The market came off day's high in morning trade. At 10:20 IST, the barometer index, the S&P BSE Sensex, was up 116.51 points or 0.33% at 35,403.25. The Nifty 50 index was up 39.40 points or 0.37% at 10,749.85.
Indices hit fresh intraday high in early trade and later pared gains as the session proceeded. The Sensex rose 144.93 points, or 0.41% at the day's high of 35,431.67 in early trade. The index rose 42.77 points, or 0.12% at the day's low of 35,329.51 in morning trade. The Nifty rose 46.30 points, or 0.43% at the day's high of 10,756.75 in early trade. The index rose 13.60 points, or 0.13% at the day's low of 10,724.05 in morning trade.
Among secondary barometers, the BSE Mid-Cap index was down 0.11%. The BSE Small-Cap index was up 0.04%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1000 shares rose and 893 shares fell. A total of 100 shares were unchanged.
Metal shares were mixed. National Aluminium Company (down 2.23%), Hindustan Zinc (down 0.81%), NMDC (down 0.69%), Hindustan Copper (down 0.36%), Steel Authority of India (down 0.06%) and Tata Steel (down 0.01%), edged lower. Hindalco Industries (up 0.35%), Jindal Steel & Power (up 0.40%), JSW Steel (up 0.67%) and Vedanta (up 1.18%), edged higher.
FMCG shares were mixed. Nestle India (up 1.32%), Hindustan Unilever (up 0.73%), Procter & Gamble Hygiene & Health Care (up 0.58%), Britannia Industries (up 0.55%), Dabur India (up 0.53%) and Godrej Consumer Products (up 0.37%), edged higher. Colgate Palmolive (India) (down 0.06%), GlaxoSmithKline Consumer Healthcare (down 0.16%), Marico (down 0.36%), Jyothy Laboratories (down 0.51%), Bajaj Corp (down 2.8%) and Tata Global Beverages (down 3.13%), edged lower.
On the political front, President Ram Nath Kovind approved the imposition of governor's rule in Jammu and Kashmir, a day after the BJP pulled out of its alliance with the Peoples Democratic Party (PDP) in Jammu and Kashmir. Following the President's approval, governor NN Vohra will be presiding over the state.
Overseas, Asian stocks were mixed, with several regional stocks looking to stem sharp losses made in the previous session that were caused by elevated fears of a trade war between the US and China.
US stocks declined on Tuesday, as investors sold stocks following President Donald Trump's late-Monday threat to slap an additional $400 billion in tariffs on China goods. The announcement represented the latest escalation in a dispute between the two largest economies in the world, rattling investors.
After Beijing's retaliation against US planned tariffs on $50 billion worth of Chinese imports, Trump asked US Trade Representative Robert Lighthizer late Monday to identify $200 billion more in Chinese products that could be subject to tariffs of 10%. The US president also threatened to find $200 billion more worth of goods if China tried to retaliate against those additional tariffs.
A spokesperson from China's Ministry of Commerce reportedly said China will have no choice but to take comprehensive measures in response to the US's trade moves
On the US data front, Housing starts ran at a seasonally adjusted annual 1.35 million annual rate in May, the Commerce Department said Tuesday. Permits were at a 1.3 million seasonally adjusted annual rate.
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