Benchmarks pare early gains

Key equity barometers further pared gains in mid-morning trade. At 11:22 IST, the barometer index, the S&P BSE Sensex, was up 42.86 points or 0.11% at 38,727.58. The Nifty 50 index was up 20.20 points or 0.17% at 11,618.20.

Indices opened higher and hit fresh intraday high in early trade. Shares pared gains in morning trade.

Broader market outperform the Sensex. Among secondary barometers, the BSE Mid-Cap index was up 0.32%. The BSE Small-Cap index was up 0.44%.

The market breadth, indicating the overall health of the market, was positive. On BSE, 1275 shares rose and 812 shares fell. A total of 139 shares were unchanged.

Auto shares were mixed. Tata Motors (down 1.41%), Hero MotoCorp (down 0.94%), Bajaj Auto (down 0.3%), Maruti Suzuki India (down 0.21%) and Ashok Leyland (down 0.11%), edged lower. TVS Motor Company (up 0.01%), Mahindra & Mahindra (up 0.11%), Escorts (up 0.12%) and Eicher Motors (up 1.33%), edged higher.

Most realty shares advanced. Godrej Properties (up 4.02%), Oberoi Realty (up 2.69%), Sobha (up 2.6%), Anant Raj (up 1.35%), Parsvnath Developers (up 1.07%), Peninsula Land (up 0.79%), Mahindra Lifespace Developers (up 0.75%), DLF (up 0.72%), Indiabulls Real Estate (up 0.56%), Sunteck Realty (up 0.28%) and Omaxe (up 0.09%), edged higher. Housing Development and Infrastructure (HDIL) (down 0.19%), Phoenix Mills (down 0.53%), Unitech (down 0.72%) and Prestige Estates Projects (down 1.35%), edged lower.

On the economic front, Fitch Ratings reportedly kept India's sovereign rating unchanged at the lowest investment grade of 'BBB-' with a stable outlook. India's ratings balance a strong medium-term growth outlook and relative external resilience stemming from strong foreign reserve buffers, against high public debt, a weak financial sector and some lagging structural factors, reports added citing Fitch report.

Overseas, most Asian shares rose on Friday as investors watched for more details about a potential trade deal between China and the US. The stock markets in China and Hong Kong are closed on Friday for a holiday.

Chinese Vice Premier Liu He said a new consensus has been reached between China and the US on the text of a trade agreement that they are negotiating, according to official state news website Xinhua.

US stocks closed mostly higher Thursday, as investors continued to monitor trade talks between the US and China.

On the data front, new applications for unemployment benefits fell to 202,000 in the week ended March 30, the lowest level since 1969, the government said.

Powered by Capital Market - Live News