Stocks trimmed some gains in afternoon trade after hitting intraday high in early afternoon trade. At 13:21 IST, the barometer index, the S&P BSE Sensex, was up 240.22 points or 0.68% at 35,753.36. The Nifty 50 index was up 57.50 points or 0.54% at 10,743.10. Positive cues from Asian shares boosted investors sentiment.
Among secondary barometers, the BSE Mid-Cap index was off 0.14%. The BSE Small-Cap index was off 0.01%.
The market breadth, indicating the overall health of the market, was negative. On BSE, 1068 shares rose and 1322 shares fell. A total of 170 shares were unchanged.
Infosys (up 4.17%), TCS (up 3.69%), IndusInd Bank (up 1.74%), HDFC Bank (up 1.7%) and Reliance Industries (up 1.41%) edged higher from the Sensex pack.
Tata Motors (down 2.28%), Bharti Airtel (down 1.74%), Coal India (down 1.35%), L&T (down 1.15%) and State Bank of India (down 1.09%) edged lower from the Sensex pack.
Yes Bank lost 7.53% after the bank's foreign currency issuer ratings have been downgraded to Ba1 from Baa3 by Moody's Investors Service. The outlook, where applicable, has been changed to negative from stable. At the same time, Moody's has affirmed the bank's counterparty risk assessment (CR Assessment) of Baa3(cr)/ P-3(cr) and domestic and foreign currency counterparty risk rating (CRR) of Baa3/ P-3. The announcement was made after market hours yesterday, 27 November 2018.
On the political front, state assembly elections will be closely watched. Assembly elections in Madhya Pradesh and Mizoram were underway today, 28 November 2018. Polling in Rajasthan and Telangana will be held on 7 December 2018. The election to the 90-member Chhattisgarh Assembly was held in two phases 12 and 20 November 2018. Counting of votes will be held across all the five states on 11 December 2018.
Overseas, Asian shares were trading higher on Wednesday as investors wait for an important meeting between US President Donald Trump and Chinese leader Xi Jinping later this week. The two leaders are expected to talk trade after Washington and Beijing applied additional tariffs on billions of dollars' worth of each other's imports. Those moves prompted concerns about slowing global economic growth.
US stocks bounced back from early losses to close higher Tuesday as gains in so-called defensive sectors helped to offset anxieties that a near-term resolution to trade tensions between the US and China remain elusive.
On the US data front, home prices across the country are rising at the slowest pace in nearly two years, according to the S&P/Case-Chiller 20-city Index.
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