A range bound movement was witnessed as key benchmark indices retained positive zone in mid-morning trade. The barometer index, the S&P BSE Sensex, was currently up 259.85 points or 1.02% at 25,713.41. The 50-unit CNX Nifty was up 85.50 points or 1.11% at 7,802.50. Gains on the bourses were broad based. There were more than two gainers against every loser on BSE. The BSE Small-Cap index was up 1.33%. The BSE Mid-Cap index was up 1.09%. Both these indices outperformed the Sensex.
Bank stocks edged higher on renewed buying. Telecom stocks also gained.
Overseas cues were positive. Asian stocks were in green after a rally in US stocks overnight.
At 11:18 IST, the S&P BSE Sensex was up 259.85 points or 1.02% at 25,713.41. The index rose 291.90 points at the day's high of 25,745.46 in morning trade. The index rose 102.21 points at the day's low of 25,555.77 in early trade.
The CNX Nifty was up 85.50 points or 1.11% at 7,802.50. The index hit a high of 7,811.80 in intraday trade. The index hit a low of 7,754.05 in intraday trade.
The BSE Mid-Cap index was up 113.27 points or 1.09% at 10,550.34. The BSE Small-Cap index was up 143.19 points or 1.33% at 10,892.82. Both these indices outperformed the Sensex.
The market breadth indicating the overall health of the market was quite strong. There were more than two gainers against every loser on BSE. 1,577 shares rose and 570 shares declined. A total of 78 shares were unchanged.
Bank stocks edged higher on renewed buying. Among PSU banks, IDBI Bank (up 3.37%), Bank of Baroda (up 2.42%), Canara Bank (up 2.21%), Bank of India (up 2.25%), Union Bank of India (up 2.02%), Punjab National Bank (up 1.97%), Andhra Bank (up 1.58%), United Bank of India (up 1.41%), Syndicate Bank (up 1.6%) and State Bank of India (up 1.32%) edged higher.
Among private sector banks, Axis Bank (up 3.07%), Kotak Mahindra Bank (up 1.76%), HDFC Bank (up 1.24%), ICICI Bank (up 1.19%), IndusInd Bank (up 1.52%) and Yes Bank (up 1.15) edged higher.
Telecom stocks edged higher. Tata Teleservices (Maharashtra) (up 1.29%), Reliance Communications (up 1.35%), Mahanagar Telephone Nigam (up 0.66%) and Bharti Airtel (up 0.77%) edged higher. Idea Cellular (down 2.04%) edged lower.
Meanwhile, the outcome of a survey showed that India's services sector activity grew for a second month in August. The seasonally adjusted Nikkei Services Business Activity Index rose to 51.8 in August from July's 50.8, marking a second month above the 50-level that separates growth from contraction.
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