Stocks extended early gains and hit fresh intraday high in morning trade. At 10:24 IST, the barometer index, the S&P BSE Sensex, was up 227.81 points or 0.63% at 36,162.53. The Nifty 50 index was up 61.35 points or 0.57% at 10,914.25. The Sensex was trading well above the psychological 36,000 mark after regaining that level in opening trade. Telecom stocks rose. Cement stocks gained. Positive Asian stocks boosted sentiment on the domestic bourses.
Trading for the day began on an upbeat note on positive Asian stocks, with the Sensex regaining the psychological 36,000 in opening trade.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1417 shares rose and 554 shares fell. A total of 84 shares were unchanged.
Overseas, Asian stocks rose amid optimism the upcoming earnings season will be sufficiently robust to overshadow a rise in trade tensions. US equities posted a broad rally yesterday, 9 July 2018 with strong economic data appearing to offset worries about rising trade tensions.
Data from the Federal Reserve showed that consumer borrowing picked up in May with total consumer credit increasing $24.6 billion to a seasonally adjusted $3.9 trillion, up 7.6%. This is the fastest pace of credit growth since November.
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