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Key benchmark indices continued to trade in a small range with positive bias in early afternoon trade. At 12:23 IST, the barometer index, the S&P Sensex, was up 122.69 points or 0.41% at 30,310.84. The 50 index was up 38.20 points or 0.41% at 9,439.10. Mostly higher Asian stocks boosted sentiment on the domestic bourses. Gains were led by Bank, and from pharma and FMCG sectors were mostly trading higher.

Trading for the week began on an upbeat note as the market reacted positively to macroeconomic data released with changes in new base-year series for wholesale price index (WPI) inflation and index of industrial production (IIP). The key benchmark indices continued to trade with strength in morning trade. Stocks held positive zone in mid-morning trade.

The Mid-Cap index was up 1.08%. The Small-Cap index was up 0.82%. Both these indices outperformed the

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,479 rose and 1,082 fell. A total of 142 were unchanged.

Most pharma rose. Piramal Enterprises (up 9.76%), Dr Reddy's Laboratories (up 2.45%), Lupin (up 1.9%), Sun Pharmaceutical Industries (up 0.12%), Cadila Healthcare (up 0.06%), IPCA Laboratories (up 1.09%), Alkem Laboratories (up 0.08%), and Wockhardt (up 0.19%) rose. Glenmark Pharmaceuticals (down 4.18%), Cipla (down 0.28%), GlaxoSmithKline Pharmaceuticals (down 0.33%), (down 0.88%) fell.

Most FMCG stocks rose. Godrej Consumer Products (up 1.88%), Britannia Industries (up 1.11%), GlaxoSmithkline Consumer Healthcare (up 0.81%), Colgate-Palmolive (India) (up 0.55%), Tata Global Beverages (up 0.89%), Procter & Gamble Hygiene and Health Care (up 0.33%), Jyothy Laboratories (up 1.45%), Bajaj Corp (up 1.82%) rose. Hindustan Unilever (down 0.34%), Marico (down 1.15%) and Dabur India (down 1.57%) fell.

Nestle India fell 2.31%. The company's net profit rose 6.8% to Rs 306.76 crore on 8.7% rise in net sales to Rs 2475.68 crore in Q1 March 2017 over Q1 March 2016. The result was announced after market hours on Friday, 12 May 2017.

Nestle India said its total sales increased by 9.1% in Q1 March 2017. Domestic sales increased by 9.7% in Q1 March 2017, mainly due to increase in volumes across product groups, including rebuild of Maggi noodles, supplemented by marginally better realisations mostly from carry over pricing. The growth of 0.6% in exports was largely impacted by lower sales to Nepal and Bhutan.

Suresh Narayanan, chairman and managing director of Nestle India said the company is glad with the increased volume based growth, across categories, during the first quarter of 2017. Innovation and renovation, as also volume based growth, are core business strategies outlined by Nestle India almost 18 months back and that this strategy is now playing an important role.

Titan Company lost 3.15%. The company's net profit rose 7.4% to Rs 200.71 crore on 43.4% growth in net sales to Rs 3429.70 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours on Friday, 12 May 2017.

Titan's Managing Director Bhaskar Bhat said that FY 2017 was an extremely satisfying year in terms of company performance, given the market conditions. The strength of company's brands, the reach of its retail and distribution network and the effectiveness of new product introductions and marketing campaigns was tested in a difficult environment.

The various businesses of the company retained their focus on the company and took bold steps, wherever needed, to drive growth and enhance profitability, Bhat added.

Jindal Stainless rose 2.31% after the company reported net profit of Rs 161.12 crore in Q4 March 2017, compared with net loss of Rs 171 crore in Q4 March 2016. Jindal Stainless' net sales rose 23.7% to Rs 2301.39 crore. Earnings before interest, tax, depreciation and amortization (EBITDA) increased by 117% to Rs 313 crore. The result was announced after market hours on Friday, 12 May 2017.

On the macro front, the market reacted to macroeconomic data released by the government after market hours on Friday, 12 May 2017 with changes in new base-year series for Wholesale Price Index (WPI) inflation and Index of Industrial Production (IIP). The base year for WPI and IIP was revised to 2011-12.

Newly released WPI inflation was sharply lower to 3.9% in April from 5.3% in March. The new IIP series recorded a higher-than-expected growth of 2.7% in March compared to 1.9% in February. CPI (Consumer Price Index) inflation slipped to a record low of 2.99% in April compared to 3.89% in March.

Overseas, most Asian stocks were trading higher as investors continued to shake off reasons to worry. On the macro front, official data released today, 15 May 2017 showed Chinese industrial output and retail sales rose less than expected in April, adding to concerns over the strength of the world's second-largest economy. However, there was optimism over infrastructure spending after President Xi Jinping laid out a sweeping framework for Chinese-style globalization, pledging $78 billion in financing.

Over the weekend, North Korea tested a new type of missile, and a global cyberattack hit computers in business, government and health care.

Meanwhile, a G7 communique issued on Saturday, 13 May 2017 said the group would use all policy tools - fiscal, structural and monetary - to boost economic growth. Several officials raised concerns about risks to global growth from the Trump administration's stance on trade and tax policy.

US markets ended narrowly mixed on Friday, 12 May 2017 as investors digested weak retail sales and inflation data as well as disappointing earnings updates from the likes of Nordstrom and J C Penney. A gauge of US consumer sentiment unexpectedly increased in May, offering some respite.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, May 15 2017. 12:29 IST