Positive market breadth

Key benchmark indices hovered in positive zone in early afternoon trade. At 11:26 IST, the barometer index, the S&P BSE Sensex, was up 64.49 points or 0.17% at 37,623.40. The Nifty 50 index was up 18.65 points or 0.17% at 11,320.45. Telecom stocks saw mixed trend.

Local stocks drifted higher in early trade on positive Asian stocks. Stocks trimmed gains in morning trade. Volatility struck bourses in mid-morning trade as the key benchmark indices extended gains soon after sinking in negative zone.

The S&P BSE Mid-Cap index was up 0.48%. The S&P BSE Small-Cap index was up 0.32%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1207 shares rose and 929 shares fell. A total of 132 shares were unchanged.

Larsen & Toubro shed 0.13% ahead of its January-March 2019 quarterly earnings today, 10 May 2019.

State Bank of India rose 0.58% ahead of its January-March 2019 quarterly earnings today, 10 May 2019.

Telecom stocks saw mixed trend. Bharti Airtel (up 3.41%), Tata Teleservices (Maharashtra) (up 0.7%) and Reliance Communications (up 4.89%) gained. Vodafone Idea (down 3.48%) and MTNL (down 0.09%) fell.

Shares of Bharti Infratel fell 1.65%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.

Welspun Corp rose 2.54% to Rs 143.55 after the company said its board will consider a share buyback proposal on 14 May 2019. The announcement was made after market hours yesterday, 9 May 2019.

In a separate announcement, Welspun Corp said that it has received additional pipe orders of 103 KMT, which will be serviced from India. Accordingly, the company's order book stands at 1,698 KMT valued at Rs 14900 crore after considering the above additions and the execution up to April 2019.

Overseas, most Asian stocks edged higher on Friday as investors looked to whether negotiators from USA-China can clinch a deal to avert the hike.

Wall Street's main indexes fell on Thursday ahead of critical trade negotiations between the United States and China, though they pared losses significantly after US President Donald Trump said reaching a deal this week was possible.

Top US and Chinese trade negotiators concluded the first of two days of talks on Thursday to rescue a trade deal that is close to collapsing as Washington prepares to go ahead with plans to hike tariffs on hundreds of billions of dollars of goods imported from China.

In US economic data, the U.S. trade deficit widened in March from February. In March, the trade deficit edged up 1.5% to $50 billion from a revised $49.3 billion in February, the government said Thursday.

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