Local stocks staged a strong recovery in mid-afternoon trade. At 14:28 IST, the barometer index, the S&P BSE Sensex, was down 47.71 points or 0.13% at 35,828.51. The Nifty 50 index was down 25.35 points or 0.24% at 10,720.70. Select PSU stocks were in demand.
Domestic stocks edged lower in early trade on negative Asian stocks. Key indices extended fall in morning trade. Fresh selling in index pivotals dragged the key indices lower in mid-morning trade. Indices hit fresh intraday low in early afternoon trade. Key equity indices were trading near day's low in afternoon trade.
The S&P BSE Mid-Cap index was down 1.06%. The S&P BSE Small-Cap index was down 0.62%.
The market breadth, indicating the overall health of the market, was weak. On the BSE, 858 shares rose and 1572 shares fell. A total of 132 shares were unchanged.
Select PSU stocks were in demand. NTPC (up 4.09%), GAIL (India) (up 2.93%), Power Grid Corporation of India (up 4.06%), Engineers India (up 0.06%), Coal India (up 0.99%), NHPC (up 0.85%) edged higher.
Glenmark Pharmaceuticals fell 6.63% after consolidated net profit rose 11.08% to Rs 116.34 crore on 15.58% increase in net sales to Rs 2,509.78 crore in Q3 December 2018 over Q3 December 2017. Consolidated EBITDA was at Rs 434.68 crore in Q3 December 2018 as against Rs 322.69 crore in Q3 December 2017, an increase of 34.70%. The result was announced after market hours yesterday, 14 February 2019.
Meanwhile, Glenmark Pharmaceuticals announced that its board of directors has given an in-principle approval to spin off the innovation business into a new company in the US. Setting up of the new company will provide an enhanced focus to the innovation business and help accelerate the pipeline towards commercialization.
Overseas, European stocks were trading higher while Asian stocks slipped on Friday as traders awaited the conclusion of U.S.-China talks in Beijing.
Traders are waiting for results of a meeting on Friday between the Trump administration's top two negotiators and Chinese President Xi Jinping in Beijing. There has been no decision to extend a March 1 US deadline for a deal, White House economic adviser Larry Kudlow reportedly said on Thursday.
U.S. stocks closed mostly lower Thursday as disappointment over weak retail sales overshadowed optimism over U.S.-China trade talks, but the Nasdaq eked out gains to rise for a fifth session in a row. U.S. retail sales fell by 1.2% in December, the largest single-month decline since 2009. The U.S. producer-price index fell by 0.1% in January.
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