Strong market breadth

Key benchmark indices bounced back from early lows in morning trade. At 10:39 IST, the barometer index, the S&P BSE Sensex, was up 50.91 points or 0.14% at 36,114.72. The Nifty 50 index was up 23 points or 0.21% at 10,886.50.

Broader market outperformed the main stock indices. Among secondary barometers, the BSE Mid-Cap index was up 1.05%. The BSE Small-Cap index was up 1.66%.

The market breadth, indicating the overall health of the market, was strong. On BSE, 1636 shares rose and 465 shares fell. A total of 135 shares were unchanged.

Metal shares were in demand. Hindustan Copper (up 5.51%), National Aluminium Company (up 4.57%), Steel Authority of India (up 3.72%), Jindal Steel & Power (up 2.51%), NMDC (up 2.39%), JSW Steel (up 1.63%), Tata Steel (up 1.25%), Hindalco Industries (up 0.76%), Vedanta (up 0.66%) and Hindustan Zinc (up 0.59%), edged higher.

Most realty shares advanced. Peninsula Land (up 9.45%), Unitech (up 4.51%), Indiabulls Real Estate (up 4.15%), Housing Development and Infrastructure (HDIL) (up 3.65%), Anant Raj (up 3.22%), Sobha (up 2.08%), DLF (up 1.7%), Parsvnath Developers (up 1.57%), D B Realty (up 1.46%), Mahindra Lifespace Developers (up 0.58%), Prestige Estates Projects (up 0.46%), Oberoi Realty (up 0.3%) and Omaxe (up 0.19%), edged higher. Sunteck Realty (down 0.42%), Godrej Properties (down 0.48%) and Phoenix Mills (down 0.82%), edged lower.

Overseas, Asian stocks declined Tuesday following an overnight slip on Wall Street. China cut its economic growth target and pledged measures to support the economy amid growing challenges from rising debt and a dispute over trade and technology with the United States. China cut its growth target for this year to 6-6.5%, from around 6.5% last year.

US stocks declined on Monday, as investors turned cautious after initially cheering reports that the US and China were close to completing a landmark trade deal. Concerns that stocks are becoming too expensive on the back of a two-month rally from December lows also weighed on sentiment.

The US Commerce Department said that construction spending fell by 0.6% in December.

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