Metal and mining stocks gain

Key indices gyrated in a small range in early afternoon trade. At 12:28 IST, the barometer index, the S&P BSE Sensex, was up 72.08 points or 0.19% at 38,617.80. The Nifty 50 index was up 17.10 points or 0.15% at 11,587.10. Metal and mining stocks gained.

Local stocks edged higher in early trade on buying demand in index pivotals. Stocks trimmed gains in morning trade after an initial upmove. Key indices hovered in positive zone in mid-morning trade.

The S&P BSE Mid-Cap index was up 1.07%. The S&P BSE Small-Cap index was up 0.56%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1327 shares rose and 997 shares fell. A total of 162 shares were unchanged.

Metal and mining stocks gained. Vedanta (up 3.43%), JSW Steel (up 2.99%), Tata Steel (up 2.47%), Steel Authority of India (Sail) (up 6.43%), National Aluminium Company (up 4.23%), Hindustan Zinc (up 0.03%), Jindal Steel & Power (up 8.61%), Hindalco Industries (up 2.02%), NMDC (up 3.79%), Hindustan Copper (up 1.13%) edged higher.

Wipro rose 0.39%. Wipro and Indian Institute of Technology, Kharagpur (IIT Kharagpur) signed a memorandum of understanding (MOU) to collaborate on high-impact, industry-focused applied research in the areas of 5G and artificial intelligence (AI). Research outcomes from this partnership will be leveraged by Wipro to develop solutions for its customers, across industry verticals. IIT Kharagpur will benefit from the commercialization of the joint research insights and Wipro's real-world industry expertise. The announcement was made after market hours yesterday, 28 March 2019.

Lupin gained 2.1%. Lupin announced the launch of Fluocinonide Ointment USP, 0.05%, having received an approval from the United States Food and Drug Administration (USFDA) earlier. Lupin's Fluocinonide Ointment USP, 0.05%, is the generic version of County Line Pharmaceuticals LLC's Lidex Ointment 0.05%. It is indicated for the relief of the inflammatory and pruritic manifestations of corticosteroid responsive dermatoses. Fluocinonide Ointment USP, 0.05% (RLD: Lidex) had annual sales of approximately $15 million in the U.S (IQVIA MAT January 2019). The announcement was made after market hours yesterday, 28 March 2019.

On the economic front, the government will announce data on infrastructure output for February after market hours today, 29 March 2019.

Overseas, most Asian shares are trading higher on Friday as U.S. and Chinese officials kicked off a fresh round of trade talks in Beijing. US stocks closed higher Thursday following reports that the U.S. and China have made progress toward a trade deal even as investors weighed data showing U.S. economic growth slowed in the fourth quarter from above-trend rates.

U.S. negotiators, led by Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin, attended a working dinner Thursday night with Chinese Vice Premier Liu He, who is expected to travel to Washington next week. At a speech in Washington on Thursday, White House economic adviser Larry Kudlow said the U.S. administration was prepared to continue trade negotiations with China for weeks or even months.

In economic data, U.S. economic growth had slowed sharply in the last three months of 2018 to an annual rate of 2.2%, due to weakness in consumer spending, business investment, government spending and housing.

In Europe, UK Prime Minister Theresa May will put her Brexit divorce deal to a vote in Parliament on Friday. May on Wednesday said she would be willing to step down if her plan to usher Britain out of the European Union was approved by Parliament.

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