Stocks hovered in positive zone in mid-morning trade. At 11:28 IST, the barometer index, the S&P BSE Sensex, was up 40.76 points or 0.11% at 38,641.10. The Nifty 50 index was up 2.20 points or 0.02% at 11,600.45. Metal and mining stocks rose.
Key benchmark indices edged higher in early trade on buying demand in index pivotals. Indices trimmed gains in morning trade.
The S&P BSE Mid-Cap index was up 0.2%. The S&P BSE Small-Cap index was up 0.15%.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1069 shares rose and 975 shares fell. A total of 126 shares were unchanged.
ICICI Bank fell 0.97% after net profit fell 4.99% to Rs 969.06 crore on 4.87% increase in total income to Rs 20,913.82 crore in Q4 March 2019 over Q4 March 2018. The result was announced after market hours yesterday, 6 May 2019.
The bank's gross non-performing assets (NPAs) stood at Rs 46,291.63 crore as on 31 March 2019 as against Rs 51,591.47 crore as on 31 December 2018 and Rs 54,062.51 crore as on 31 March 2018. The bank's provisions and contingencies fell 17.72% to Rs 5,451.41 crore in Q4 March 2019 over Q4 March 2018.
The ratio of gross NPAs to gross advances stood at 6.70% as on 31 March 2019 as against 7.75% as on 31 December 2018 and 8.84% as on 31 March 2018. The ratio of net NPAs to net advances stood at 2.06% as on 31 March 2019 as against 2.58% as on 31 December 2018 and 4.77% as on 31 March 2018..
Metal and mining stocks rose. Vedanta (up 0.99%), JSW Steel (up 0.22%), Tata Steel (up 0.71%), Steel Authority of India (Sail) (up 0.36%), National Aluminium Company (up 1.98%), Jindal Steel & Power (up 1.04%), Hindalco Industries (up 2.31%) and NMDC (up 2.33%) edged higher. Hindustan Copper (down 0.11%) and Hindustan Zinc (down 0.17%) fell.
Lemon Tree Hotels rose 0.82%. Lemon Tree Hotels announced opening a hotel under brand name 'Red Fox Hotel' at Alwar, Rajasthan. This is the company's second managed hotel in the region. The hotel has 49 rooms with a conference facility, multi cuisine coffee shop, bar, fitness center etc. With this, the firm operates 56 hotels, including managed properties across 33 cities in India. The announcement was made after market hours yesterday, 6 May 2019.
Overseas, Asian stocks were mixed Tuesday amid renewed tensions between the U.S. and China after Washington said tariffs on Chinese goods will rise on Friday. Sentiment remained fragile as traders waited for the next development in the trade negotiations. Talks with Chinese officials will reportedly take place Thursday and Friday.
U.S. stocks finished lower Monday even in the wake of a dramatic comeback after President Donald Trump threatened over the weekend to increase tariffs on $200 billion of Chinese goods to 25% from 10%, raising fresh fears about a market-disruptive clash between the world's largest economies.
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