Key benchmark indices extended early gains and hit fresh intraday high in morning trade. At 10:40 IST, the barometer index, the S&P BSE Sensex, was up 185.68 points or 0.50% at 37,504.21. The Nifty 50 index was up 43.90 points or 0.39% at 11,265.95.

Among secondary barometers, the BSE Mid-Cap index was flat at 14,212.95. The BSE Small-Cap index was up 0.48%.

The market breadth, indicating the overall health of the market, was positive. On BSE, 1169 shares rose and 759 shares fell. A total of 151 shares were unchanged.

Tata Steel (up 2.18%), Mahindra & Mahindra (up 1.53%), ITC (up 1.22%), Vedanta (up 1.18%), Reliance Industries (up 1.15%), Infosys (up 0.98%), TCS (up 0.97%) and HCL Technologies (up 0.94%), were the major Sensex gainers.

Yes Bank (down 4.35%), Tata Motors (down 1.3%), Coal India (down 1.24%), Bajaj Auto (down 0.71%), ONGC (down 0.67%) and Hindustan Unilever (down 0.31%), were the major Sensex losers.

Meanwhile, the southwest monsoon is likely to make its onset over the Indian coast around 4 June 2019, private weather forecasting agency Skymet said on Tuesday. The 4 June prediction comes with an error margin of two days.

Overseas, Asian shares were mostly higher Wednesday, following a recent slump amid escalating tensions on the US-China trade front.

Growth in China's industrial output for April increased 5.4% year-on-year from a 4-1/2 year high in March.

US stocks advanced on Tuesday, paring heavy losses sparked by a raging US-China trade war over the past week. US President Donald Trump on Tuesday called the escalating dispute with China "a little squabble" but said Washington was still considering extending tariffs to another $300 billion worth of Chinese merchandise.

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