Key benchmark indices came off day's high in mid-afternoon trade after European stocks opened lower. At 14:17 IST, the barometer index, the S&P BSE Sensex, was up 106.98 points or 0.32% at 33,792.54. The Nifty 50 index was up 18.50 points or 0.18% at 10,471. Both the Sensex and the Nifty pared gains after scaling record high levels in afternoon trade.
Indices opened lower and hit fresh intraday low in morning trade tracking mixed cues from other Asian stocks. The indices, however, recovered as buying emerged at lower levels in mid-morning trade. After some range bound trading in early afternoon trade, fresh buying propelled the Sensex and the Nifty to record high levels in afternoon trade.
The Sensex rose 162.86 points, or 0.48% at the day's high of 33,848.42 in afternoon trade, its record high level. The index fell 103.18 points, or 0.31% at the day's low of 33,582.38 in morning trade. The Nifty rose 37.95 points, or 0.36% at the day's high of 10,490.45 in afternoon trade, its record high level. The index fell 38.75 points, or 0.37% at the day's low of 10,413.75 in morning trade.
Among secondary barometers, the BSE Mid-Cap index was up 0.59%. The BSE Small-Cap index was up 0.54%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,519 shares rose and 1,216 shares fell. A total of 157 shares were unchanged.
Capital goods shares were mixed. SKF India (up 4.53%), BEML (up 3.15%), Thermax (up 2.19%), Crompton Greaves (up 1.47%), Praj Industries (up 1.38%), Bharat Electronics (up 1.26%), Siemens (up 1.11%), Havells India (up 0.91%), Lakshmi Machine Works (up 0.83%), GE Power India (up 0.20%), Jindal Saw (up 0.20%) and AIA Engineering (up 0.17%), edged higher. Bharat Heavy Electricals (down 0.2%), ABB India (down 0.7%), Suzlon Energy (down 2.42%), GE T&D India (down 2.52%), Reliance Defence and Engineering (down 3.09%) and Punj Lloyd (down 3.73%), edged lower.
Engineering and construction major Larsen & Toubro (L&T) was up 0.22% at Rs 1,237.75.
Power generation stocks were mixed. Reliance Infrastructure (down 2.28%), GMR Infrastructure (down 1.58%), Reliance Power (down 0.73%), Torrent Power (down 0.64%), NTPC (down 0.63%), NHPC (down 0.52%), Jaiprakash Power Ventures (down 0.37%) and CESC (down 0.01%), edged lower. JSW Energy (up 0.55%), Tata Power (up 1.60%) and Adani Power (up 2.75%), edged higher.
State-run Coal India was up 0.17%. State-run Power Grid Corporation of India was up 0.85%.
Overseas, European shares were trading lower as investors focus on earnings and monitor President Donald Trump's comments in Asia. Trump started his 12-day trip to Asia starting from Japan Monday.
Asian stocks were mixed as investors were cautious after a surprise shakeup over the weekend in Saudi Arabia and with President Donald Trump in Asia for more than a week of high-profile meetings.
Minutes from the Bank of Japan's (BoJ) September meeting released Monday showed most policymakers thought the central bank should keep its current policy guidelines. Meanwhile, Japan's service sector grew at its fastest pace in two years in October as new orders rose sharply in a strong start to the fourth quarter. The Nikkei-Markit services purchasing managers' index rose to 53.4 in October, up from 51 in the previous month and its strongest since August 2015.
Traders are keeping an eye on President Donald Trump's first trip to Asia. After a few days in Tokyo and Seoul, Trump will arrive in China on Wednesday, 8 November 2017, with executives from some 40 companies seeking deals in sectors ranging from energy to aviation to financial services.
Investors were also cautious as Saudi Arabia's crown prince cemented his power through an anti-corruption crackdown, leading to arrests of royals, ministers and investors including prominent business billionaire Alwaleed bin Talal.
US stocks closed at records on Friday, 3 November 2017, with major indexes extending their lengthy upward moves on the back of strong results at Apple, which offset a mixed set of economic data, including a lackluster October jobs report. The Dow Jones Industrial Average rose 0.1%, the Nasdaq Composite Index climbed 0.7%, and the S&P 500 gained 0.3%.
US payrolls data provided a mixed picture of the strength of the labor market, though distortions from the hurricanes in August made it difficult to draw firm conclusions. The US economy added 261,000 jobs in October and the unemployment rate was 4.1% as labor conditions returned to normal following the storm-weakened September.
Meanwhile, Trump announced last week that US Fed Governor Jerome Powell will be nominated to replace Janet Yellen as the future chairman when her term expires in February 2018.
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