Key benchmarks sharply pared gains in afternoon trade. At 12:18 IST, the barometer index, the S&P BSE Sensex, was up 32.41 points or 0.09% at 37,591.32. The Nifty 50 index was up 12.25 points or 0.11% at 11,314.05. 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 0.19%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1157 shares rose and 1083 shares fell. A total of 138 shares were unchanged.
Larsen & Toubro shed 0.17% ahead of its January-March 2019 quarterly earnings today, 10 May 2019.
State Bank of India rose 0.43% ahead of its January-March 2019 quarterly earnings today, 10 May 2019.
Most realty shares advanced. Parsvnath Developers (up 8.60%), Unitech (up 4.65%), Oberoi Realty (up 4.33%), D B Realty (up 2.43%), Godrej Properties (up 1.35%), Indiabulls Real Estate (up 1.32%), Housing Development and Infrastructure (HDIL) (up 1.16%), DLF (up 0.77%), Peninsula Land (up 0.69%), Sunteck Realty (up 0.65%), Anant Raj (up 0.52%) and Omaxe (up 0.10%), edged higher. Mahindra Lifespace Developers (down 0.45%), Prestige Estates Projects (down 0.87%), Phoenix Mills (down 1.11%) and Sobha (down 1.29%), edged lower.
Most metal shares rose. Steel Authority of India (up 2.40%), Jindal Steel & Power (up 1.78%), National Aluminium Company (up 1%), JSW Steel (up 0.82%), Tata Steel (up 0.65%), Hindustan Copper (up 0.23%) and NMDC (up 0.05%), edged higher. Hindalco Industries (down 0.1%), Vedanta (down 0.1%) and Hindustan Zinc (down 0.19%), edged lower.
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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