Key equity indices extended gains and hit fresh intraday high in mid-afternoon trade. At 14:35 IST, the barometer index, the S&P BSE Sensex, was up 398.40 points or 1.05% at 38,207.31. The Nifty 50 index was up 115.65 points or 1.02% at 11,469.90. The Sensex regained the 38,000 mark.
Domestic stocks were trading with small gains in early trade. A bout of volatility was seen as the key indices extended gains in morning trade. Stocks hovered in positive zone in afternoon trade. Indices surged in mid-afternoon trade on strong buying support.
The S&P BSE Mid-Cap index was up 0.98%. The S&P BSE Small-Cap index was up 0.51%.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1353 shares rose and 1228 shares fell. A total of 169 shares were unchanged.
Most metal shares advanced. Vedanta (up 3.03%), Steel Authority of India (up 0.9%), Hindustan Copper (up 0.74%), Hindustan Zinc (up 0.74%), Jindal Steel & Power (up 0.74%), Hindalco Industries (up 0.73%), JSW Steel (up 0.72%) and Tata Steel (up 0.65%), edged higher. NMDC (down 0.24%) and National Aluminium Company (down 0.65%), edged higher.
FMCG shares rose. Colgate Palmolive (India) (up 1.81%), Dabur India (up 1.15%), Nestle India (up 1.12%), GlaxoSmithKline Consumer Healthcare (up 0.83%), Britannia Industries (up 0.79%), Hindustan Unilever (up 0.71%), Marico (up 0.69%), Procter & Gamble Hygiene & Health Care (up 0.67%) and Godrej Consumer Products (up 0.09%), edged higher. Tata Global Beverages (down 0.13%), Jyothy Laboratories (down 0.49%) and Bajaj Corp (down 0.64%), edged lower.
Overseas, European shares were mixed amid concerns about a softening global economy and uncertainty over Britain's exit from the European Union.
Asian stocks ended higher. US stocks closed mostly lower Monday after data showing weakness on the global economic front triggered heavy losses at the end of last week while investors continued to fret over the inversion of the yield curve. However, the Dow bucked the trend to rise as shares of Boeing Co. rallied after recent losses.
Meanwhile, the markets showed little reaction to the end of Special Counsel Robert Mueller's probe into Russian meddling in the 2016 presidential election.
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