Key benchmark indices were trading near day's high in morning trade, supported by positive Asian shares. At 10:25 IST, the barometer index, the S&P BSE Sensex, was up 317.52 points or 0.81% at 39,363.86. The Nifty 50 index was up 92.10 points or 0.79% at 11,783.50.
Broader markets underperformed benchmark indices. The S&P BSE Mid-Cap index was up 0.38%. The S&P BSE Small-Cap index was up 0.21%.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1020 shares rose and 767 shares fell. A total of 97 shares were unchanged.
Metal stocks were in demand. Jindal Steel & Power (up 4.46%), Tata Steel (up 3.65%), NMDC (up 2.95%), Steel Authority of India (up 2.83%), Vedanta (up 2.14%), National Aluminium Company (up 1.25%), Hindalco Industries (up 0.97%), Hindustan Zinc (up 0.93%) and Hindustan Copper (up 0.25%), edged higher.
HCL Technologies was down 0.08%. The company announced a multi-year partnership, with Cricket Australia, the governing body of Australian Cricket. The company announced a digital technological partnership with Cricket Australia. The company did not disclose the deal value.
Overseas, Asian stocks were trading higher on Wednesday on growing investor confidence that the Fed will cut interest rates this year.
US stocks logged strong gains on Tuesday after Washington rekindled trade talks with Beijing, boosting sentiment along with growing investor confidence that the Fed will cut interest rates this year. The Fed is expected to leave borrowing costs unchanged this time but possibly lay the groundwork for a rate cut later this year.
US President Donald Trump on Tuesday reportedly said that there will be an extended meeting with President Xi Jinping of China at the Group of 20 meeting in Japan.
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