The market further extended gains and hit fresh intraday high in mid-afternoon trade. At 14:20 IST, the barometer index, the S&P BSE Sensex, was up 235.06 points or 0.65% at 36,298.87. The Nifty 50 index was up 78.70 points or 0.72% at 10,942.20.
Key indices opened with small losses, but recovered as the session progressed. Shrugging off negative global cues, domestic shares hit fresh intraday high in mid-afternoon trade. The Nifty crossed the 10,900 mark after opening below that level.
The market breadth, indicating the overall health of the market, was strong. On BSE, 1992 shares rose and 593 shares fell. A total of 162 shares were unchanged.
Among secondary barometers, the BSE Mid-Cap index was up 1.81%. The BSE Small-Cap index was up 2.74%. Both these indices outperformed the Sensex.
Cement shares rose across the board. ACC (up 1.91%), UltraTech Cement (up 1.72%) and Ambuja Cements (up 1.15%), edged higher.
Grasim Industries was up 1.84%. Grasim has exposure to cement sector through its holding in UltraTech Cement.
Most telecom shares advanced. Tata Teleservices (Maharashtra) (up 6.80%), MTNL (up 1.22%), Reliance Communications (up 0.61%) and Vodafone Idea (up 0.33%), edged higher.
Telecom major Bharti Airtel was down 0.08%.
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, European shares were mixed as investors monitored various political developments across the globe. UK and EU negotiators are set to meet in Brussels in an attempt to bridge the gaps ahead of the March 29 Brexit deadline. Meanwhile, trade talks between the US and China remain on the radar for investors.
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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