Key benchmarks were trading in narrow range near flat line in mid-morning trade. At 11:15 IST, the barometer index, the S&P BSE Sensex, was up 10.99 points or 0.03% at 38,907.62. The Nifty 50 index was almost flat at 11,738.10. Traders booked profits after recent gains, which were backed by favourable global cues.
Among secondary barometers, the BSE Mid-Cap index was up 0.93%. The BSE Small-Cap index was up 0.53%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1321 shares rose and 943 shares fell. A total of 126 shares were unchanged.
Most IT shares declined. HCL Technologies (down 1.23%), Persistent Systems (down 1.17%), Tech Mahindra (down 0.86%), Hexaware Technologies (down 0.74%), Infosys (down 0.73%), TCS (down 0.68%), Wipro (down 0.63%) and MindTree (down 0.6%), edged lower. Oracle Financial Services Software (up 0.40%) and MphasiS (up 0.54%), edged higher.
Most pharmaceuticals shares rose. Divi's Laboratories (up 1.65%), Strides Shasun (up 1.60%), Glenmark Pharmaceuticals (up 1.07%), Aurobindo Pharma (up 0.95%), Alkem Laboratories (up 0.91%), Sun Pharmaceutical Industries (up 0.85%), GlaxoSmithKline Pharmaceuticals (up 0.71%), Wockhardt (up 0.71%), Piramal Enterprises (up 0.49%), IPCA Laboratories (up 0.48%) and Cipla (up 0.19%), edged higher. Cadila Healthcare (down 0.3%) and Dr Reddy's Laboratories (down 1%), edged lower.
Drug major Lupin was down 0.56%. JSW Steel will be included while Lupin will be excluded from the National Stock Exchange's benchmark index Nifty 50 from 28 September 2018.
Overseas, most Asian shares were trading higher. Traders were cautious ahead of a looming deadline on tariffs with China.
In US, the S&P 500 and the Nasdaq on Tuesday finished at records for a third consecutive session after a measure of consumer confidence hit a nearly 18-year high. However, the market's gains were muted, with indexes closing off of intraday peaks. The Conference Board said its index of consumer confidence climbed to 133.4 this month from 127.9 in July.
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