Stocks hovered near day's high powered by gains in index pivotals ICICI Bank, Reliance Industries and Axis Bank. At 13:16 IST, the barometer index, the S&P BSE Sensex, was up 275.73 points or 0.79% at 34,989.33. The Nifty 50 index was up 78.35 points or 0.74% at 10,696.15. After seeing a gap-up opening, the key benchmark indices continued to trade with firmness so far during the day.
The Sensex pared some gains after hitting the psychologically important 35,000 mark in morning trade. The undertone of the market was positive amid encouraging Q4 earnings so far and positive global cues. Continuous buying by domestic institutional investors also boosted sentiment.
The market breadth, indicating the overall health of the market, was strong . On BSE, 1506 shares rose and 943 shares fell. A total of 141 shares were unchanged.
The BSE Mid-Cap index was up 0.81%, outperforming the Sensex. The BSE Small-Cap index was up 0.68%, underperforming the Sensex.
Reliance Industries gained 2.44% to Rs 999.15 ahead of its Q4 results today, 27 April 2018.
Maruti Suzuki India rose 1.76% to Rs 9,105.05 ahead of its Q4 results today, 27 April 2018.
Telecom stocks saw mixed trend. Idea Cellular (up 2.12%), MTNL (up 0.78%) and Tata Teleservices (Maharashtra) (up 0.17%) rose. Bharti Airtel (down 0.68%) and Reliance Communications (down 0.89%) fell.
Shares of Bharti Infratel rose 2.27%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.
Cement stocks rose. Ambuja Cements (up 0.03%), ACC (up 0.54%), UltraTech Cement (up 0.3%) and Shree Cement (up 0.6%) gained.
Grasim Industries was up 0.16%. Grasim has exposure to the cement sector through its holding in UltraTech Cement.
Overseas, European stocks edged modestly higher while Asian shares rose after US equities were buoyed by solid earnings results and a rebound in technology stocks as US bond yields pulled back. Meanwhile, Euro was hovering near three-month lows after the European Central Bank kept interest rates unchanged.
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