Stocks held firm in early afternoon trade on steady buying demand in index pivotals. At 12:20 IST, the barometer index, the S&P BSE Sensex, was up 320.48 points or 0.83% at 39,131.87. The Nifty 50 index was up 90.60 points or 0.78% at 11,747.65. Telecom stocks rose. Sentiment was boosted by an overnight slide in crude oil prices.
Intraday volatility was high. The Sensex was currently trading above the psychological 39,000 mark after moving above and below that level in intraday trade. Local stocks drifted higher in early trade on buying demand in index pivotals. A steep slide in crude oil prices also boosted investors sentiment in early trade. Key indices trimmed gains in morning trade. Stocks once again regained strength in mid-morning trade.
The S&P BSE Mid-Cap index was up 1.06%. The S&P BSE Small-Cap index was up 1.45%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1503 shares rose and 695 shares fell. A total of 127 shares were unchanged.
Infosys rose 0.61%. Infosys during market hours today, 24 May 2019 announced that it has completed the formation of a strategic partnership with ABN AMRO in the Netherlands by acquiring 75% of the shareholding in their wholly owned end-to-end mortgage administration service provider Stater N.V. This partnership strengthens Infosys' position as a leading technology and business process management provider across the mortgage services value chain, improving experience and operational efficiencies, and further enhances the company's strategy to help clients navigate their next digital transformation journeys.
Grasim Industries rose 1.15% ahead of its Q4 result today, 24 May 2019.
Telecom stocks rose. Bharti Airtel (up 3.5%), Vodafone Idea (up 2.35%), MTNL (up 2.87%) rose. Tata Teleservices (Maharashtra) (down 0.38%) fell.
Shares of Bharti Infratel rose 2.03%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.
Eros International Media rose 7.52% after consolidated net profit rose 14.72% to Rs 69.74 crore on 5.95% decrease in net sales to Rs 224.56 crore in Q4 March 2019 over Q4 March 2018. The result was announced after market hours yesterday, 23 May 2019.
The Indian electorate gave a decisive verdict in favour of the BJP and its allies yesterday, 23 May 2019. Latest trends showed that the Prime Minister Narendra Modi-led NDA is leading in 353 seats, while UPA is leading in 92 and others leading in 97 seats. The 2019 Lok Sabha polls for 542 seats were held from April 11 to May 19. A party or coalition needs 272 seats in parliament to form a government.
In commodity markets, crude oil prices plunged on Thursday, as trade tensions dampened the demand outlook. Brent for July 2019 settlement tumbled $3.23 a barrel or 4.55% to settle at $67.76 a barrel. The slide in global crude oil prices will help India in containing inflation, current account and fiscal deficits. India imports about 80% of its crude oil requirement.
Overseas, Asian shares were mixed on Friday as investors remained worried over trade tensions between the United States and China.
US stocks finished lower Thursday as big losses for the technology and energy sectors dragged on the broader market amid signs that trade tensions between the U.S. and China are escalating.
U.S. President Donald Trump said on Thursday that Washington's complaints against Huawei Technologies might be resolved within the framework of a U.S.-China trade deal. The U.S. Commerce Department said on Thursday it was proposing a new rule to impose anti-subsidy duties on products from countries that undervalue their currencies, in another move that could penalise Chinese products.
In economic data, IHS Markit said its flash index of U.S. manufacturers fell to a 9 1/2-year low of 50.6 in May from 52.6 in April, while the firm's services index dropped to a 39-month low of 50.8 from 52.7.
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