Key indices hovered in a small range near the flat line in early afternoon trade, alternately swinging between positive and negative zone. At 12:31 IST, the barometer index, the S&P BSE Sensex, was down 7.58 points or 0.02% at 35,237.68. The Nifty 50 index was down 1.80 points or 0.02% at 10,596.60. IT stocks saw mixed trend.
Key benchmark indices edged lower in early trade on negative Asian stocks. Stocks cut losses in morning trade. Indices extended intraday recovery with the Sensex and the Nifty regaining the positive zone in mid-morning trade.
The S&P BSE Mid-Cap index was up 0.59%. The S&P BSE Small-Cap index was up 0.43%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1218 shares rose and 1067 shares fell. A total of 143 shares were unchanged.
IT stocks saw mixed trend. Infosys (down 2.37%), Wipro (down 1.58%), TCS (down 0.99%), Oracle Financial Services Software (down 0.83%) declined. HCL Technologies (up 0.36%), Tech Mahindra (up 0.44%), MindTree (up 3.37%) and Hexaware Technologies (up 0.9%) rose.
Mphasis fell 1.11%. The company announced its acquisition of Stelligent Systems LLC, a technology services company specializing in DevOps automation on Amazon Web Services (AWS). Headquartered in Reston, VA, Stelligent provides DevOps and DevSecOps solutions on AWS. The company is a premier consulting partner on AWS Partner Network (APN) and holds both AWS DevOps and financial services expertise in deploying their customers' applications on AWS with greater speed, agility, and security. The acquisition is an all-cash deal valued at $25 million. The announcement was made on Thursday, 8 November 2018.
Eros International Media fell 3.66% to Rs 101.30 on profit booking after a recent rally. Shares of Eros International Media surged 54.52% in eight trading sessions to settle at Rs 105.15 on 7 November 2018, from its close of Rs 68.05 on 26 October 2018.
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Overseas, Asian stocks were trading lower on lingering worries over US-China trade relations. On the data front, China's consumer inflation remained at the second-highest level so far this year, buoyed by an acceleration in non-food prices, official data showed Friday. The consumer price index rose 2.5% in October from a year earlier, unchanged from the growth in September, the National Bureau of Statistics said.
US stocks closed mostly lower yesterday, 8 November 2018 as the Federal Reserve kept interest rates unchanged in an unanimous decision and signaled that it would continue to tighten monetary policy at a gradual pace. As expected, the Fed kept its benchmark target for rates unchanged in a 2% to 2.25% range.
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