Indices trim gains

Stocks trimmed gains in early afternoon trade. At 12:28 IST, the barometer index, the S&P BSE Sensex, was up 55.07 points or 0.14% at 38,073.38. The Nifty 50 index was up 6.65 points or 0.06% at 11,483.60. Metal and mining stocks declined.

Stocks drifted higher in early trade as buying resumed in index pivotals after recent slide. Key benchmark indices nudged higher in morning trade amid volatility. Firmness prevailed on the bourses in mid-morning trade.

The S&P BSE Mid-Cap index was up 0.11%. The S&P BSE Small-Cap index was up 0.08%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1407 shares rose and 1023 shares fell. A total of 133 shares were unchanged.

Metal and mining stocks declined. National Aluminium Company (down 7.14%), Vedanta (down 1.11%), JSW Steel (down 0.09%), Steel Authority of India (Sail) (down 0.52%), Hindustan Zinc (down 0.28%), Jindal Steel & Power (down 0.14%), Hindalco Industries (down 2.16%) and Hindustan Copper (down 0.25%) edged lower. Tata Steel (up 1.13%) and NMDC (up 0.99%) rose.

PSP Projects rose 2.34% after the company said the total work orders received during the financial year 2018-2019 till date on standalone basis amounts to Rs 419.97 crore. The announcement was made after trading hours yesterday, 5 September 2018.

Overseas, most Asian stocks were trading lower amid ongoing trade-related concerns. US stocks closed mostly lower Wednesday as tech stocks dropped after Facebook Inc. and Twitter Inc. executives testified on Capitol Hill about online misinformation.

The US and Canada are reportedly set to restart high-stakes efforts to resolve differences as they work toward recasting the North American Free Trade Agreement.

On the US data front, the trade deficit jumped almost 10% in July, hitting the highest level in five months and keeping the US on pace to record the largest annual gap in a decade.

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