Range bound trading continued in early afternoon trade. At 12:22 IST, the barometer index, the S&P BSE Sensex, was up 96.63 points or 0.27% at 35,342.90. The Nifty 50 index was up 36.65 points or 0.34% at 10,753.20. The undertone of the market was strong as positive leads from Asian markets and overnight gains on the Wall Street boosted investors' sentiment. Global risk appetite got a boost from soft US inflation, helping alleviate worries of faster rate hikes by the Federal Reserve.
Among secondary barometers, the BSE Mid-Cap index was up 0.56%, outperforming the Sensex. The BSE Small-Cap index was up 0.07%, underperforming the Sensex.
The market breadth, indicating the overall health of the market, was negative. On BSE, 1113 shares rose and 1270 shares fell. A total of 130 shares were unchanged.
Most auto shares rose. Ashok Leyland (up 0.34%), Eicher Motors (up 1.02%), Escorts (up 0.30%), Mahindra & Mahindra (up 0.33%), Maruti Suzuki India (up 0.16%) and TVS Motor Company (up 1.53%), edged higher. Bajaj Auto (down 0.48%) and Hero MotoCorp (down 0.85%), edged lower.
Auto major Tata Motors was almost flat at Rs 333.20. The Tata Motors Group global wholesales in April 2018, including Jaguar Land Rover, were at 102,297 units, higher by 40%, over April 2017. The announcement was made during trading hours today, 11 May 2018.
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IT shares were mixed. MphasiS (up 4.34%), Persistent Systems (up 3.43%), Hexaware Technologies (up 1.03%), Infosys (up 0.34%) and HCL Technologies (up 0.17%), edged higher. Wipro (down 0.2%), IT major TCS (down 0.05%), Tech Mahindra (down 0.67%), MindTree (down 1.43%) and Oracle Financial Services Software (down 1.62%), edged lower.
Ingersoll-Rand (India) was locked in 20% upper circuit at Rs 854.25 after the company declared a special dividend of Rs 202 per share as second interim dividend for the financial year ended 31 March 2018. The record date for the payment of the special dividend is 25 May 2018 and the dividend will be paid on 8 June 2018. The company's board also recommended a final dividend of Rs 3 per share for the financial year ended 31 March 2018. The announcement was made after market hours yesterday, 10 May 2018.
Ingersoll-Rand (India)'s net profit rose 30.12% to Rs 26.48 crore on 1.64% fall in total income to Rs 154.39 crore in Q4 March 2018 over Q4 March 2017. The result was announced after market hours yesterday, 10 May 2018.
Shankara Building Products rose 1.45% after consolidated profit after tax rose 18% to Rs 21.70 crore on 27% rise in revenue from operations to Rs 760.80 crore in Q4 March 2018 over Q4 March 2017. Consolidated EBITDA margin dropped to 7.1% in Q4 March 2018 from 7.5% in Q4 March 2017. The announcement was made after market hours yesterday, 10 May 2018.
Overseas, Asian shares were trading higher, tracking gains on Wall Street overnight, as softer-than-forecast US inflation data tempered expectations for faster Federal Reserve interest rate rises this year.
Investors also welcomed continued moves between the United States and North Korea to reduce tensions in the region. US President Donald Trump will meet North Korean leader Kim Jong un in Singapore next month amid high hopes of doing something very meaningful to curtail Pyongyang's nuclear ambitions.
US stocks jumped on Thursday, with equities advancing in a broad rally that gave the Dow Jones Industrial Average its longest winning streak since February. Gains were supported by the latest economic data, which suggested the economy was healthy, but not growing so quickly that it was at risk of overheating.
In US, the consumer-price index rose 0.2% in April, while core CPI, which strips out food and energy, rose 0.1%. In another report on Thursday, the number of people who applied for first-time US unemployment benefits in early May stood at 211,000 for the second straight week, near a 49-year low.
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