Firmness prevailed on the bourses in mid-afternoon trade. At 14:25 IST, the barometer index, the S&P BSE Sensex, was up 436.56 points or 1.18% at 37,490.66. The Nifty 50 index was up 125.90 points or 1.13% at 11,293.95. Metal and mining stocks gained.
Local stocks nudged higher in early trade on positive Asian stocks. Key benchmark indices extended gains in morning trade. Strong buying demand in index pivotals propelled the key indices to fresh intraday high in mid-morning trade. Indices traded near day's high in afternoon trade.
The S&P BSE Mid-Cap index was up 0.9%. The S&P BSE Small-Cap index was up 1.21%.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1663 shares rose and 954 shares fell. A total of 150 shares were unchanged.
Metal and mining stocks gained. Vedanta (up 1.7%), JSW Steel (up 1.57%), Tata Steel (up 1.7%), Steel Authority of India (Sail) (up 0.73%), Hindustan Zinc (up 1.44%), Jindal Steel & Power (up 1.11%), Hindalco Industries (up 1.54%), NMDC (up 0.77%) and Hindustan Copper (up 0.6%) edged higher. National Aluminium Company (down 0.09%) fell.
Deep Industries rose 5.25%. The contract is for charter hiring of one 1000-HP mobile drilling rig for ONGC Ahmedabad asset for a period of 3 years. The total estimated value of the said award is approximate Rs 91.75 crore. The announcement was made during trading hours today, 12 March 2019.
On the macro front, industrial production data for January 2019 will be unveiled today, 12 March 2019. India's industrial production growth accelerated to 2.4% year-on-year in December 2018 from 0.3% in the previous month.
The inflation rate for February 2019, will also be announced today, 12 March 2019. Annual consumer inflation declined to 2.05% in January 2019 from a downwardly revised 2.11% in December.
Overseas, European shares were trading higher following a strong session in Asian markets, as Monday's rebound continued. British parliament will vote later Tuesday on a new Brexit deal after Prime Minister Theresa May and the European Commission President Jean-Claude Juncker agreed late Monday to some last minute changes to the divorce agreement.
Asian stocks were trading higher on the back of a strong performance in U.S. markets overnight. U.S. stocks snapped a five-day losing streak to close higher Monday as technology shares rallied, offsetting some of the gloom from Boeing Co.'s woes after the second deadly crash in about six months involving the company's 737 Max 8 aircraft.
In US data, U.S. retail sales unexpectedly rose in January. Retail sales rose 0.2%. Data for December was revised down to show retail sales dropping 1.6% instead of tumbling 1.2% as previously reported.