Stocks traded with small gains in afternoon trade. At 13:17 IST, the barometer index, the S&P BSE Sensex, was up 62.15 points or 0.18% at 34,678.28. The Nifty 50 index was up 16.30 points or 0.15% at 10,533. Auto stocks logged strong gains. Realty stocks gained.
After opening lower, the market bounced and hit fresh intraday high in morning trade. Indices were unable to sustain at higher levels and re-entered negative terrain in mid-morning trade. Indices turned range bound near flat line in early afternoon trade.
Among secondary barometers, the BSE Mid-Cap index was up 0.52%. The BSE Small-Cap index was up 0.72%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1333 shares rose and 1129 shares fell. A total of 126 shares were unchanged.
Auto stocks logged strong gains. Ashok Leyland (up 6.85%), Tata Motors (up 3.69%), Maruti Suzuki India (up 1.15%), Mahindra & Mahindra (M&M) (up 1.12%), Eicher Motors (up 1.28%), Escorts (up 0.99%), Bajaj Auto (up 3.24%), Hero MotoCorp (up 0.33%) and TVS Motor Company (up 1.32%) gained.
Realty stocks gained. Indiabulls Real Estate (up 3.08%), Housing Development and Infrastructure (up 3.04%), D B Realty (up 2.54%), Peninsula Land (up 3.01%), Unitech (up 2.04%), Godrej Properties (up 1.74%) and Prestige Estates Projects (up 0.53%) gained. Sobha (down 3.06%) and Oberoi Realty (down 0.98%) fell.
DLF rose 1.34% after consolidated net profit rose 70.52% to Rs 243.26 crore on 21.63% fall in total income to Rs 2041.92 crore in Q4 March 2018 over Q4 March 2017. The announcement was made after market hours yesterday, 21 May 2018.
Action Construction Equipment gained 3.96% after net profit jumped 921.9% to Rs 21.46 crore on 59.24% rise in total income to Rs 369.91 crore in Q4 March 2018 over Q4 March 2017. The result was announced after market hours yesterday, 21 May 2018.
On the political front, Janata Dal (Secular), or JD(S), leader H D Kumaraswamy will take oath as Chief Minister of Karnataka on Wednesday, 23 May 2018 at 16:30 IST on the steps of the Vidhana Soudha, the state secretariat. Governor Vajubhai Vala will administer the oath of office and secrecy to Kumaraswamy.
The 12 May 2018 Karnataka assembly polls threw up a hung verdict with BJP emerging as the single largest party with 104 seats. The Congress was next with 78 and the JD(S) followed with 37. The BSP has one MLA and two seats went to Independents.
Overseas, European shares gained as autos and bank stocks climbed, and Italian shares recovered from Monday's dip on investors' worries over a new government's spending plans. Asian shares were mixed. The US market jumped overnight as investors applauded easing trade animosities between the US and China.
US Treasury Secretary Steven Mnuchin reportedly said that bilateral trade talks with China had made very meaningful progress and that it was now up to both parties to implement what had been discussed. Mnuchin said over the weekend that the Trump administration would delay implementation of tariffs on Chinese goods and put the trade war on hold while working out details of a deal between the countries.
A focus for global markets this week is Wednesday's release of minutes from the Federal Reserve's latest monetary policy meeting. Investors will be watching the minutes for clues about the pace of the current tightening cycle.
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