Stocks hovered in a small range near the flat line in afternoon trade. At 13:28 IST, the barometer index, the S&P BSE Sensex, was up 26.98 points or 0.07% at 38,305.73. The Nifty 50 index was up 12.15 points or 0.11% at 11,563.90.
Domestic stocks reversed intraday gains soon after a gap-up opening pushed the Sensex and the Nifty to record high. Stocks once again regained positive zone in morning trade. A divergent trend was witnessed in mid-morning trade as the Sensex was trading with small losses while the Nifty was trading with small gains. Key benchmark indices were trading a tad below the flat line in early afternoon trade.
The S&P BSE Mid-Cap index was up 0.57%. The S&P BSE Small-Cap index was up 0.34%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1304 shares rose and 1270 shares fell. A total of 166 shares were unchanged.
Coal India (up 2.6%), Sun Pharmaceutical Industries (up 1.97%), Wipro (up 1.76%), Tata Motors (up 1.39%) and Reliance Industries (up 1.19%) edged higher from the Sensex pack.
Tata Steel (down 2.4%), IndusInd Bank (down 1.02%), State Bank of India (down 0.99%), Hindustan Unilever (down 0.97%) and Vedanta (down 0.63%) edged lower from the Sensex pack.
Overseas, Asian and European shares rose rose on optimism over trade talks between the United States and China. Immediate focus was on the lower-level trade talks due to start this week between the United States and China. However, this week will also see the imposition of 25% tariffs on $16 billion worth of Chinese imports, an action by the Trump administration that China has said it would retaliate against.
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US stocks closed higher for a third session Monday as a pair of billion-dollar deals reaffirmed confidence that the US economy continues its steady expansion. Meanwhile, the minutes from the Federal Reserve's most recent meeting will be released later in the global day today, which could provide insight into the central bank's thinking in terms of policy changes.
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