The market bounced back from day's low and hit fresh intraday high in early afternoon trade. At 12:22 IST, the barometer index, the S&P BSE Sensex, was up 76.40 points or 0.22% at 34,889.39. The Nifty 50 index was up 27.70 points or 0.26% at 10,509.90. Strength in index pivotals Reliance Industries and HDFC boosted key indices higher. Cement shares were in demand.
The market breadth, indicating the overall health of the market, was negative. On BSE, 1012 shares rose and 1281 shares fell. A total of 147 shares were unchanged.
Index heavyweight and housing finance major HDFC was up 0.43% to Rs 1,802.80.
Index heavyweight Reliance Industries (RIL) was up 0.90% to Rs 1,088.50.
Cement shares were in demand. UltraTech Cement (up 1.91%), Ambuja Cements (up 0.81%) and ACC (up 0.07%), edged higher.
Grasim Industries was up 1.64%. Grasim has exposure to cement sector through its holding in UltraTech Cement.
Telecom shares fell across the board. Tata Teleservices (Maharashtra) (down 3.32%), Vodafone Idea (down 2.69%), Reliance Communications (down 1.08%), MTNL (down 0.79%) and Bharti Airtel (down 0.17%), edged lower.
Telecom tower infrastructure provider Bharti Infratel was down 0.99%.
On the economic front, India's industrial production grew 4.5% in September compared with the upward revised 4.7% in August, data released by the statistics office showed. August growth had initially been estimated at 4.3%.
Inflation as measured by the Consumer Price Index stood at 3.31% in October compared to 3.70% in September, showed government data released on Monday.
Overseas, Asian shares were mixed on the back of US stocks closing sharply lower Monday. In US, the Dow Jones Industrial Average tumbled 600 points as crude oil prices extended their retreat while a firmer US dollar also sparked worries about the competitiveness of US corporations in an increasingly challenging economic environment.
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