Indices trim gains

Key indices trimmed gains in morning trade after an initial upmove. At 10:26 IST, the barometer index, the S&P BSE Sensex, was up 83.93 points or 0.22% at 38,684.27. The Nifty 50 index was up 10.55 points or 0.09% at 11,608.80.

Key benchmark indices edged higher in early trade on buying demand in index pivotals.

The S&P BSE Mid-Cap index was up 0.38%. The S&P BSE Small-Cap index was up 0.32%.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1041 shares rose and 749 shares fell. A total of 103 shares were unchanged.

Vedanta (up 1.65%), Hindustan Unilever (up 1.39%), Power Grid Corporation of India (up 1.37%), Infosys (up 1.15%) and Hero MotoCorp (up 1.03%) edged higher from the Sensex pack.

Reliance Industries (down 1.09%), IndusInd Bank (down 0.87%), ICICI Bank (down 0.73%), HCL Technologies (down 0.55%) and ITC (down 0.44%) edged lower from the Sensex pack.

Astec Lifesciences lost 4.04%. Astec Lifesciences said that its board reviewed the proposed amalgamation of the company with Godrej Agrovet. The board has decided not to pursue the scheme of amalgamation further at this time, on the basis of its interaction with multiple stakeholders across the company and Godrej Agrovet. The announcement was made after market hours yesterday, 6 May 2019.

Overseas, Asian stocks were mixed Tuesday amid renewed tensions between the U.S. and China after Washington said tariffs on Chinese goods will rise on Friday. US stocks closed on Monday with tepid losses in the three major indexes, with much of their striking slumps earlier gradually eroded throughout the day.

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