Key indices end with modest gains

Local stocks ended with modest gains after a volatile session of trade. The barometer index, the S&P BSE Sensex, rose 86.18 points or 0.22% at 39,615.90. The Nifty 50 index rose 26.90 points or 0.23% at 11,870.65. Gains were led by HDFC Bank, ICICI Bank and HDFC. However, gains were capped by fall in index heavyweight Reliance Industries.

Domestic stocks drifted lower in early trade on selling pressure in index pivotals. Volatility struck bourses in morning trade as the key indices regained positive zone soon after hitting day's low. Trading continued to be volatile in mid-morning trade as the key indices once again slipped in negative zone. Indices turned range bound with tiny losses in afternoon trade. Stocks once again regained positive zone in mid-afternoon trade. Key indices hit day's high in late trade.

The S&P BSE Mid-Cap index fell 0.17%. The S&P BSE Small-Cap index fell 0.11%.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 1059 shares rose and 1414 shares fell. A total of 148 shares were unchanged.

Shares of ICICI Bank (up 1.28%), HDFC Bank (up 0.91%) and HDFC (up 0.65%) gained.

Shares of index heavyweight Reliance Industries fell 0.89% to Rs 1,315.30

IndusInd Bank gained 1.9%. The credit rating of the debt instruments issued by IndusInd Bank has been reaffirmed by IndiaRatings. The rating of infra bonds and the long term issuer rating have been reaffirmed at AA+, with stable outlook. The rating of additional tier I bonds was reaffirmed at AA with stable outlook and short term issuer rating has been reaffirmed at A1+.

Bharti Airtel rose 0.65%. Bharti Airtel said it partnered with OYO Hotels & Homes, to launch OYO Store on 'Airtel Thanks' application. Through OYO Store, Airtel customers can now seamlessly book quality and affordable accommodations directly out of the Airtel Thanks app. Additionally, customers can also make online payments seamlessly via Airtel Payments Bank.

Overseas, European stocks were trading higher on Friday, as investors digested the latest news surrounding trade and the global economy. The European Central Bank (ECB) decided that it would postpone its first post-crisis interest rate hike, while raising its inflation forecast.

Meanwhile, Theresa May is expected to officially step down as leader of the UK's Conservative Party, however she will maintain her position as Prime Minister until a political heir is found.

Most Asian stocks were trading higher as investors waited for concrete signs of progress in the US-Mexican trade standoff, while bracing for a US jobs report that could sway the course of interest rates there.

US stocks closed higher after a choppy session on Thursday as investors grew more optimistic on trade after reports that the United States is considering a delay in imposing tariffs on Mexican imports.

The International Monetary Fund (IMF) has raised economic growth forecasts for the US to 2.6% this year and 2% in 2020, compared to 2.3% and 1.9% in April respectively, despite the trade war with China and threats to Mexico.

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