Indices trim gains

Key benchmark indices trimmed gains in mid-afternoon trade. At 14:22 IST, the barometer index, the S&P BSE Sensex, was up 69.53 points or 0.19% at 36,632.44. The Nifty 50 index was up 6.5 points or 0.06% at 10,804.40. Select metal and NBFC stocks rose. Positive global stocks boosted sentiment.

The S&P BSE Mid-Cap index was down 0.18%. The S&P BSE Small-Cap index was down 0.04%.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 1087 shares rose and 1180 shares fell. A total of 159 shares were unchanged.

Among gainers from metal stocks, Steel Authority of India (up 4.27%), Vedanta (up 2.42%), Jindal Steel & Power (up 2.37%), Tata Steel (up 2.32%) and Hindalco Industries (up 1.46%) edged higher.

Select NBFC stocks rose. Mahindra & Mahindra Financial Services (up 4.49%), IIFL Finance (up 3.89%), Shriram Transport Finance Corporation (up 2.32%), Indiabulls Housing Finance (up 1.95%), Cholamandalam Investment and Finance Company (up 1.01%) advanced.

GE&TD India gained 1.9% after the company received a grid upgradation order from West Bengal State Electricity Transmission Company (WBSETCL). The order is worth Rs 90 crore which includes construction of three new 132/33 kilovolt (kV) substations in Ramnagar, Manbazaar and Birlapur.

Overseas, European markets were trading higher. Meanwhile, a cross-party alliance defeated British Prime Minister Johnson in parliament in an effort to block a no-deal Brexit. The vote led Johnson to push for a snap election.

Asian markets closed higher on Wednesday after a private survey showed China's services sector activity jumping to a three month high in August. The Caixin/Markit Services Purchasing Managers' Index came in at 52.1 in August, its highest since May.

Hong Kong's Legislative Assembly would formally withdraw the controversial bill which created the outrage for the last three months. This report comes ahead of China's 70th anniversary of Communist Party of China's victory in the civil war.

US stocks fell on Tuesday as investors worried about global growth prospects after a private survey showed US factory activity shrank in August for the first time since 2016 and the United States and China imposed new tariffs on each other over the weekend.

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