Benchmarks hover near day's high

Key barometers bounced back and were hovering near day's high amid high volatility in mid-morning trade. At 11:25 IST, the barometer index, the S&P BSE Sensex, was up 135.21 points or 0.37% at 36,459.38. The Nifty 50 index was up 19.05 points or 0.17% at 10,996.60.

Among secondary barometers, the BSE Mid-Cap index was down 0.18%. The BSE Small-Cap index was down 1.24%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was weak. On BSE, 707 shares rose and 1572 shares fell. A total of 120 shares were unchanged.

Most auto shares declined. TVS Motor Company (down 5.61%), Hero MotoCorp (down 2.54%), Mahindra & Mahindra (down 0.93%), Maruti Suzuki India (down 0.74%), Ashok Leyland (down 0.58%) and Bajaj Auto (down 0.43%), edged lower. Escorts (up 0.10%), Eicher Motors (up 0.36%) and Tata Motors (up 0.91%), edged higher.

Power generation stocks tumbled. Jaiprakash Power Ventures (down 3.21%), Reliance Infrastructure (down 2.07%), Adani Power (down 1.75%), NHPC (down 1.75%), Reliance Power (down 1.34%), Tata Power (down 1.31%), GMR Infrastructure (down 1.19%), CESC (down 0.95%), JSW Energy (down 0.56%) and Torrent Power (down 0.22%), edged lower. NTPC was up 0.24%.

State-run Coal India was down 0.98%. State-run Power Grid Corporation of India was down 0.23%.

Overseas, Asian shares edge higher on Friday, following the rebound of the S&P 500 and Dow Jones Industrial Average on Wall Street overnight.

The moves in Japanese stocks came after the release of data that showed the country's unemployment rate fell 0.1% from the previous month to 2.4%. The country also saw an increase in its month-on-month industrial output in August, while retail sales in August was higher as compared to a year earlier.

In the Bank of Japan's release of its summary of opinions for its meeting earlier in September, the central bank said "the contrast between the favorable US economy and other economies is becoming more evident, mainly reflecting US trade policy, and uncertainties regarding their outlook have been heightening as well."

US stocks closed higher Thursday, with the S&P 500 and the Dow Jones Industrial Average snapping a multiday losing streak, as solid data bolstered confidence in the economy a day after the Federal Reserve raised interest rates for the third time this year.

Fed Chairman Jerome Powell said on Thursday that the US does not face a large chance of a recession in the next two years and the Federal Reserve plans to keep gradually raising interest rates.

In the latest US economic data, jobless claims rose less than expected in the latest week, remaining near multi-decade lows. Orders for durable goods rose 4.5%, faster than had been expected. US real gross domestic product for the second quarter rose at a 4.2% annualized rate, unchanged from the earlier estimate, the Commerce Department said. US pending home sales unexpectedly dropped in August, falling 1.8% in the latest example of weak housing data.

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