After trading near flat line in the afternoon, key equity indices firmed up once again and hit fresh intraday high in mid-afternoon trade. At 14:20 IST, the barometer index, the S&P BSE Sensex, was up 157.44 points or 0.44% at 36,007.60. The Nifty 50 index was up 42.25 points or 0.39% at 10,814.05. Strength in ICICI Bank and ITC boosted key indices higher. The Sensex was trading above 36,000 mark. The Nifty was trading above 10,800 mark.
After opening lower, key indices bounced back and hit fresh intraday high in morning trade. Indices once again slipped into negative terrain in mid-morning trade. Indices turned flat in early afternoon trade. Market firmed up once again in mid-afternoon trade.
Among secondary barometers, the BSE Mid-Cap index was down 0.08%. The BSE Small-Cap index was up 0.18%.
The market breadth, indicating the overall health of the market, was negative. On BSE, 1163 shares rose and 1249 shares fell. A total of 179 shares were unchanged.
ICICI Bank was up 2.94% at Rs 378.30. The stock hit a record high of Rs 378.50 in intraday today.
ITC was up 0.98% at Rs 284.50.
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Capital goods shares were mixed. Praj Industries (up 4.93%), Jindal Saw (up 1.35%), SKF India (up 0.78%), Punj Lloyd (up 0.50%), Suzlon Energy (up 0.37%), BEML (up 0.21%) and ABB India (up 0.01%), edged higher. Lakshmi Machine Works (down 0.06%), Siemens (down 0.17%), Reliance Defence and Engineering (down 0.36%), GE Power India (down 0.5%), AIA Engineering (down 0.79%), Bharat Electronics (down 0.93%), Bharat Heavy Electricals (down 1.11%), Thermax (down 1.67%), GE T&D India (down 2.3%) and Havells India (down 2.59%), edged lower.
Engineering and construction major Larsen & Toubro was down 0.59%.
Most telecom shares rose. Bharti Airtel (up 1.57%), Vodafone Idea (up 1.09%) and Reliance Communications (up 0.94%), edged higher. Tata Teleservices (Maharashtra) (down 0.25%) and MTNL (down 1.88%), edged lower.
On economic front, the Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation released the First Advance Estimates of National Income at Constant (2011-12) and Current Prices, for the financial year 2018-19. The advance estimates shows India's GDP would grow 7.2% in 2018-2019, showing acceleration from 6.7% growth in 2017-18. Real gross value added (GVA), i.e, GVA at Basic Constant Prices (2011-12) is anticipated to increase 7.0% in 2018-19 up from 6.5% growth in 2017-18.
Overseas, European shares were trading higher, rebounding from the previous session.
Stocks in Asia traded mixed as investors wait for the second day of US-China trade talks to kick off later in the day. China is reportedly willing to resolve its trade disputes with the US on an equal footing.
US stocks on Monday closed higher, building on Friday's powerful rally, as investors watched for further signs of a thaw in the protracted trade dispute between the US and China.
On the data front, the US services sector expanded at the slowest pace in five months in December, according to the latest reading of the Institute for Supply Management's nonmanufacturing index, released Monday. The index fell to 57.6% in December, from 60.7%.
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