Key benchmark indices extended gains and hit fresh intraday high in afternoon trade. At 13:28 IST, the barometer index, the S&P BSE Sensex, was up 176.19 points or 0.49% at 36,240. The Nifty 50 index was up 61.35 points or 0.56% at 10,924.85.
Key indices opened with small losses, but recovered as the session progressed. Weak cues from other Asian shares capped strong gains.
The market breadth, indicating the overall health of the market, was strong. On BSE, 1959 shares rose and 566 shares fell. A total of 166 shares were unchanged.
Among secondary barometers, the BSE Mid-Cap index was up 1.61%. The BSE Small-Cap index was up 2.59%. Both these indices outperformed the Sensex.
Hero MotoCorp (up 3.58%), Axis Bank (up 2.97%), Coal India (up 2.75%), ONGC (up 2.48%) and NTPC (up 1.85%) edged higher from the Sensex pack.
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Infosys (down 0.94%), L&T (down 0.94%) and Hindustan Unilever (down 0.82%) edged lower from the Sensex pack.
Tata Motors surged 7.44%. Tata Motors Commercial and Passenger Vehicles Business sales in the domestic market witnessed a drop of 3% at 57,221 units as against 58,993 units sold over last year as weak consumer sentiments continued in February 2019. The announcement was made after market hours on Friday, 1 March 2019. Stock markets were closed yesterday, 4 March 2019 for a local holiday.
With reference to media reports indicating Tata Motors is exploring options including JLR stake sale, the company said that there is no truth to the rumours that Tata Motors is looking to divest its stake in JLR and it would not like to comment further on any market speculation.
On the economic front, economic conditions in India's dominant service sector remained positive in February, with a quicker expansion in new work supporting a faster increase in output and solid job creation. Rising from 52.2 in January to 52.5 in February, the seasonally adjusted Nikkei India Services Business Activity Index pointed to a moderate though quicker upturn in output.
With growth of manufacturing production also gathering momentum in February, the seasonally adjusted Nikkei India Composite PMI Output Index rose from 53.6 in January to 53.8 to signal a solid and accelerated increase in private sector activity in the country.
Overseas, Asian stocks declined Tuesday following an overnight slip on Wall Street. China cut its economic growth target and pledged measures to support the economy amid growing challenges from rising debt and a dispute over trade and technology with the United States. China cut its growth target for this year to 6-6.5%, from around 6.5% last year.
US stocks declined on Monday, as investors turned cautious after initially cheering reports that the US and China were close to completing a landmark trade deal. Concerns that stocks are becoming too expensive on the back of a two-month rally from December lows also weighed on sentiment.
The US Commerce Department said that construction spending fell by 0.6% in December.
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