Key benchmark indices were hovering in positive zone in mid-morning trade. At 11:15 IST, the barometer index, the S&P BSE Sensex, was up 89.63 points or 0.28% at 31,805.27. The Nifty 50 index was up 36 points or 0.37% at 9,807.05. Both the Sensex and the Nifty hit record high in morning trade. Positive Asian stocks boosted sentiment on the domestic bourses.
The S&P BSE Mid-Cap index was up 0.05%, underperforming the Sensex. The S&P BSE Small-Cap index was up 0.31%, outperforming the Sensex.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,247 shares rose and 1,124 shares fell. A total of 133 shares were unchanged.
Overseas, Asian stocks were trading higher as investors hold on to their big bets ahead of the earnings season in the US. However, there was caution in Asia ahead of scheduled appearances by US Federal Reserve officials this week. Investors are watching for more cues from the Fed on the pace of interest-rate increases. Fed Gov. Lael Brainard was due to speak in New York on Tuesday, ahead of Chairwoman Janet Yellen's testimony to congressional committees on Wednesday and Thursday.
In US stocks, the Nasdaq and the S&P 500 finished higher yesterday, 10 July 2017 as a pair embattled sectors, technology and energy, drew bidders, while the Dow industrials closed fractionally lower.
US President Donald Trump's effort to roll back Obamacare faced growing obstacles on Monday as Republicans remained divided over how to curb the costs of their proposed healthcare bill and prevent millions from losing coverage.
Back home, auto stocks gained. Tata Motors (up 2.6%), Escorts (up 2.48%), Bajaj Auto (up 1.31%), Mahindra & Mahindra (M&M) (up 1.78%), Eicher Motors (up 0.33%), Ashok Leyland (up 1.33%), Hero MotoCorp (up 0.52%) and TVS Motor Company (up 0.35%) rose. Maruti Suzuki India (down 0.3%) fell.
Cement stocks rose. ACC (up 1.4%), UltraTech Cement (up 0.02%) and Shree Cement (up 0.82%) gained. Ambuja Cements (down 0.2%) fell.
Grasim Industries was up 0.65%. Grasim has exposure to the cement sector through its holding in UltraTech Cement.
Jubilant FoodWorks lost 1.24% to Rs 1,097 on profit booking. Shares of Jubilant FoodWorks had rallied 17.48% in the preceding six trading sessions to settle at Rs 1,110.75 yesterday, 10 July 2017, from its close of Rs 945.45 on 30 June 2017.
Prime Focus rose 8.08% to Rs 116.35 after a foreign brokerage firm reportedly initiated coverage on the stock with a 'buy' rating and a price target of Rs 150. According to media reports, the brokerage expects Prime Focus to nearly double its earnings before interest, tax, depreciation and amortisation by financial year ending March 2020, while expecting it to turn debt free in three years led by improved cash generation. Continued restructuring and poor cash flow conversion were highlighted as some of the key risks, reports added.
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