Market was trading with modest gains in mid-afternoon trade. At 14:28 IST, the barometer index, the S&P BSE Sensex, was up 93.13 points or 0.26% at 35,606.84. The Nifty 50 index was up 24.20 points or 0.23% at 10,696.45. Telecom stocks saw mixed trend.
Domestic stocks nudged higher in early trade as buying demand resumed in index pivotals after a two-day slide. Stocks reversed initial gains to sink in negative zone in morning trade. Volatility rose in mid-morning trade as the key benchmark indices once again regained positive zone. Key benchmark indices hovered in positive zone in early afternoon trade. Indices extended gains and hit fresh intraday high in afternoon trade.
The S&P BSE Mid-Cap index was up 0.3%. The S&P BSE Small-Cap index was off 0.02%.
The market breadth, indicating the overall health of the market, was negative. The breadth alternately swung between positive and negative zone so far during the day. On the BSE, 1,209 shares rose and 1,271 shares fell. A total of 152 shares were unchanged.
Tata Motors (up 2.5%), Yes Bank (up 2.01%), State Bank of India (up 2.01%), Axis Bank (up 1.9%) and ONGC (up 1.43%) were the major Sensex gainers.
Telecom stocks saw mixed trend. Bharti Airtel (up 2.59%), MTNL (up 3.37%) and Reliance Communications (up 1.55%) rose. Vodafone Idea (down 0.42%) and Tata Teleservices (Maharashtra) (down 0.5%) fell.
G M Breweries fell 12.03% after net profit declined 25.07% to Rs 16.71 crore on 5.64% rise in net sales to Rs 124.55 crore in Q3 December 2018 over Q3 December 2017. The result was announced after market hours yesterday, 3 January 2019.
On the macro front, India's service economy expanded further at the end of 2018, as strengthening demand continued to translate into new business gains, data released today showed. The Nikkei/IHS Markit Services Purchasing Managers' Index declined to 53.2 in December from 53.7 in November.
Overseas, European shares opened higher on Friday while most Asian stocks rose following news that the US and China will hold trade talks next week. Meanwhile, a survey released Friday reportedly showed that 57% of UK Prime Minister Theresa May's Conservative Party members would rather withdraw from the European Union without a deal than stick with the government's Brexit deal. The poll added to concerns that May will be unable to get her deal through parliament at a vote scheduled for the week beginning Jan. 14.
Investors are monitoring trade developments between Washington and Beijing for any clues as to how their trade dispute will reach a resolution. The two countries are trying to reach a breakthrough to resolve their differences over a 90-day tariffs truce. Last year was marred by an intense sparring of tariffs between the world's two largest economies.
US stocks declined yesterday, 3 January 2019 after a factory gauge dropped the most in a decade and Apple cut its sales outlook. Apple slashed its quarterly revenue forecast for the first time in more than 15 years Wednesday evening, in a move that the iPhone maker's chief executive, Tim Cook, said was prompted by signs of weakness in the world's second-largest economy China.
On the data front, the Institute for Supply Management's manufacturing index fell to 54.1% in December, down from 59.3% the month before.
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