Stocks hovered in positive zone in mid-afternoon trade amid volatility. At 14:25 IST, the barometer index, the S&P BSE Sensex, was up 90.47 points or 0.24% at 37,649.38. The Nifty 50 index was up 20.45 points or 0.18% at 11,322.25. Gains were capped as Sino-US trade tensions kept investors on the edge.
Local stocks drifted higher in early trade on positive Asian stocks. Stocks trimmed gains in morning trade. Volatility struck bourses in mid-morning trade as the key benchmark indices extended gains soon after sinking in negative zone. Indices sharply pared gains in afternoon trade.
The S&P BSE Mid-Cap index was up 0.28%. The S&P BSE Small-Cap index was up 0.2%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, turned negative. On the BSE, 1168 shares rose and 1187 shares fell. A total of 147 shares were unchanged.
Bharti Airtel (up 2.76%), HDFC (up 1.64%), ICICI Bank (up 1.22%), HDFC Bank (up 1.04%) and Tata Motors (up 0.95%) edged higher from the Sensex pack.
Tata Steel (down 4.42%), HCL Technologies (down 3.78%), Yes Bank (down 2.73%), ONGC (down 1.51%) and Bajaj Finance (down 1.44%) edged lower from the Sensex pack.
Larsen & Toubro shed 0.08% ahead of its January-March 2019 quarterly earnings today, 10 May 2019.
Overseas, shares in Europe and Asia traded higher on Friday due to bargain hunting after recent steep fall. The US hiked duties on $200 billion of Chinese products Friday. Washington increased tariffs on Chinese goods from 10% to 25%. China immediately said it would retaliate, though did not specify how as yet.
Wall Street's main indexes fell on Thursday ahead of critical trade negotiations between the United States and China, though they pared losses significantly after US President Donald Trump said reaching a deal this week was possible.
Top US and Chinese trade negotiators concluded the first of two days of talks on Thursday to rescue a trade deal that is close to collapsing. Investors hope that the US administration could revoke the new tariff hike once a deal is reached.
In US economic data, the US trade deficit widened in March from February. In March, the trade deficit edged up 1.5% to $50 billion from a revised $49.3 billion in February, the government said Thursday.
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