade. Stocks extended early gains and hit fresh intraday high in morning trade.

The S&P BSE Mid-Cap index was up 0.73%. The S&P BSE Small-Cap index was up 0.91%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1517 shares rose and 776 shares fell. A total of 110 shares were unchanged.

Index heavyweight and cigarette major ITC rose 1.14% to Rs 270.90.

Telecom stocks gained. Bharti Airtel (up 2.99%), Idea Cellular (up 1.17%), Tata Teleservices (Maharashtra) (up 0.8%) and Reliance Communications (up 0.63%) edged higher. MTNL (down 0.29%) fell.

Shares of Bharti Infratel rose 0.66%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.

FMCG stocks rose. Jyothy Laboratories (up 1.43%), Britannia Industries (up 0.31%), GlaxoSmithkline Consumer Healthcare (up 0.08%), Dabur India (up 0.98%), Godrej Consumer Products (up 0.67%), Hindustan Unilever (up 0.24%), Marico (up 0.48%), Nestle India (up 0.13%), Tata Global Beverages (up 0.37%) and Bajaj Corp (up 0.7%) rose. Colgate-Palmolive (India) (down 0.01%)and Procter & Gamble Hygiene and Health Care (down 0.13%) fell.

Opto Circuits (India) rose 2.8% after the company said it received order worth Rs 30 crore from Philips Health Care for various types of sensors manufactured by the firm. The announcement was made during trading hours today, 11 June 2018.

Overseas, Asian stocks were trading on a mixed note, with limited fallout from a tumultuous G-7 meeting. Australia's markets are shut for a holiday. US stocks closed higher on Friday, 8 June 2018 as investors brushed aside tensions between the US and major allies.

Investors are closely watching series of global cues this week. US President Donald Trump and North Korean leader Kim Jong Un will meet for an historic summit in Singapore tomorrow, 12 June 2018. On the same day, UK Prime Minister Theresa May faces votes that could derail her Brexit policy.

The US Federal Reserve is expected to raise interest rates Wednesday, 13 June 2018 as the US economy remains solid. European Central Bank rates decision on Thursday, 14 June 2018 and briefing with President Mario Draghi. Bank of Japan June monetary policy decision and news conference will follow on Friday, 15 June 2018.

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