Key benchmarks were trading in narrow range near day's high in mid-morning trade. At 11:24 IST, the barometer index, the S&P BSE Sensex, was up 96.30 points or 0.26% at 37,386.97. The Nifty 50 index was up 33.30 points or 0.30% at 11,312.20. Positive cues from other Asian markets boosted investors sentiment.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1137 shares rose and 1120 shares fell. A total of 129 shares were unchanged.
Metal shares were in demand after media reported that government may raise import duty on some steel products to 15%. Steel Authority of India (up 3.35%), JSW Steel (up 3.29%), Tata Steel (up 2.35%), Jindal Steel & Power (up 2.20%), National Aluminium Company (up 1.99%), Hindalco Industries (up 1.86%), Hindustan Copper (up 1.48%), Hindustan Zinc (up 1.06%), NMDC (up 0.13%) and Vedanta (up 0.02%), edged higher. .
FMCG shares were mixed. Godrej Consumer Products (down 3.41%), Jyothy Laboratories (down 2.85%), Hindustan Unilever (down 0.55%), Bajaj Corp (down 0.51%), GlaxoSmithKline Consumer Healthcare (down 0.07%) and Nestle India (down 0.06%), edged lower. Colgate Palmolive (India) (up 0.10%), Dabur India (up 0.16%), Britannia Industries (up 0.22%), Tata Global Beverages (up 0.32%), Procter & Gamble Hygiene & Health Care (up 1.19%) and Marico (up 1.67%), edged higher.
Overseas, Asian shares rose on Wednesday as investors reacted to Beijing's response on fresh tariffs the US implemented on $200 billion worth of Chinese imports.
China announced tariffs targeting more than 5,000 US products, worth about $60 billion, will go into effect on 24 September 2018. However, China will put a 10% tariff on some goods it had previously earmarked for a 20% levy. At the same time, China's commerce ministry said that it filed a complaint to the World Trade Organization (WTO) against the US.
Beijing's announcement came after the Trump administration said the US will impose 10% tariffs on $200 billion worth of Chinese imports, and those duties will rise to 25% at the end of the year.
US stocks came off earlier highs but still closed higher on Tuesday as investors shrugged off escalating trade tensions to instead focus on the robust economy.
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