Sensex, Nifty trade near day's low

After a brief recovery in morning trade, the market reversed trend and were trading near day's low in mid-morning trade. At 11:25 IST, the barometer index, the S&P BSE Sensex, was down 50.19 points or 0.14% at 36,162.72. The Nifty 50 index was down 22.20 points or 0.20% at 10,832.95. Investors booked profits after market gained in past four trading session.

Indices were trading with small losses in early trade. Benchmarks firmed up and hit fresh intraday high in morning trade. Indices reversed trend and traded near day's low in mid-morning trade.

Broader market held firm in positive terrain. Among secondary barometers, the BSE Mid-Cap index was up 0.42%. The BSE Small-Cap index was up 0.31%.

The market breadth, indicating the overall health of the market, was positive. On BSE, 1151 shares rose and 931 shares fell. A total of 124 shares were unchanged.

Auto stocks were in demand. Tata Motors (up 1.39%), Escorts (up 1.02%), Bajaj Auto (up 0.87%), Eicher Motors (up 0.74%), Mahindra & Mahindra (up 0.56%) and TVS Motor Company (up 0.56%), edged higher. Hero MotoCorp was down 0.19%.

Maruti Suzuki India was down 0.03%. The company announced during trading hours today, 10 January 2019, a price change for select models owing to increase in commodity prices and foreign exchange rates etc. The price change varies across models and ranges upto Rs 10,000 (Ex-Showroom - Delhi). The new prices are effective from 10 January 2019.

Ashok Leyland was up 1.38%. The company confirmed that it bagged orders from IRT (Institute of Road Transport, Chennai), UPSRTC (Uttar Pradesh State Roadways Transport Corporation) and CTU (Chandigarh Transport Undertaking) for 2,580 buses. All these buses can be delivered before March 2019. The announcement was made after market hours yesterday, 9 January 2019.

Realty shares were mixed. DLF (up 2.34%), Oberoi Realty (up 2.11%), Peninsula Land (up 1.80%), Indiabulls Real Estate (up 1.59%), Sobha (up 1.33%), Prestige Estates Projects (up 0.82%), Housing Development and Infrastructure (HDIL) (up 0.71%), Anant Raj (up 0.57%), Mahindra Lifespace Developers (up 0.56%), Parsvnath Developers (up 0.37%) and Omaxe (up 0.24%), edged higher. Sunteck Realty (down 0.07%), Godrej Properties (down 0.34%), Unitech (down 0.49%), Phoenix Mills (down 3.08%) and D B Realty (down 4.65%), edged lower.

Overseas, Asian shares were mixed. China's Producer Price Index (PPI), which measures price increases before they reach the consumer, in December rose 0.9% on-year. That compares with the a 2.7% year-on-year increase in November. China's December consumer inflation (CPI), a gauge of prices for goods and services, rose 1.9% on year. The CPI rose 2.2% in November.

US stocks closed higher for a fourth session Wednesday, on reports that the US and China have narrowed differences over trade. Minutes from the December's Federal Open Market Committee meeting, which indicated caution on future interest rate hikes, also helped to buoy sentiment.

The US and China wrapped up their first face-to-face trade negotiations since a temporary tariff truce was declared last month. In a statement released after talks concluded, the US trade representative's office said officials had discussed making any deal "subject to ongoing verification and effective enforcement." The statement added that negotiators had "conveyed President Trump's commitment to addressing our persistent trade deficit and to resolving structural issues in order to improve trade between our countries."

China's commerce ministry said on Thursday trade talks with the United States this week were extensive and detailed, and established a foundation for the resolution of each others' concerns.

Meanwhile, the release of Fed minutes revealed that some central-bank officials hard reservations about an interest-rate increase last month due to market volatility, though policy makers voted unanimously in favor of the move. They also recommended the Fed should be "patient" and stressed that "a relatively limited amount of additional tightening" is appropriate.

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