Key equity indices were trading near day's high in morning trade. At 10:30 IST, the barometer index, the S&P BSE Sensex, was up 217.34 points or 0.61% at 35,569.95. The Nifty 50 index was up 69.65 points or 0.66% at 10,674.
Among secondary barometers, the BSE Mid-Cap index was up 0.70%. The BSE Small-Cap index was up 0.68%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On BSE, 1262 shares rose and 592 shares fell. A total of 101 shares were unchanged.
Metal shares advanced. Jindal Steel & Power (up 5.13%), Steel Authority of India (up 4.66%), Vedanta (up 3.14%), JSW Steel (up 3.10%), Tata Steel (up 3.08%), Hindalco Industries (up 2.71%), Hindustan Zinc (up 1.65%), Hindustan Copper (up 1.24%) and NMDC (up 0.86%), edged higher. National Aluminium Company was down 2.06%.
FMCG shares moved higher. Dabur India (up 1.16%), Colgate Palmolive (India) (up 1.08%), Jyothy Laboratories (up 0.95%), Bajaj Corp (up 0.78%), Marico (up 0.66%), Godrej Consumer Products (up 0.61%), Tata Global Beverages (up 0.60%), Britannia Industries (up 0.58%), Nestle India (up 0.48%) and GlaxoSmithKline Consumer Healthcare (up 0.10%), edged higher. Hindustan Unilever (down 0.29%) and Procter & Gamble Hygiene & Health Care (down 0.51%), edged lower.
Overseas, Asian shares traded higher on Wednesday after US-China trade talks resumed. Investors also awaited the release later on Wednesday of minutes from the US Federal Reserve's January policy-setting meeting, where policymakers took a dovish turn, effectively signaling no further rate hikes.
US stock indices held steady above the break-even line after opening lower on Tuesday. US President Donald Trump reportedly said Tuesday that trade talks with China are going well, adding the current March deadline is not a "magical date." Both countries have until then to come up with a deal. Otherwise, additional US tariffs on Chinese products could take effect. Trump indicated last week, however, he would be willing to push back the deadline.
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Representatives from the US and China are meeting in Washington this week to resume trade negotiations, with high level discussions set to happen later in the week, the White House said Monday. US is reportedly seeking to secure a pledge from China that it will not devalue its yuan currency as part of a trade deal.
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