Key benchmark indices extended gains in mid-afternoon trade led by index heavyweights Reliance Industries and Larsen & Toubro. At 14:21 IST, the barometer index, the S&P BSE Sensex, was up 62.81 points or 0.16% at 38,348.56. The Nifty 50 index was up 15.15 points or 0.13% at 11,586.05.
Domestic stocks edged higher in early trade with the Sensex and the Nifty, both, scaling record high. Indices sink in negative zone in morning trade. Indices gyrated in a small range near the flat line in mid-morning trade. Stocks regained positive zone in early afternoon trade. Indices were trading with small gains in afternoon trade.
Gains were also boosted by data showing that domestic and foreign funds, both, were net buyers of Indian equities on Tuesday, 21 August 2018. Foreign portfolio investors (FPIs) bought shares worth a net Rs 254.25 crore on Tuesday, 21 August 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 197.87 crore on Tuesday, 21 August 2018, as per provisional data. The Indian stock market had remained shut on Wednesday, 22 August 2018, on account of Bakri Id.
The S&P BSE Mid-Cap index was up 0.11%. The S&P BSE Small-Cap index was off 0.25%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 1,173 shares rose and 1,471 shares fell. A total of 173 shares were unchanged.
Adani Ports & Special Economic Zone (up 1.87%), NTPC (up 1.86%) and Maruti Suzuki India (up 1.45%) edged higher from the Sensex pack.
Index heavyweight Reliance Industries (RIL) advanced 1.97% to Rs 1,271.
Telecom stocks rose. MTNL (up 2.33%), Bharti Airtel (up 0.57%), Idea Cellular (up 0.09%) and Reliance Communications (up 1.28%) rose. Tata Teleservices (Maharashtra) (down 2.31%) fell.
Shares of Bharti Infratel fell 1.08%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.
Engineering and construction major L&T gained 2.98% to Rs 1,361.60. The board of directors of the company at its meeting held today, 23 August 2018, has approved a proposal to buyback up to 6 crore equity shares of the company, being 4.29% of the total paid up equity share capital, at a maximum price of Rs 1,500 per equity share for an aggregate amount of Rs 9000 crore. The announcement was made during trading hours today, 23 August 2018.
Overseas, stocks in Europe were trading higher on Thursday, after Beijing implemented new retaliatory tariffs against the United States. Investors are digesting the latest trade news after China officially retaliated against fresh duties, worth $16 billion, from the United States.
Asian shares were trading higher as a deadline loomed for fresh US tariffs on China and amid speculation US President Donald Trump's political position could be threatened by the legal woes of two former advisers. US and Chinese officials met for the first time in over two months to find a way out of their deepening trade conflict, but there was no evidence the low-level discussions would halt a new round of US tariffs due Thursday.
Japanese manufacturing activity grew at a slightly faster pace in August as domestic demand jumped, a preliminary survey showed on Thursday. The flash Markit/Nikkei Japan Manufacturing Purchasing Managers Index (PMI) rose to 52.5 in August on a seasonally adjusted basis from a final 52.3 in July.
US stocks closed mostly lower Wednesday, with the S&P 500 and the Dow snapping a four-day winning streak, as the minutes from the latest Federal Open Market Committee's most recent meeting reaffirmed the central bank's hawkish bias.
The Fed minutes indicated broad-based support for another interest-rate hike in September with many officials stating that as long as economic data remain strong, it would likely soon be appropriate to take another step in removing policy accommodation. However, they also suggested that any tightening will have to pause if the US trade tensions with partners continue to escalate.
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