Stocks were trading with modest gains in early afternoon trade. At 12:25 IST, the barometer index, the S&P BSE Sensex, was up 147.76 points or 0.38% at 39,108.55. The Nifty 50 index was up 37.55 points or 0.32% at 11,709.65. The Nifty hovered above the 11,700 mark. Metals stocks were mixed.
Local stocks drifted higher in early trade tracking mostly positive Asian stocks with the Sensex regaining the psychological 39,000 level. Volatility struck bourses in morning trade as the key indices regained strength soon after trimming intraday gains. Key benchmark indices hovered in positive zone in mid-morning trade.
The S&P BSE Mid-Cap index was up 0.61%. The S&P BSE Small-Cap index was up 0.19%.
The market breadth, indicating the overall health of the market was negative. On the BSE, 1050 shares rose and 1111 shares fell. A total of 112 shares were unchanged.
Metal stocks were mixed. Vedanta (up 2.56%), Steel Authority of India (up 1.15%), NMDC (up 0.42%), Jindal Steel & Power (up 0.06%) and Tata Steel (up 0.06%) rose. While, Hindustan Zinc (down 0.85%), Hindalco Industries (down 0.64%), Hindustan Copper (down 0.13%) and National Aluminium Company (down 0.10%) fell.
Overseas, most Asian stocks rose as investors await the Federal Reserve's policy-setting meeting due to start Tuesday.
U.S. stocks closed higher Monday on the back of strong gains in social media and entertainment shares such as Facebook Inc. and Netflix Inc.
The US Federal Reserve begins a two-day meeting later on Tuesday. The central bank is expected to leave borrowing costs unchanged this time but possibly lay the groundwork for a rate cut later this year.
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