Local stocks gyrated in a small range in early afternoon trade. At 12:24 IST, the barometer index, the S&P BSE Sensex, was up 89.94 points or 0.25% at 36,243.56. The Nifty 50 index was up 24.25 points or 0.22% at 10,855.65. The market breadth, indicating the overall health of the market, turned negative from positive. Capital goods stocks fell.
Domestic stocks edged higher in early trade boosted by improved industrial production data for December. Stocks trimmed gains in morning trade. Key indices hovered with modest gains in mid-morning trade.
The S&P BSE Mid-Cap index was up 0.26%. The S&P BSE Small-Cap index was up 0.11%.
The market breadth, indicating the overall health of the market, turned negative from positive. On the BSE, 1077 shares rose and 1155 shares fell. A total of 123 shares were unchanged.
Capital goods stocks fell. Bharat Heavy Electricals (Bhel) (down 0.49%), BEML (down 0.26%), Siemens (down 0.61%) and Thermax (down 0.64%) declined. ABB India (up 0.06%) and Bharat Electronics (up 0.26%) rose.
L&T shed 0.13%. L&T Construction said that Buildings and Factories business has secured a design and build order for the construction of hospitals from a private developer in India. The project that will feature 37 linear accelerator bunkers has to be completed within stringent timelines of 30 months. The business has also secured another order for the construction of a hospital in Udupi, Karnataka. The announcement was made during market hours today, 13 February 2019.
Oil India rose 0.94% after net profit rose 74.9% to Rs 1,233.45 crore on 23.2% increase in net sales to Rs 3,514.03 crore in Q3 December 2018 over Q3 December 2017. The result was announced after market hours yesterday, 12 February 2019.
Bata India rose 4.51% after net profit rose 51.4% to Rs 103.18 crore on 15.5% increase in net sales to Rs 778.70 crore in Q3 December 2018 over Q3 December 2017. Revenues were buoyed by robust festive sales, well-received consumer campaigns and the expansion of 50 new red-concept stores, the company said. The result was announced after market hours yesterday, 12 February 2019.
On the macro front, India's industrial production (base year 2011-12=100) increased at improved pace of 2.4% in December 2018, compared with 0.3% growth recorded in November 2018. The industrial production growth for November 2018 has been revised downwards from 0.5% increase reported provisionally. The data was released by government after market hours yesterday, 12 February 2019.
The all-India general CPI inflation eased to 2.05% in January 2019 (new base 2012=100), compared with 2.11% in December 2018. The corresponding provisional inflation rate for rural area was 1.29% and urban area 2.91% in January 2019 as against 1.50% and 2.91% in December 2018. The core CPI inflation eased to 5.36% in January 2019 compared with 5.66% in December 2018. The data was released by government after market hours yesterday, 12 February 2019.
Overseas, Asian stocks nudged higher on Wednesday, lifted by optimism that the United States and China might be able to hammer out a deal to resolve their nearly year-long trade dispute. US stock indexes closed at their highest levels for 2019 on Tuesday after lawmakers reached a tentative deal to prevent a government shutdown and as optimism grew over a potential trade deal between the U.S. and China.
Democratic and Republican lawmakers reached a deal late Monday to avert another government closure after GOP negotiators agreed to a border-security deal that will involve far less money for an extension of the southern U.S. border wall than President Donald Trump has been demanding.
Bilateral trade negotiations entered a second day in Beijing, with Treasury Secretary Steven Mnuchin and U.S. Trade Representative Robert Lighthizer due to arrive Thursday for more high-level discussions.
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