Stocks extended gains in morning trade. At 11:30 IST, the barometer index, the S&P BSE Sensex, was up 63.39 points or 0.19% at 33,681.98. The Nifty 50 index was up 17.90 points or 0.17% at 10,388.15. Telecom stocks declined. Capital goods stocks edged higher.
Key benchmark indices nudged higher in early trade. Stocks hovered in positive zone in morning trade.
The S&P BSE Mid-Cap index was up 0.24%. The S&P BSE Small-Cap index was up 0.55%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1,445 shares rose and 957 shares fell. A total of 135 shares were unchanged.
Overseas, Asian stocks were mixed as Chinese equities added to declines and a North Korean missile test overshadowed an overnight surge in US equities. US stocks rose to records yesterday, 28 November 2017 on progress towards passage of US tax cuts and a benign confirmation hearing with Federal Reserve Chair nominee Jerome Powell.
The Senate Budget Committee approved the Senate's tax plan on Tuesday, bringing the upper chamber closer to a floor vote, which is expected to take place Thursday. Meanwhile, during his testimony, Powell said that current regulations on the financials sector are tough enough. He also said he supported the tailoring of some regulations to ease the burden on small banks.
On the data front, the Conference Board's consumer-confidence index jumped to 129.5 in November, marking a 17-year high. The advanced US trade deficit in goods rose 6.5% to $68.3 billion in October. Separately, home prices rose at their fastest pace in more than three years in September.
Back home, telecom stocks declined. Idea Cellular (down 0.11%), MTNL (down 0.23%), Tata Teleservices (Maharashtra) (down 1.4%) and Reliance Communications (down 1.16%) fell. Bharti Airtel (up 0.34%) rose.
Shares of Bharti Infratel up 0.69%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.
Capital goods stocks edged higher. Thermax (up 6.65%), ABB India (up 1.07%), Bharat Heavy Electricals (Bhel) (up 0.22%), BEML (up 0.22%), Bharat Electronics (up 2.14%), L&T (up 0.82%) and Punj Lloyd (up 3.78%) rose. Siemens (down 1.31%) fell.
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