Key barometers firmed up in early afternoon trade. At 12:17 IST, the barometer index, the S&P BSE Sensex, was up 134.46 points or 0.39% at 34,550.04. The Nifty 50 index was up 51 points or 0.48% at 10,615.05. Trading was volatile due to negative Asian cues and derivatives expiry later this week.
The market opened lower, but recovered as the session progressed. The Sensex rose 163.34 points, or 0.47% at the day's high of 34,578.92 in mid-morning trade. The index fell 156.31 points, or 0.45% at the day's low of 34,259.27 in early trade, its lowest intraday level since 13 April 2018. The Nifty rose 55.85 points, or 0.53% at the day's high of 10,619.90 in mid-morning trade. The index fell 49.10 points, or 0.46% at the day's low of 10,514.95 in early trade, its lowest intraday level since 13 April 2018.
Among secondary barometers, the BSE Mid-Cap index was up 0.60%. The BSE Small-Cap index was up 0.74%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,330 shares rose and 1,100 shares fell. A total of 142 shares were unchanged.
Cement shares were mixed. UltraTech Cement (up 1.39%) and Ambuja Cements (up 0.26%), edged higher. ACC was down 0.06%.
Grasim Industries was down 1.01%. Grasim has exposure to cement sector through its holding in UltraTech Cement.
Telecom shares rose. Idea Cellular (up 0.99%), Bharti Airtel (up 0.69%), MTNL (up 0.50%) and Reliance Communications (up 0.25%), edged higher. Tata Teleservices (Maharashtra) was down 1.60%.
Telecom tower infrastructure provider Bharti Infratel was down 0.81%.
Overseas, Asian stocks were trading lower as investors kept an eye on rising US Treasury yields. US stocks ended lower on Friday, as weakness in technology and consumer staples shares offset the latest batch of corporate earnings, which largely continued to beat expectations. While earnings were the primary driver of sentiment last week, investors lately grew concerned about a jump in bond yields that reflect rising inflation expectations.
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