The Sensex and the Nifty pared gains and were trading near flat line in mid-morning trade. At 11:20 IST, the barometer index, the S&P BSE Sensex, was up 57.64 points or 0.16% at 36,166.11. The Nifty 50 index was up 7.45 points or 0.07% at 10,838.95. Firmness in Reliance Industries, ITC and HDFC Bank supported the indices.
Indices kicked off trading on a negative note due to mixed cues from other Asian stocks. Benchmarks bounced back from early lows and hit fresh intraday high in morning trade, tracking recovery in Asian shares.
Broader market lagged. Among secondary barometers, the BSE Mid-Cap index was up 0.07%. The BSE Small-Cap index was down 0.26%.
The market breadth, indicating the overall health of the market, was negative. On BSE, 870 shares rose and 1124 shares fell. A total of 128 shares were unchanged.
Among index pivotals, Reliance Industries (up 1.56%), ITC (up 0.9%) and HDFC Bank (up 0.56%), edged higher.
Maruti Suzuki India (MSIL) was up 0.30%. MSIL announced during trading hours today, 24 January 2019, that it has signed a Memorandum of Agreement (MoA) with Government of Haryana to set up Japan-India Institute for Manufacturing (JIM), a model ITI, at Uncha Majra village in Gurugram district. JIM Uncha Majra will be equipped with modern classrooms and latest training tools and equipment, including mini vehicle assembly line. Industry experts will impart training in eight trades related to automobile manufacturing, maintenance and service. Besides the core curriculum prescribed by NCVT, JIM will groom students in values of safety, quality, discipline, punctuality, Kaizen and other Japanese shop floor practices. Japan-India Institute for Manufacturing (JIM) is born out of a collaboration between the Governments of Japan and India to create a pool of skilled manpower for manufacturing in India.
Realty shares advanced. Oberoi Realty (up 4.72%), Godrej Properties (up 3.40%), Mahindra Lifespace Developers (up 3.34%), Sunteck Realty (up 2.56%), Phoenix Mills (up 2.20%), DLF (up 1.98%), Prestige Estates Projects (up 1.94%), Indiabulls Real Estate (up 1.80%), Housing Development and Infrastructure (HDIL) (up 1.49%), Sobha (up 1.31%), D B Realty (up 1.12%), Peninsula Land (up 0.89%) and Anant Raj (up 0.44%), edged higher. Omaxe (down 0.05%), Parsvnath Developers (down 1.01%) and Unitech (down 3.78%), edged lower.
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Most auto shares declined. Tata Motors (down 2.55%), TVS Motor Company (down 1.59%), Ashok Leyland (down 1.12%), Bajaj Auto (down 0.75%), Escorts (down 0.73%) and Mahindra & Mahindra (down 0.69%), edged lower. Maruti Suzuki India (up 0.42%), Hero MotoCorp (up 0.53%) and Eicher Motors (up 0.76%), edged higher.
Vodafone Idea was down 1.33%. The company announced at the fag end of the trading session yesterday, 23 January 2019, that its board approved issuing fully paid-up/partly-paid up equity shares of the company and/or other securities convertible into equity shares of the company, including but not limited to, compulsorily convertible debentures, for an amount aggregating up to Rs 25,000 crore, by way of a rights issue to existing eligible equity shareholders of the company as at the record date.
The promoter shareholders (Vodafone Group and Aditya Birla Group), have re-iterated to the board that they intend to contribute up to Rs 11,000 crore and up to Rs 7,250 crore respectively as part of such rights issue. Further, the promoter shareholders have indicated that in case the rights Issue is undersubscribed, each of the promoter shareholders reserves the right to subscribe to part or whole amount of the unsubscribed portion, subject to applicable law.
Meanwhile, the President of India, as advised by the Prime Minister, hereby directed that during the period of indisposition of Arun Jaitley, minister; the portfolios of Minister of Finance and Minister of Corporate Affairs held by him, be temporarily assigned to Piyush Goyal, in addition to his existing portfolios. Further, as advised by the Prime Minister, Arun Jaitley be designated as minister without portfolio during the period of his indisposition or till such time he is able to resume his work as Minister of Finance and Minister of Corporate Affairs, President's Secretariat said in a press communiqu
Media reports suggested that Goyal, who already holds the charge of the Ministry of Railways, is now expected to present the last budget of his government's five-year tenure. The budget, likely to be presented on 1 February 2019, will be an interim one as elections are due later this year.
Overseas, Asia shares were trading higher on Thursday amid uncertainties surrounding the global economic outlook as well as the ongoing US-China trade fight.
US stocks closed higher on Wednesday as upbeat earnings from corporate heavyweights helped to assuage lingering worries over global growth and US-China trade tensions.
Meanwhile, the Senate was poised to vote Thursday on dueling proposals to reopen the government. A partial shutdown entered its 33rd day on Wednesday.
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