Market traded in a narrow range in negative zone in afternoon trade. At 13:15 IST, the barometer index, the S&P BSE Sensex was down 13.89 points or 0.04% at 31,257.39. The Nifty 50 index declined 2.45 points or 0.03% at 9,661.45.
Indices hovered in a narrow range as investors maintained caution ahead of key global events of elections in the UK and the European Central Bank's monetary policy review.
Indices edged higher in early trade tracking steady Asian stocks. Stocks soon slipped into the red only to stage recovery in morning trade. Indices hovered in negative terrain after once again slipping into the red in mid-morning trade. They continued to languish in negative zone.
Among other indices, the S&P BSE Mid-Cap index rose 0.34%. The S&P BSE Small-Cap index advanced 0.42%. Both these indices outperformed the Sensex.
The breadth, indicating the overall health of the market, was positive. On the BSE, 1,294 shares rose and 1,187 shares declined. A total of 148 shares were unchanged.
Auto stocks were mixed. Tata Motors (up 0.72%), Ashok Leyland (up 0.59%), Maruti Suzuki India (up 0.09%) and TVS Motor Company (up 0.09%) edged higher. Hero MotoCorp (down 1.15%), Mahindra & Mahindra (down 1.11%), Eicher Motors (down 0.27%) and Bajaj Auto (down 0.23%) edged lower.
Aviation stocks surged. SpiceJet (up 3.84%), Jet Airways (India) (up 2.81%) and InterGlobe Aviation (up 1.24%) edged higher.
Info Edge (India) lost 3.19% at Rs 1,046, with the stock sliding on profit booking after recent rally. Shares of Info Edge (India) rallied 19.35% in the preceding four trading sessions to settle at Rs 1,080.50 yesterday, 7 June 2017, from its closing of Rs 905.30 on 1 June 2017.
Overseas, European stocks edge higher in early trade as UK voting began and European Central Bank's (ECB) monetary policy takes center stage. Asian stocks were mixed ahead of a number of news events with global implications.
The voting for the general elections in the UK began. The ECB will hold its latest meeting later in the day and James Comey, the former director of the Federal Bureau of Investigation, will testify on Capitol Hill.
Among global macro data, China's May exports rose 8.7% from a year earlier, while imports expanded 14.8%, both beating expectations, official data showed. That left the country with a trade surplus of $40.81 billion for the month, the General Administration of Customs said.
Japan's economy grew at a slower pace than initially estimated in the first quarter. The nation's gross domestic product, the broadest measure of economic activity, grew at an annualized pace of 1.0% from the previous three months, according to government data.
In the US, banks and other financial companies led stocks slightly higher yesterday, 7 June 2017, snapping a two-day losing streak for the market.
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