Auto stocks decline

Key indices hovered in a small range in early afternoon trade. At 12:28 IST, the barometer index, the S&P BSE Sensex, was up 73.32 points or 0.19% at 38,638.20. The Nifty 50 index was up 23.75 points or 0.21% at 11,599.70. Auto stocks declined.

Key indices edged higher in early trade on positive Asian stocks. Stocks hovered in positive zone in morning trade. Key indices traded in a small range with positive bias in mid-morning trade.

The S&P BSE Mid-Cap index was off 0.03%. The S&P BSE Small-Cap index was up 0.11%.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 1011 shares rose and 1147 shares fell. A total of 135 shares were unchanged.

HDFC rose 0.77%. GRUH Finance rose 3.59%. Bandhan Bank rose 2.47%. HDFC announced that the Reserve Bank of India (RBI) through its letter dated 22 April 2019 has granted its final approval to HDFC to acquire upto 9.9% of the paid-up voting equity capital of Bandhan Bank post proposed amalgamation of GRUH Finance with Bandhan Bank. The amalgamation scheme remains subject to approvals from the National Company Law Tribunal and the respective shareholders and creditors of GRUH Finance and Bandhan Bank. The announcement was made after market hours yesterday, 23 April 2019.

Auto stocks declined. Tata Motors (down 5.35%), Eicher Motors (down 0.2%), Ashok Leyland (down 0.66%), Escorts (down 0.42%), Bajaj Auto (down 0.01%) and Hero MotoCorp (down 1.24%) fell. Mahindra & Mahindra (M&M) (up 0.06%), and TVS Motor Company (up 0.02%) rose.

Maruti Suzuki India fell 1.14%. Maruti Suzuki India introduced the New Alto, which has been India's best-selling car for 15 consecutive years. Keeping years of trust and faith in mind, Maruti Suzuki drives in the New Alto with enhanced safety features and captivating design. The New Alto now comes with BS-VI compliant engine, nearly a year before the regulation being mandated. The announcement was made after market hours yesterday, 23 April 2019.

Overseas, Asian stocks were trading higher on Wednesday after upbeat earnings helped the Nasdaq and S&P 500 indexes reach record closing highs on Wall Street overnight, while oil retreated from its near six-month highs.

In US, the S&P 500 index and the Nasdaq registered record closing highs after a broadbased rally on Tuesday, as a clutch of better-than-expected earnings reports eased concerns about a slowdown. The Dow Jones Industrial Average rose 145.34 points, or 0.55%, to 26,656.39, the S&P 500 gained 25.71 points, or 0.88%, to 2,933.68 and the Nasdaq Composite added 105.56 points, or 1.32%, to 8,120.82.

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