A divergent trend was witnessed as the barometer index, the S&P BSE Sensex, was trading with small gains while the Nifty 50 index was trading with small losses in afternoon trade. At 13:30 IST, the barometer index, the S&P BSE Sensex, was up 12.37 points or 0.03% at 38,375.84. The Nifty 50 index was down 14.60 points or 0.13% at 11,517.80.
Trading kicked off on a negative note. Shares, however, gained vigor in morning trade amid broad based buying support. Indices pared gains in mid-morning trade as profit booking emerged at higher levels.
Among secondary barometers, the BSE Mid-Cap index was down 0.42%. The BSE Small-Cap index was down 0.33%.
The market breadth, indicating the overall health of the market, was weak. On BSE, 978 shares rose and 1511 shares fell. A total of 173 shares were unchanged.
Infosys (up 2.48%), Yes Bank (up 0.96%), HDFC Bank (up 0.86%), HDFC (up 0.86%) and HCL Technologies (up 0.86%) edged higher from the Sensex pack.
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NTPC (down 4.03%), ONGC (down 3.57%), Coal India (down 2.59%), Tata Steel (down 2.37%) and Bajaj Finance (down 1.48%) edged lower from the Sensex pack.
DLF rose 1.83%. The company announced its second joint venture with Hines. DLF Home Developers (DHDL), a wholly owned subsidiary of DLF, and Green Horizon Trustee, an affiliate of Hines, have entered into a joint venture to develop a high-end commercial project in Gurugram. The announcement was made after market hours yesterday, 19 March 2019.
Overseas, Asian shares were mixed as investors adopted a cautious stance prior to the Federal Reserve's policy decision and further news on US-China trade talks.
US stock benchmarks on Tuesday closed mostly lower in a volatile session, as investors digested news on trade and awaited a policy decision by the rate-setting Federal Open Market Committee due Wednesday. Investors will focus on the statement issued by policy makers.
Chinese officials have reportedly shifted their stance on trade because after agreeing to changes to their intellectual-property policies, they have not received assurances from the Trump administration that tariffs imposed on their exports would be lifted, curbing hopes of a deal.
US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin reportedly plan to travel to China next week for another round of trade talks with Chinese Vice Premier Liu He.
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