Stocks once again regained positive zone in morning trade soon after reversing intraday gains in early trade. At 10:18 IST, the barometer index, the S&P BSE Sensex, was up 20.51 points or 0.05% at 38,299.26. The Nifty 50 index was up 12.25 points or 0.11% at 11,564. IT stocks gained.
Domestic stocks reversed intraday gains soon after a gap-up opening pushed the Sensex and the Nifty to record high.
The S&P BSE Mid-Cap index was up 0.3%. The S&P BSE Small-Cap index was up 0.25%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1128 shares rose and 908 shares fell. A total of 119 shares were unchanged.
Overseas, Asian stocks rose on optimism over trade talks between the United States and China. Immediate focus was on the lower-level trade talks due to start this week between the United States and China. However, this week will also see the imposition of 25% tariffs on $16 billion worth of Chinese imports, an action by the Trump administration that China has said it would retaliate against.
US stocks closed higher for a third session Monday as a pair of billion-dollar deals reaffirmed confidence that the US economy continues its steady expansion. Meanwhile, the minutes from the Federal Reserve's most recent meeting will be released later in the global day today, which could provide insight into the central bank's thinking in terms of policy changes.
Back home, HCL Technologies rose 1.42% after the company fixed Friday, 31 August 2018 as the record date for the purpose of determining the entitlement and the names of the equity shareholders who shall be eligible to participate in the buyback. The announcement was made after market hours yesterday, 20 August 2018.
IT stocks gained. Wipro (up 2.92%), TCS (up 0.41%), Infosys (up 0.23%), Tech Mahindra (up 3.48%), MindTree (up 1.24%) and Hexaware Technologies (up 1.12%) rose. Oracle Financial Services Software (down 0.09%) and Mphasis (down 0.17%) fell.
CG Power and Industrial Solutions rose 1.9% after the company said that inauguration of Indonesia's first High Voltage (HV) and Extra High Voltage (EHV) factory owned by PT CPSI was held yesterday, 20 August 2018 at the Modern Cikande Industrial Estate, Banten (Indonesia). The announcement was made after market hours yesterday, 20 August 2018.
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