The Indian market recovered from lows to maintain a gaining streak, but closed with minor gains. The benchmark Nifty advanced 37 points to end at a record close of 11,357 and the Sensex edged 112 points higher to close at 37,607.
The gains were supported by Reliance, HUL, Tech Mahindra and Maruti Suzuki and pulled back by HDFC, ITC, Axis Bank and ICICI Bank. Oil and gas major Reliance became the top valued company, with its market capitalisation ($109 billion) surpassing that of TCS.
In the broader markets, the Nifty Midcap gained 75 points to end the session at 18,877, helping market breadth favouring advances. Advance-Decline Ratio was at 5:4, meaning five stocks gained against four stocks declining. Banks failed to participate in the recovery. The leading sectoral index, the Nifty Bank ended the session 78 points lower at 27,764.
On the earnings front, Dabur surprised the street with volume growth coming in at multi-quarter high of 27 percent against the expectation of 12-14 percent growth.
The operationally strong earnings helped stock jump over 7 percent. From the list of Nifty stocks, UPL reported earnings in-line with estimates. Profit came in at Rs 514 crore against poll of Rs 518 crore and revenue at Rs 4,134 crore against expectation of Rs 4,121 crore.
In futures market, Nifty 11,400 Call added five lakh shares in the open interest with premium moving in 11 percent higher. With the market maintaining the gaining momentum, Nifty 11,000 Put call added six lakh shares in the open interest with premium slipping 14 percent. Nifty August Futures closed with a premium of 18 points against a premium of 19 points on Monday.
Asian shares closed narrowly mixed as investors digested the Bank of Japan's decision to keep policy steady. The mixed showing also came on the back of Wall Street posting losses amid weakness in the technology sector.
The Nikkei 225 moved into positive territory on the back of the Bank of Japan's policy decision. The benchmark closed higher by 0.1 percent at 22,554, despite most sectors finishing in negative territory.
Shippers and mining stocks rose, while banks and utilities were among the worst performing sectors. The broader Topix eased 0.8 percent. Meanwhile, the Kospi ended the day higher by 0.1 percent at 2,295 after trading both above and below the flat line. That came as shares of Samsung Electronics slipped 0.5 percent after the smartphone and chipmaker reported second-quarter operating profit came it at 14.9 trillion won (around $13.4 billion), topping the company's own projection of 14.8 trillion won, according to Reuters. Revenue for the quarter came in at 58.5 trillion won, mostly matching an earlier forecast.In Australia, the S&P/ASX 200 finished the day marginally higher at 6,280.20, with the energy subindex leading gains. Elsewhere, Hong Kong's Hang Seng Index edged lower by 0.5 percent. Chinese shares ended the day in different directions following the release of official manufacturing PMI that slightly missed expectations. The Shanghai Composite tacked on 0.3 percent to close at 2,876 while the Shenzhen Composite closed flat at 1,576.