Indices nudge higher in volatile trade

Stocks hovered in positive zone in mid-afternoon trade amid high intraday volatility. At 14:25 IST, the barometer index, the S&P BSE Sensex, was up 57.46 points or 0.16% at 35,962.89. The Nifty 50 index was up 17.35 points or 0.16% at 10,824. Most realty stocks fell.

Stocks saw high intraday volatility. The Sensex was currently trading below the psychological 36,000 level after regaining that level in opening trade. Trading for the day began on positive note as the key benchmark indices drifted higher in early trade on buying demand in index pivotals. Stocks trimmed gains in morning trade. Key indices hovered in a small range in positive zone in mid-morning trade. A divergent trend was witnessed in early afternoon trade as the barometer index, the S&P BSE Sensex, was trading with small gains while the Nifty 50 index was trading with small losses. Key equity indices were almost flat in afternoon trade.

Market may remain volatile for the remaining part of the day's trading session as traders roll over positions in the F&O segment from the near month February 2019 series to March 2019 series. The February 2019 F&O contracts expire today, 28 February 2019.

The S&P BSE Mid-Cap index was up 0.4%. The S&P BSE Small-Cap index was up 0.75%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1406 shares rose and 953 shares fell. A total of 145 shares were unchanged.

Most realty stocks fell. DLF (down 0.61%), Indiabulls Real Estate (down 0.56%), Housing Development and Infrastructure (down 0.06%), Unitech (down 4.51%), Sobha (down 0.17%), Godrej Properties (down 0.28%) declined. D B Realty (up 1.98%), Prestige Estates Projects (up 0.46%), and Oberoi Realty (up 0.94%) rose.

ARSS Infrastructure Projects hit an upper circuit limit of 5% at Rs 34.75. ARSS Infrastructure Projects said that one of its joint venture, NPCC- ARSS, received an order worth Rs 429 crore from National Highways & Infrastructure Development Corporation on 26 February 2019 for widening and up-gradation to 2-lane with paved shoulder configuration and geometric improvements on Aizawl-tuipang section of NH-54 in Mizoram on engineering, procurement and construction (EPC) mode with JICA loan assistance. The announcement was made after market hours yesterday, 27 February 2019.

On the economic front, the government will after market hours today, 28 February 2019 announce data on infrastructure output for January. The government will also announce data on fourth quarter gross domestic product (GDP) today, 28 February 2019. The Indian economy advanced 7.1% year-on-year in the third quarter of 2018, well below 8.2% in the previous period.

Overseas, European stocks declined Thursday, as investors keep abreast of geopolitical news taking place across the globe. Investors have been keeping tabs on Britain's tumultuous exit from the European Union with a March 29 deadline looming. British Prime Minister Theresa May on Tuesday said she would look to delay Brexit if a departure deal isn't agreed upon.

Asian stocks were trading lower on Thursday after cautious comments from US Trade Representative Robert Lighthizer dented some of the recent optimism towards China-US trade relations. US President Donald Trump and North Korean leader Kim Jong Un are beginning the second day of their high-stakes nuclear summit with a one-on-one discussion in the Vietnamese capital of Hanoi.

U.S. stocks bounced off intraday lows but still closed mostly lower Wednesday as investors focused on separate congressional testimonies from U.S. Trade Representative Robert Lighthizer on U.S.-China trade negotiations and a second day of Congressional hearings featuring Federal Reserve Chair Jay Powell.

Powell testified in front of the House, a day after he affirmed the central bank's wait-and-see approach to rate increases, citing slower global growth and its effect on the U.S. Lighthizer appeared before the House Ways and Means Committee on U.S.-China trade to provide more insight into the progress of negotiations between the world's two largest economies. He also said the U.S. plans to officially abandon an increase in tariffs on $200 billion of Chinese goods to 25%, from 10% currently.

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