Key benchmark indices held firm in in mid-morning trade. At 11:27 IST, the barometer index, the S&P BSE Sensex, was up 289.60 points or 0.76% at 38,237.48. The Nifty 50 index was up 66.55 points or 0.58% at 11,537.30. Metal and mining stocks were in demand. Cement stocks rose. Positive Asian stocks boosted sentiment on domestic bourses.
Domestic stocks drifted higher in early trade on positive Asian stocks. Stocks extended gains and hit fresh intraday high in morning trade. The Sensex and the Nifty, both, scaled record high in morning trade.
The S&P BSE Mid-Cap index was up 0.8%, outperforming the Sensex. The S&P BSE Small-Cap index was up 0.32%, underperforming the Sensex.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1390 shares rose and 975 shares fell. A total of 126 shares were unchanged.
Overseas, Asian stocks rose following a higher finish on Wall Street last Friday as investors awaited developments on proposed US-China trade talks, while keeping a wary eye on the Chinese yuan and Turkish lira.
China and the United States will hold lower-level trade talks this month, offering hope that they might resolve an escalating tariff war. Reports suggested the talks in Washington would take place on Aug. 21 and 22, just before $16 billion in new US tariffs on Chinese goods take effect. The talks could set the stage for a summit between US President Donald Trump and Chinese President Xi Jinping in November.
US stocks rose on Friday on strength in technology hardware shares and optimism for a resolution in America's trade dispute with China. On the US data front, the University of Michigan said its consumer-sentiment index in August fell to 95.3, down from 97.9 in July, the lowest level in 11 months.
Back home, metal and mining stocks were in demand as copper prices rose in global commodity markets.
Tata Steel (up 1.55%), Steel Authority of India (Sail) (up 0.59%), Vedanta (up 0.98%), JSW Steel (up 0.75%), National Aluminium Company (up 0.29%), Jindal Steel & Power (up 0.16%), Hindalco Industries (up 0.84%) and Hindustan Copper (up 0.41%) rose. Hindustan Zinc (down 0.99%) and NMDC (down 0.48%) fell.
Copper edged higher in the global commodities market. High Grade Copper for September 2018 delivery was currently up 0.93% at $2.6535 per pound on the COMEX.
Cement stocks rose. Ambuja Cements (up 0.07%), ACC (up 0.65%), UltraTech Cement (up 0.43%) and Shree Cement (up 0.09%) gained.
Grasim Industries was off 0.6%. Grasim has exposure to the cement sector through its holding in UltraTech Cement.
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