Key benchmark indices held firm in mid-afternoon trade ahead of the outcome of the Reserve Bank of India's (RBI) monetary policy meeting. At 14:21 IST, the barometer index, the S&P BSE Sensex, was up 183.48 points or 0.58% at 31,680.86. The Nifty 50 index was up 56.90 points or 0.58% at 9,916.40. Today's gains were led by index heavyweights Reliance Industries and ITC.
Domestic stocks reversed initial gains and traded with small losses in early trade. After an initial hiccup in early trade, stocks nudged higher and hit fresh intraday high in morning trade. Stocks gradually marched ahead later during the session.
The S&P BSE Mid-Cap index was up 0.36%, underperforming the Sensex. The S&P BSE Small-Cap index was up 0.68%, outperforming the Sensex.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,415 shares rose and 1,113 shares fell. A total of 138 shares were unchanged.
Index heavyweight and cigarette major ITC gained 2.24% to Rs 267.20. The stock hit a high of Rs 268.60 and low of Rs 263.25 so far during the day.
Most metal and mining stocks fell. JSW Steel (down 1.14%), Tata Steel (down 0.37%), National Aluminium Company (down 1.5%), Hindustan Zinc (down 0.33%), Hindalco Industries (down 0.37%), NMDC (down 0.25%) and Hindustan Copper (down 0.17%) edged lower. Vedanta (up 0.05%), Steel Authority of India (Sail) (up 0.37%) and Jindal Steel & Power (up 0.1%) rose.
Most IT stocks rose. Hexaware Technologies (up 1.02%), Wipro (up 0.57%), HCL Technologies (up 0.45%), Tech Mahindra (up 0.39%), MindTree (up 0.68%) and MphasiS (up 0.34%) rose. TCS (down 0.3%), Infosys (down 0.3%) and Oracle Financial Services Software (down 0.07%) fell.
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Overseas, most European stocks gained. Japanese and Hong Kong share markets led Asian stocks higher in holiday-thinned trading as investors took their lead from Wall Street's latest advance into record territory. Stock markets were closed in mainland China, South Korea and Taiwan for holidays.
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