A bout of volatility was seen in mid-morning trade after the key indices trimmed gains soon after hitting intraday high. At 11:24 IST, the barometer index, the S&P BSE Sensex, was up 74.61 points or 0.19% at 39,044.41. The Nifty 50 index was up 7.70 points or 0.07% at 11,716.80. Most FMCG stocks declined.
Investors are awaiting results of Lok Sabha polls due tomorrow, 23 May 2019. Most exit polls forecast a majority for the ruling BJP-led NDA in Lok Sabha polls. The 2019 polls, held from April 11 to May 19, will decide which party presides over the 17th Lok Sabha. Elections were held for 542 seats. A party or coalition needs 272 seats in parliament to form a government.
Local stocks drifted higher in early trade on buying demand in index pivotals. Stocks hovered in positive zone in morning trade.
The S&P BSE Mid-Cap index was down 0.68%. The S&P BSE Small-Cap index was down 0.07%.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 972 shares rose and 1026 shares fell. A total of 128 shares were unchanged.
Cipla shed 0.38% ahead of its January-March 2019 quarterly earnings today, 22 May 2019.
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IndusInd Bank lost 2.64% ahead of its January-March 2019 quarterly earnings today, 22 May 2019.
Most FMCG stocks declined. Hindustan Unilever (down 1.55%), Britannia Industries (down 0.24%), GlaxoSmithkline Consumer Healthcare (down 0.49%), Colgate-Palmolive (India) (down 0.61%), Dabur India (down 0.33%), Procter & Gamble Hygiene and Health Care (down 0.52%) and Bajaj Consumer Care (down 0.31%) fell.
Godrej Consumer Products (up 1.15%), Marico (up 1.14%), Nestle India (up 0.45%), Tata Global Beverages (up 0.69%) and Jyothy Laboratories (up 0.4%), rose.
Overseas, most Asian stocks were trading higher Wednesday on relief over Washington's temporary relaxation of curbs against China's Huawei Technologies.
In US, shares of technology companies helped lift Wall Street on Tuesday after the United States temporarily eased curbs on China's Huawei Technologies Co, alleviating investor concerns about pressure on future corporate results in the sector.
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