The benchmark indices firmed up and hit fresh intraday high in afternoon trade. At 13:28 IST, the barometer index, the S&P BSE Sensex, was up 125.18 points or 0.32% at 38,948.29. The Nifty 50 index was up 37.70 points or 0.32% at 11,620.45 .
The S&P BSE Mid-Cap index was up 0.74%. The S&P BSE Small-Cap index was up 0.42%.
The market breadth was positive. On the BSE, 1190 shares rose and 1023 shares fell. A total of 133shares were unchanged.
India's industrial production data for May 2019 and CPI inflation rate for June 2019 will be announced after market hours today, 12 July 2019.
Telecom shares were mixed. Reliance Communications (up 5%), MTNL (up 0.51%) and Vodafone Idea (up 0.17%) advanced. Tata Teleservices (Maharashtra) (down 4.9%) and Bharti Airtel (down 1.57%) declined.
Media stocks were mixed. Eros International Media (up 4.33%), Dish TV (up 3.30%), Sun TV Network (up 2.69%), Network 18 Media Investments (up 1.42%) and TV18 Broadcast (up 0.66%) advanced. Siti Networks (down 3.60%), Prime Focus (down 1.47%), Balaji Telefilms (down 1.35%), TV Today Network (down 1.03%), Zee Media (down 0.88%) and Zee Entertainment (down 0.54%) declined.
IT major Infosys was up 0.40% ahead of its Q1 June 2019 results today, 12 July 2019.
Banking major IndusInd Bank rose 0.69% ahead of Q1 June 2019 result today, 12 July 2019.
TCS was up 0.46%. TCS announced the launch of Jile 3.0, a major release of its on-the-cloud Agile DevOps platform that helps companies of all sizes achieve enterprise agility. The announcement was made after market hours yesterday, 11 July 2019.
Mahindra & Mahindra (M&M) was up 0.12%. The company announced during market hours today, 12 July 2019, that it will consider Q1 June 2019 results on Wednesday, 7 August 2019.
NTPC was up 2.60% after a foreign brokerage retained its 'buy' call with a target price at Rs 157, on potential SJVN merger.
HDFC was up 0.54% after a foreign brokerage maintained its buy call, raising the target price to Rs 2,730 from Rs 2,500.
Overseas, most European stocks open higher while most Asian stocks continued to trade higher on expectations of a rate cut by US Federal Reserve later this month.
In US, the Dow and S&P 500 rose on Thursday to close at record highs as health insurers gained after the Trump administration scrapped a plan designed to rein in prescription drug prices, while financial shares climbed with bond yields.
Federal Reserve Chairman Jerome Powell testifying Wednesday before the House Financial Services Committee and Thursday in front of the Senate Banking Committee gave investors more hope that a rate cut is coming. The Fed has a two-day meeting on July 30-31.
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