Stocks continued to hover in a small range with positive bias in afternoon trade. At 13:21 IST, the barometer index, the S&P BSE Sensex, was up 94.95 points or 0.28% at 33,883.49. The Nifty 50 index was up 23.45 points or 0.23% at 10,402.80. Capital goods stocks edged higher. Telecom stocks fell. World stocks rose after a speech by Chinese President Xi Jinping calmed investor jitters over an escalating US-China trade row.
The market opened higher and hit fresh intraday high in morning trade. Indices pared gains in mid-morning trade as profit selling emerged at higher levels. Market turned range bound in early afternoon trade.
Among secondary barometers, the BSE Mid-Cap index was up 0.18%. The BSE Small-Cap index was down 0.01%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was negative. On BSE, 1,357 shares fell and 1,192 shares rose. A total of 129 shares were unchanged.
Capital goods stocks edged higher. Thermax (up 6.46%), Praj Industries (up 6.27%), L&T (up 1.11%), ABB India (up 0.27%), BEML (up 0.68%) and Bharat Electronics (up 1.04%) rose. Bharat Heavy Electricals (Bhel) (down 0.51%), Punj Lloyd (down 0.81%) and Siemens (down 0.61%) fell.
Telecom stocks fell. Bharti Airtel (down 0.8%), Idea Cellular (down 1.6%), MTNL (down 0.72%), Tata Teleservices (Maharashtra) (down 0.47%) and Reliance Communications (down 2.94%) declined.
Shares of Bharti Infratel fell 0.56%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.
Overseas, European shares rose on Tuesday, led higher by gains in Bayer after a report that the US approved its takeover of Monsanto, while a solid update from LVMH lifted luxury sector stocks.
Asian markets advanced as investors digested comments from Chinese President Xi Jinping on measures planned to further open up the Chinese economy. Those measures, which Xi brought up in his speech at the Boao Forum for Asia, included lowering import tariffs for autos and other products, as well as enforcing legal intellectual property of foreign firms.
US stock futures also edged up amid improved investor confidence. Dow Jones industrial average futures were higher by 281 points in Asian trade.
US stock market finished well off session highs on Monday following a report that the Federal Bureau of Investigation (FBI) officers had raided the office of Michael Cohen, Trump's longtime personal lawyer. US stocks had rallied earlier in the session as comments from Trump and administration officials alleviated fears about rising trade hostilities between the US and China.
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