Stocks trimmed gains in mid-morning trade. At 11:30 IST, the barometer index, the S&P BSE Sensex, was up 30.30 points or 0.09% at 35,566.09. The Nifty 50 index was up 12.70 points or 0.12% at 10,819.20. Sentiment was boosted after exit polls reportedly showed that the Bharatiya Janata Party could emerge as the single largest party in Karnataka.
IT stocks declined. Telecom stocks fell, extending Friday's slide triggered after Reliance Jio Infocomm announced launch of a new post-paid plan.
Domestic stocks drifted higher in early trade on positive Asian stocks. Key benchmark indices extended gains and hit fresh intraday high in morning trade.
The S&P BSE Mid-Cap index was off 0.57%. The S&P BSE Small-Cap index was off 0.41%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was negative . On the BSE, 910 shares rose and 1,392 shares fell. A total of 126 shares were unchanged.
IT stocks declined. Oracle Financial Services Software (down 2.08%), TCS (down 0.8%), Infosys (down 0.19%), Wipro (down 0.04%), HCL Technologies (down 0.79%), Tech Mahindra (down 0.12%), MindTree (down 1.37%), Hexaware Technologies (down 4.19%) fell. Mphasis (up 1.55%) rose.
Telecom stocks fell, extending Friday's slide triggered after Reliance Jio Infocomm announced launch a post-paid to offer unlimited benefits at Rs 199 per month.
Idea Cellular (down 1.07%), MTNL (down 1.43%), Tata Teleservices (Maharashtra) (down 2.09%) and Reliance Communications (down 3.65%) fell. Bharti Airtel (up 0.91%) rose.
Shares of Bharti Infratel shed 0.39%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.
Reliance Industries fell 0.45%. Reliance Jio Infocomm (Jio) is a telecom subsidiary of RIL.
Reliance Jio Infocomm (Jio) announced its new postpaid plan offering lowest tariffs in India and abroad to the postpaid users. The all new JioPostpaid will be available for subscription starting 15 May 2018. The plan offers free voice calls and SMS, subscription to Jio apps, 25 GB data, international calling starting at 50 paisa per minute and international roaming at home-like rates.
On the macro front, the government will announce consumer price inflation (CPI) and wholesale price inflation (WPI) for April 2018 today, 14 May 2018. CPI and WPI stood at 4.28% and 2.47%, respectively, in March 2018.
India's industrial production (base year 2011-12=100) moderated to five-month low of 4.4% in March 2018 over March 2017, after healthy growth in the range of 7% to 8.5% for last four straight months. The deceleration in industrial production growth has moderated mainly driven by moderation in the manufacturing sector's production growth to 4.4% in March 2018. However, the growth of electricity generation output accelerated to 5.9%, while the mining output rebounded 2.8% in March 2018 after 0.4% decline in February 2018. The data was announced by government after market hours on Friday, 11 May 2018.
On the political front, exit polls reportedly showed that Karnataka could return a split verdict with the Bharatiya Janata Party as the single largest party. The Karnataka Assembly elections in a single-phase polling were held on Saturday, 12 May 2018. Polling was held in 222 constituencies of the 224-member assembly. Results will be announced tomorrow, 15 May 2018. Karnataka is one of only three states to be ruled by the Congress.
Overseas, Asian stocks were trading higher on signs the United States and China were toning down their trade war rhetoric. US stocks edged higher on Friday, 11 May 2018 amid growing conviction that inflation will remain tame and as trade tensions eased.
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