Key benchmark indices extended gains and hit fresh intraday high in mid-afternoon trade. At 14:27 IST, the barometer index, the S&P BSE Sensex, was up 172.05 points or 0.45% at 38,190.36. The Nifty 50 index was up 39.65 points or 0.35% at 11,516.60. Most power generation stocks gained.
Stocks drifted higher in early trade as buying resumed in index pivotals after recent slide. Key benchmark indices nudged higher in morning trade amid volatility. Firmness prevailed on the bourses in mid-morning trade. Stocks trimmed gains in early afternoon trade. Volatility ruled the roost as key indices sharply pared losses soon after hitting fresh intraday low in afternoon trade.
The S&P BSE Mid-Cap index was up 0.16%. The S&P BSE Small-Cap index was up 0.21%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1488 shares rose and 1124 shares fell. A total of 165 shares were unchanged.
Most power generation stocks gained. CESC (up 3.45%), NTPC (up 1.12%), Torrent Power (up 4.97%), NHPC (up 1.4%), Jaiprakash Power Ventures (up 0.29%), Adani Power (up 0.47%) and JSW Energy (up 0.15%) edged higher. Reliance Infrastructure (down 1.93%), Reliance Power (down 0.42%) and Tata Power Company (down 0.13%) fell.
State-run coal-mining giant Coal India was up 1.8%.
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Shares of state-run power transmission major Power Grid Corporation of India gained 2.82%.
Overseas, most shares in Europe and Asia were trading lower amid ongoing concerns over emerging markets and potential new US tariffs on China.
US stocks closed mostly lower Wednesday as tech stocks dropped after Facebook Inc. and Twitter Inc. executives testified on Capitol Hill about online misinformation.
The US and Canada are reportedly set to restart high-stakes efforts to resolve differences as they work toward recasting the North American Free Trade Agreement.
On the US data front, the trade deficit jumped almost 10% in July, hitting the highest level in five months and keeping the US on pace to record the largest annual gap in a decade.
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