Key indices trimmed gains in morning trade after initial upmove. At 10:15 IST, the barometer index, the S&P BSE Sensex, was up 29.08 points or 0.07% at 38,840.47. The Nifty 50 index was up 15.95 points or 0.14% at 11,673. The Sensex was currently trading below the psychological 39,000 mark after hitting intraday high above that level in opening trade.
Local stocks drifted higher in early trade on buying demand in index pivotals. A steep slide in crude oil prices also boosted investors sentiment in early trade.
The S&P BSE Mid-Cap index was up 0.24%. The S&P BSE Small-Cap index was up 0.45%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1047 shares rose and 629 shares fell. A total of 70 shares were unchanged.
L&T (up 2.71%), Bharti Airtel (up 2.02%), M&M (up 1.45%), Bajaj Finance (up 1.12%) and Tata Motors (up 1%) edged higher from the Sensex pack.
ONGC (down 2.33%), Reliance Industries (down 1.39%), Bajaj Auto (down 1.3%), Hindustan Unilever (down 1.17%) and Coal India (down 1.09%) edged lower from the Sensex pack.
Omax Autos rose 0.29% after the company entered into an asset purchase agreement with Hema Engineering Industries on 22 May 2019 for sale of its identified assets located in Haryana. The underlying transactions would be consummated gradually as per terms of the said agreement. The announcement was made after market hours yesterday, 23 May 2019.
Zensar Technologies rose 0.82% after the company said it has partnered with South African based insurance company Sanlam to provide company-wide digital transformation. The announcement was made after market hours yesterday, 23 May 2019.
The Indian electorate gave a decisive verdict in favour of the BJP and its allies yesterday, 23 May 2019. Latest trends showed that the Prime Minister Narendra Modi-led NDA is leading in 353 seats, while UPA is leading in 92 and others leading in 97 seats. The 2019 Lok Sabha polls for 542 seats were held from April 11 to May 19. A party or coalition needs 272 seats in parliament to form a government.
In commodity markets, crude oil prices plunged on Thursday, as trade tensions dampened the demand outlook. Brent for July 2019 settlement tumbled $3.23 a barrel or 4.55% to settle at $67.76 a barrel.
Overseas, Asian shares were mixed on Friday as investors remained worried over trade tensions between the United States and China.
US stocks finished lower Thursday as big losses for the technology and energy sectors dragged on the broader market amid signs that trade tensions between the U.S. and China are escalating.
In economic data, IHS Markit said its flash index of U.S. manufacturers fell to a 9 1/2-year low of 50.6 in May from 52.6 in April, while the firm's services index dropped to a 39-month low of 50.8 from 52.7.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
