Key indices trimmed intraday gains in early afternoon trade as profit selling emerged as higher levels. At 12:18 IST, the barometer index, the S&P BSE Sensex, was up 143.61 points or 0.41% at 34,806.72. The Nifty 50 index was up 48.35 points or 0.46% at 10,562.20. Telecom shares were in demand.
Overseas, Asian shares were mixed after US President Donald Trump cancelled a planned meeting with North Korean Leader Kim Jong Un that had been set to take place in Singapore on 12 June 2018. Trump said participating in the summit would be inappropriate given the tremendous anger and open hostility displayed by North Korea, which had reportedly suspended direct communication with the US this week.
US stocks finished lower Thursday as a sharp decline in energy-related shares pressured the broader market lower. On the data front, initial jobless claims rose by 11,000 to 234,000 in the week ended 19 May 2018. Separately, existing-home sales ran at a seasonally adjusted annual 5.46 million pace in April.
Back home, among secondary barometers, the BSE Mid-Cap index was up 0.97%. The BSE Small-Cap index was up 0.64%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1348 shares rose and 983 shares fell. A total of 151 shares were unchanged.
Telecom shares were in demand. Tata Teleservices (Maharashtra) (up 7.55%), Idea Cellular (up 5.36%), Bharti Airtel (up 1.06%), MTNL (up 0.63%) and Reliance Communications (up 0.35%), edged higher.
Telecom tower infrastructure provider Bharti Infratel was down 1.23%.
Most cement shares declined. ACC (down 1.43%) and Ambuja Cements (down 0.85%), edged lower. UltraTech Cement was up 0.55%.
Grasim Industries was down 0.72%. Grasim has exposure to cement sector through its holding in UltraTech Cement.
Sustained buying by domestic institutional investors (DIIs) in equity market propped up investors sentiment. DIIs bought shares worth a net Rs 1480.51 crore yesterday, 24 May 2018, as per provisional data. Foreign portfolio investors (FPIs) sold shares worth a net Rs 701.93 crore yesterday, 24 May 2018, as per provisional data released by the stock exchanges.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
