The Sensex and the Nifty trimmed gains after hitting fresh intraday high in mid-afternoon trade. At 14:22 IST, the barometer index, the S&P BSE Sensex, was up 332.20 points or 0.91% at 36,949.01. The Nifty 50 index was up 118.65 points or 1.09% at 11,053. The Nifty was currently trading above the psychologically important 11,000 mark after crossing that level in early trade.
Indices opened higher and hit fresh intraday high in early trade. Benchmarks pared gains in morning trade. Barometers firmed up once again in mid-morning trade. Indices firmed up further in afternoon trade.
Broader market witnessed selling. Among secondary barometers, the BSE Mid-Cap index was down 0.60%. The BSE Small-Cap index was down 0.28%.
The market breadth, indicating the overall health of the market, was weak. On BSE, 887 shares rose and 1578 shares fell. A total of 139 shares were unchanged.
Most realty shares declined. Parsvnath Developers (down 13.86%), D B Realty (down 4.89%), Unitech (down 4.35%), Housing Development and Infrastructure (HDIL) (down 3.99%), Peninsula Land (down 3.88%), Anant Raj (down 2.38%), Indiabulls Real Estate (down 2.24%), Phoenix Mills (down 0.91%), DLF (down 0.78%), Mahindra Lifespace Developers (down 0.46%), Sunteck Realty (down 0.09%) and Omaxe (down 0.05%), edged lower. Sobha (up 0.16%), Prestige Estates Projects (up 0.6%), Oberoi Realty (up 0.62%) and Godrej Properties (up 1.48%), edged higher.
Cement shares advanced. Ambuja Cements (up 2.22%), UltraTech Cement (up 1.77%) and ACC (up 0.67%), edged higher.
Grasim Industries was up 3.24%. Grasim has exposure to cement sector through its holding in UltraTech Cement.
Overseas, European stocks traded lower Wednesday, as market participants monitored another batch of earnings results. Market focus was largely attuned to President Donald Trump's state of the union address on Tuesday, after he vowed to build a wall that is a source of a deep partisan divide.
Japan's benchmark Nikkei 225 ended higher. China and several other markets in the region are closed for the Lunar New Year holiday.
US stocks closed higher Tuesday, as investors continued to sort through corporate earnings while awaiting President Donald Trump's State of the Union address in the evening.
President Donald Trump called for unity in his opening remarks at his second State of the Union address, and promised to lay out the agenda of the American people. Trump added that he wants a US immigration system that is safe, lawful, modern and secure as he seeks funding for a border wall rejected by Democrats.
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