Sensex regains 39,000 in volatile trade

Volatility continued in afternoon trade as the key indices regained positive zone soon after sinking in negative zone. At 13:15 IST, the barometer index, the S&P BSE Sensex, was up 74.74 points or 0.19% at 39,044.54. The Nifty 50 index was up 13.15 points or 0.11% at 11,722.25. The Sensex regained the psychological 39,000 mark in volatile trade after falling below that level in intraday trade. Shares of index heavyweight and cigarette major ITC dropped.

Investors are awaiting results of Lok Sabha polls due tomorrow, 23 May 2019. Most exit polls forecast a majority for the ruling BJP-led NDA in Lok Sabha polls. The 2019 polls, held from April 11 to May 19, will decide which party presides over the 17th Lok Sabha. Elections were held for 542 seats. A party or coalition needs 272 seats in parliament to form a government. Key indices hovered in a small range in early afternoon trade.

Local stocks drifted higher in early trade on buying demand in index pivotals. Stocks hovered in positive zone in morning trade. A bout of volatility was seen in mid-morning trade after the key indices trimmed gains soon after hitting intraday high.

The S&P BSE Mid-Cap index was down 0.46%. The S&P BSE Small-Cap index was up 0.17%.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 1108 shares rose and 1143 shares fell. A total of 145 shares were unchanged.

Sun Pharmaceutical Industries (up 3.01%), Hero MotoCorp (up 1.66%), Bharti Airtel (up 1.57%), Hero MotoCorp (up 1.54%) and ICICI Bank (up 1.37%) edged higher from the Sensex pack.

Index heavyweight and cigarette major ITC dropped 2.51% to Rs 297.65.

Maruti Suzuki India rose 0.69%. Maruti Suzuki India has added over 200 new workshops in 2018-19 to its nationwide network. This is the largest addition to service network by any automobile company in the country in a year. With this Maruti Suzuki's service network now is 3,634 workshops strong across 1,789 towns and cities. The announcement was made during market hours today, 22 May 2019.

Overseas, most Asian stocks were trading higher Wednesday on relief over Washington's temporary relaxation of curbs against China's Huawei Technologies.

In US, shares of technology companies helped lift Wall Street on Tuesday after the United States temporarily eased curbs on China's Huawei Technologies Co, alleviating investor concerns about pressure on future corporate results in the sector.

The Commerce Department said late Monday it would allow Huawei to purchase American-made goods in order to maintain existing networks and provide software updates to existing Huawei handsets until 19 August 2019.

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