Stocks trimmed gains in early afternoon trade after an intraday rally. At 12:28 IST, the barometer index, the S&P BSE Sensex, was up 370.65 points or 1% at 37,424.75. The Nifty 50 index was up 106.05 points or 0.95% at 11,274.10. Capital goods stocks edged lower. Realty stocks gained.
Local stocks nudged higher in early trade on positive Asian stocks. Key benchmark indices extended gains in morning trade. Strong buying demand in index pivotals propelled the key indices to fresh intraday high in mid-morning trade.
The S&P BSE Mid-Cap index was up 0.68%. The S&P BSE Small-Cap index was up 0.89%.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1548 shares rose and 907 shares fell. A total of 145 shares were unchanged.
Capital goods stocks edged lower. ABB India (down 0.22%), Bharat Heavy Electricals (Bhel) (down 0.43%), BEML (down 0.32%), Siemens (down 0.32%) and Thermax (down 1.26%) fell. Bharat Electronics (up 0.10%) and L&T (up 3.12%) rose.
Realty stocks gained. DLF (up 5.04%), Sunteck Realty (up 3.96%), Indiabulls Real Estate (up 6.37%), Housing Development and Infrastructure (up 3.43%), D B Realty (up 3.13%), Sobha (up 1.83%), Godrej Properties (up 1.94%), Prestige Estates Projects (up 1.18%) and Oberoi Realty (up 1.87%) rose.
On the macro front, industrial production data for January 2019 will be unveiled today, 12 March 2019. India's industrial production growth accelerated to 2.4% year-on-year in December 2018 from 0.3% in the previous month.
The inflation rate for February 2019, will also be announced today, 12 March 2019. Annual consumer inflation declined to 2.05% in January 2019 from a downwardly revised 2.11% in December.
Overseas, Asian stocks were trading higher on the back of a strong performance in U.S. markets overnight. U.S. stocks snapped a five-day losing streak to close higher Monday as technology shares rallied, offsetting some of the gloom from Boeing Co.'s woes after the second deadly crash in about six months involving the company's 737 Max 8 aircraft.
In US data, U.S. retail sales unexpectedly rose in January. Retail sales rose 0.2%. Data for December was revised down to show retail sales dropping 1.6% instead of tumbling 1.2% as previously reported.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)