Key benchmarks trimmed gains in mid-morning trade. At 11:25 IST, the barometer index, the S&P BSE Sensex, was up 99.61 points or 0.27% at 37,074.84. The Nifty 50 index was up 28.95 points or 0.26% at 11,091.40. The Sensex was trading a tad above the 37,000 mark after opening above that level.
Investors are awaiting the outcome of a three-day central bank policy meeting that ends later today. The resolution of the Reserve Bank of India (RBI)'s Monetary Policy Committee (MPC) will be placed on the RBI website at 11:45 IST.
The market opened higher and hit fresh intraday high in morning trade. Indices trimmed gains in mid-morning trade.
Among secondary barometers, the BSE Mid-Cap index was up 0.98%. The BSE Small-Cap index was up 0.91%.
The market breadth, indicating the overall health of the market, was strong. On BSE, 1290 shares rose and 758 shares fell. A total of 128 shares were unchanged.
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Shares of interest rate sensitive automobile companies advanced ahead of the outcome of a three-day central bank policy meeting that ends later today. Ashok Leyland (up 4.79%), TVS Motor Company (up 3.87%), Bajaj Auto (up 2.9%), Hero MotoCorp (up 1.91%), Tata Motors (up 1.91%), Mahindra & Mahindra (up 1.4%), Eicher Motors (up 1.04%), Maruti Suzuki India (up 0.89%) and Escorts (up 0.03%), edged higher.
Most realty shares rose. Parsvnath Developers (up 18.68%), Sunteck Realty (up 2.06%), Mahindra Lifespace Developers (up 1.76%), Anant Raj (up 1.62%), Godrej Properties (up 1.45%), Prestige Estates Projects (up 1.31%), Indiabulls Real Estate (up 1.08%), Housing Development and Infrastructure (HDIL) (up 0.93%), Oberoi Realty (up 0.86%) and D B Realty (up 0.66%), edged higher. Omaxe (down 0.05%), DLF (down 0.34%), Phoenix Mills (down 0.83%), Sobha (down 0.93%), Peninsula Land (down 2.7%) and Unitech (down 4.55%), edged lower.
On the economic front, the Union Cabinet chaired by the Prime Minister Narendra Modi has approved establishment of a unified authority for regulating all financial services in International Financial Services Centres (IFSCs) in India through International Financial Services Centres Authority Bill, 2019. The first IFSC in India has been set up at GIFT City, Gandhinagar, Gujarat.
Overseas, stocks in Asia traded mixed on Thursday, while US-China trade hopes are up as negotiations are set to continue.
US stocks closed lower Wednesday, with the S&P 500 snapping a five-day winning streak, after President Donald Trump's State of the Union address offered few details on his economic agenda. The president, however, insisted China commit to real, structural economic reforms before a trade deal can be reached.
On the data front, US manufacturing productivity rose 1.3% in the fourth quarter, up from 1.1% growth in the third quarter, the Labor Department reported. The US trade deficit in November fell to $49.3 billion, below the October level of $55.5 billion in October.
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