Market trims gains

Stocks trimmed gains in early afternoon trade. At 12:28 IST, the barometer index, the S&P BSE Sensex, was up 44.16 points or 0.11% at 39,098.84. The Nifty 50 index was up 24.60 points or 0.21% at 11,750.75. Telecom stocks saw mixed trend.

Trading could be volatile as traders roll over positions in the F&O segment from the near month April 2019 series to May 2019 series. The April 2019 F&O contracts expire today, 25 April 2019.

Key indices nudged higher in early trade on buying demand in index pivotals. Stocks hovered in positive zone after an initial upmove. The market extended gains in mid-morning trade.

The S&P BSE Mid-Cap index was up 0.07%. The S&P BSE Small-Cap index was up 0.3%.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1144 shares rose and 1059 shares fell. A total of 151 shares were unchanged.

Maruti Suzuki India fell 0.91% ahead of its January-March 2019 quarterly earnings today, 25 April 2019.

Telecom stocks saw mixed trend. Bharti Airtel (up 1.05%), MTNL (up 0.97%), Tata Teleservices (Maharashtra) (up 2.73%) rose. Vodafone Idea (down 3.78%) and Reliance Communications (down 4.74%) fell.

Bharti Infratel lost 6.17%. The company's consolidated net profit rose 0.26% to Rs 607.60 crore on 0.18% increase in net sales to Rs 1,675.80 crore in Q4 March 2019 over Q4 March 2018. The result was announced after market hours yesterday, 24 April 2019.

Consolidated EBITDA fell 4% to Rs 1,534 crore in Q4 March 2019 over Q4 March 2018. The company's tower base increased by 826 year-on-year but fell by 24 sequentially to 92,277 in Q4 March 2019.

Overseas, Asian shares were trading lower on Thursday as a surprise deterioration in German business morale rekindled fears of slowing global growth.

The Bank of Japan kept policy unchanged at a review on Thursday but pledged to keep interest rates very low at least until early 2020. The Bank of Japan also said it would explore lending exchange traded funds to the market. Japan's central bank also lowered growth and price projections for 2020.

U.S. stocks closed lower Wednesday, a day after the S&P 500 and Nasdaq carved out their first records in months, following earnings from high-profile companies, including Dow components Boeing Co. and Caterpillar Inc., that offered a mixed picture of American corporations.

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