Key benchmarks extended gains and hit fresh intraday high in morning trade. At 10:19 IST, the barometer index, the S&P BSE Sensex, was up 340.85 points or 0.99% at 34,640.32. The Nifty 50 index was up 111.70 points or 1.08% at 10,412.75.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1595 shares rose and 455 shares fell. A total of 82 shares were unchanged.
Metal shares were in demand. Hindustan Copper (up 3.75%), Vedanta (up 2.71%), NMDC (up 2.61%), Jindal Steel & Power (up 2.06%), Steel Authority of India (up 1.97%), Hindustan Zinc (up 1.01%), Hindalco Industries (up 0.98%), Tata Steel (up 0.91%) and JSW Steel (up 0.61%), edged higher.
National Aluminium Company (Nalco) was up 6.15% after the company said that its board will meet on 12 October 2018 to consider the proposal for buyback of the fully paid-up equity shares of the company. The announcement was made after market hours yesterday, 9 October 2018.
Most FMCG shares rose. Tata Global Beverages (up 3.98%), Bajaj Corp (up 3.11%), Godrej Consumer Products (up 1.79%), Britannia Industries (up 1.57%), Jyothy Laboratories (up 1.50%), Dabur India (up 0.96%), Nestle India (up 0.73%), GlaxoSmithKline Consumer Healthcare (up 0.66%), Marico (up 0.66%) and Colgate Palmolive (India) (up 0.04%), edged higher. Procter & Gamble Hygiene & Health Care (down 0.09%) and Hindustan Unilever (down 1.17%), edged lower.
Overseas, Asian shares were mixed on Wednesday after a mixed finish on Wall Street overnight. US stocks closed mostly lower Tuesday after a volatile session as investors continued to fret over the implication of higher bond yields on equities. The Nasdaq, however, snapped a three-day losing streak in line with a rebound in technology shares.
US President Donald Trump said Tuesday that he did not like the Federal Reserve's decision to continue hiking interest rates. The US central bank last raised its benchmark interest rate by a quarter point in September, while raising its expectations for economic growth for this year and next.
On the US data front, the National Federation of Independent Business small-business optimism index fell 0.9 point in September, falling from a 45-year high to a seasonally adjusted level of 108.8.
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