Strong market breadth

Key benchmark indices once again regained strength in mid-afternoon trade on steady buying in index pivotals. At 14:20 IST, the barometer index, the S&P BSE Sensex, was up 130.56 points or 0.36% at 36,849.16. The Nifty 50 index was up 53.15 points or 0.48% at 11,137.90. Shares from capital goods and pharma sectors were in demand.

Stocks drifted higher in early trade, with the Sensex scaling record high. Indices held onto gains in morning trade. Key benchmark indices held firm in mid-morning trade. Indices trimmed gains in early afternoon trade as profit booking emerged at higher levels. Stocks turned volatile in afternoon trade.

The S&P BSE Mid-Cap index was up 1.45%. The S&P BSE Small-Cap index was up 1.99%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1828 shares rose and 698 shares fell. A total of 130 shares were unchanged.

M&M rose 1.28%. The company today unveiled the FURIO, its brand new range of Intermediate Commercial Vehicles (ICVs). FURIO marks the company's entry into the ICV segment and is set to make the company a full range commercial vehicle player. The announcement was made during market hours today, 24 July 2018.

Capital goods stocks gained. ABB India (up 2.35%), Bharat Heavy Electricals (Bhel) (up 4.97%), BEML (up 3.36%), Bharat Electronics (up 3.21%), L&T (up 3.51%), Punj Lloyd (up 8.42%), Siemens (up 0.38%) and Thermax (up 0.1%) rose.

Pharma shares rose. Cadila Healthcare (up 3.22%), Dr Reddy's Laboratories (up 1.89%), Glenmark Pharmaceuticals (up 0.04%), Lupin (up 2.21%), Sun Pharmaceutical Industries (up 0.15%), Alkem Laboratories (up 1.63%), GlaxoSmithKline Pharmaceuticals (up 0.87%), Aurobindo Pharma (up 0.63%) and Wockhardt (up 3.6%) edged higher. Cipla (down 1.02%) fell.

Overseas, European market traded higher, bouncing back from the weaker trade seen in the previous session.

Asian stocks rose led by Chinese shares as the nation's assets came into focus after the government unveiled a package of measures to boost domestic demand amid simmering trade tensions that threaten to worsen an economic slowdown. In US, the S&P 500 and the Nasdaq close slightly higher Monday thanks to strong bank and technology shares but the Dow extended its losing streak to a third session.

Meanwhile, finance ministers and central bankers from the Group of 20 reportedly made little progress on trade tensions at a weekend meeting in Buenos Aires, as both US and European Union officials held their ground. Investors have been worried that spats between the US and other major trading partners could explode into a full-scale trade war, damaging economic growth and investments.

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