Stocks regained positive zone in early afternoon trade. At 12:15 IST, the barometer index, the S&P BSE Sensex, was up 35.86 points or 0.09% at 38,321.61. The Nifty 50 index was up 2.80 points or 0.02% at 11,573.70. Capital goods stocks saw mixed trend.
Domestic stocks edged higher in early trade with the Sensex and the Nifty, both, scaling record high. Indices sink in negative zone in morning trade. Indices gyrated in a small range near the flat line in mid-morning trade.
The S&P BSE Mid-Cap index was up 0.05%. The S&P BSE Small-Cap index was off 0.17%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 1143 shares rose and 1306 shares fell. A total of 148 shares were unchanged.
Capital goods stocks saw mixed trend. ABB India (up 2.51%), L&T (up 2.52%), Siemens (up 1.23%) and Thermax (up 0.94%) gained. Bharat Heavy Electricals (Bhel) (down 1.99%), BEML (down 0.95%), Bharat Electronics (down 1.14%) and Punj Lloyd (down 0.85%) fell.
Prataap Snacks rose 16.53% after the company said it will acquire 80% equity stake in Avadh Snacks, Gujarat's leading snacks food company for Rs 148 crore through a combination of primary and secondary investment. Avadh Snacks is engaged in the manufacturing and selling of branded packaged snacks.
Overseas, Asian shares were trading lower as a deadline loomed for fresh US tariffs on China and amid speculation US President Donald Trump's political position could be threatened by the legal woes of two former advisers. US and Chinese officials met for the first time in over two months to find a way out of their deepening trade conflict, but there was no evidence the low-level discussions would halt a new round of US tariffs due Thursday.
Japanese manufacturing activity grew at a slightly faster pace in August as domestic demand jumped, a preliminary survey showed on Thursday. The flash Markit/Nikkei Japan Manufacturing Purchasing Managers Index (PMI) rose to 52.5 in August on a seasonally adjusted basis from a final 52.3 in July.
US stocks closed mostly lower Wednesday, with the S&P 500 and the Dow snapping a four-day winning streak, as the minutes from the latest Federal Open Market Committee's most recent meeting reaffirmed the central bank's hawkish bias.
The Fed minutes indicated broad-based support for another interest-rate hike in September with many officials stating that as long as economic data remain strong, it would likely soon be appropriate to take another step in removing policy accommodation. However, they also suggested that any tightening will have to pause if the US trade tensions with partners continue to escalate.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
