Negative market breadth

The market hovered in negative zone in mid-morning trade. At 11:28 IST, the barometer index, the S&P BSE Sensex, was down 92.10 points or 0.24% at 37,697.03. The Nifty 50 index was down 25.05 points or 0.22% at 11,334.40. Telecom stocks rose. Negative Asian stocks weighed on the sentiment.

Key indices edged lower in early trade on negative Asian stocks. Stocks cut losses in morning trade after an initial slide.

The S&P BSE Mid-Cap index was up 0.01%. The S&P BSE Small-Cap index was down 0.07%.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 956 shares rose and 1040 shares fell. A total of 113 shares were unchanged.

Telecom stocks rose. Bharti Airtel (up 0.19%), Vodafone Idea (up 0.03%), MTNL (up 0.37%), Tata Teleservices (Maharashtra) (up 0.7%) and Reliance Communications (up 4.65%) rose.

Shares of Bharti Infratel fell 1.45%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.

Titan Company rose 0.7% after consolidated net profit rose 14.42% to Rs 348.30 crore on 18.82% increase in net sales to Rs 4,823.49 crore in Q4 March 2019 over Q4 March 2018. The result was announced after market hours yesterday, 8 May 2019.

On a standalone basis, Titan Company's net profit rose 4.4% to Rs 294.58 crore on 19.7% increase in net sales to Rs 4,630.93 crore in Q4 March 2019 over Q4 March 2018.

Bhaskar Bhat, managing director of the company stated that "The growth momentum of the past few years continued in 2018-19 backed by the strong revenue as well as profit growth across all key divisions. The jewellery business grew through successful launch of design differentiated collections as well as tailwinds provided through regulatory developments over the last couple of years like GST. The Watches business had a great year too with the recrafting strategy resulting in the highest topline growth in recent years, a jump in margins and the highest ever profit. The Eyewear business recorded a strong growth of 23% with the new pricing strategy showing results. Skinn, our perfume brand as well as Taneira, Indian dress wear brand are scaling up in the coming year. Many steps are being taken to prepare the company for the future and set a foundation for healthy growth in the years to come."

Overseas, Asian stocks were trading lower on Thursday as increased tensions ahead of key Sino-US trade negotiations fanned fresh concerns about the outlook for the global economy.

The U.S. stock market switched direction toward the closing bell to finish mostly lower Wednesday as worries over U.S.-China trade talks lingered.

The United States will raise tariffs from 10% to 25% on $200 billion worth of Chinese imports effective May 10, as per reports. The US Trade Representative's office will establish a process to seek exclusions for certain products from additional tariffs.

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