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Markets turn flat in afternoon trade; HDFC top gainer

The midcap index was trading almost flat, and the BSE smallcap index was up 0.23%

SI Reporter  |  New Delhi 

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Benchmark indices were trading flat with a positive bias in the noon trade after the Street pared some losses with hovering around the 9,300 mark.
 
The indices gained nearly 150 points in the early morning trade but later fell on concerns over corporate results. Ambuja Cements fell over 3.5% after its weaker-than-expected quarterly earnings, although losses were capped as some auto makers rallied after posting jumps in April sales.

 
At 2:14 pm, The BSE was trading 2 points down at 29,915 while the broader Nifty50 index was ruling at 9,309, 5 points up.
 
The index was trading almost flat with a positive bias, and the BSE index was up 0.23%.
 
The market breadth was negative as 1,146 shares advanced against a decline of 1,436 shares, while 133 shares were unchanged.
 
Lupin, Bharti Airtel, Sun Pharma, Tata Motors and PowerGrid shed the most on BSE while ONGC, HDFC, and Adani Ports gained the most. 
 
Ambuja Cements fell as much as 4.21% at intra-day after its quarterly profit missed estimates, becoming the main drag on the NSE index.
 
Shares of most Indian auto makers however rose after they reported a jump in April vehicle sales on Monday.
 
gained as much as 2.53% to a record high of Rs 6,690. also rose 2.61% at intra-day to a record high of Rs 26,747.90 but later pared gains to fall 0.6%.
 
Oil refiners also rose on hikes in petrol and diesel prices. Bharat Petroleum Corp gained as much as 2.75%, Hindustan Petroleum Corp rose as much as 2.40%, while Indian Oil Corp climbed as much as 1.87%.
 
Globally, Asian shares rose to near two-year highs as growing optimism over tech industry earnings and easing concerns over North Korea offset softer-than-expected factory readings in China and the United States.
 
MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.5% to its highest level since June 2015, as many of the region's reopened after a long holiday weekend. Japan's Nikkei rose 0.7%.

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