Key equity indices were trading near flat line, alternating between gains and losses, in early afternoon trade. At 12:25 IST, the barometer index, the S&P BSE Sensex, was up 44.28 points or 0.12% at 37,507.27. The Nifty 50 index was down 4.50 points or 0.04% at 11,274.40.
After opening lower, key benchmarks bounced back and hit fresh intraday high in morning trade. Indices came off day's high in mid-morning trade and swung between gains and losses in early afternoon trade.
Broader market came under selling pressure. Among secondary barometers, the BSE Mid-Cap index was down 0.88%. The BSE Small-Cap index was down 1.09%.
The market breadth, indicating the overall health of the market, was weak. On BSE, 645 shares rose and 1514 shares fell. A total of 130 shares were unchanged.
Pharmaceutical shares declined. Strides Shasun (down 8.97%), IPCA Laboratories (down 4.3%), Cadila Healthcare (down 3.57%), Piramal Enterprises (down 3.07%), Wockhardt (down 2.37%), Lupin (down 2.34%), Aurobindo Pharma (down 2.24%), Sun Pharmaceutical Industries (down 1.86%), Glenmark Pharmaceuticals (down 1.45%), Dr Reddy's Laboratories (down 1.25%), Divi's Laboratories (down 0.62%) and Cipla (down 0.41%), edged lower. GlaxoSmithKline Pharmaceuticals (up 0.17%) and Alkem Laboratories (up 0.27%), edged higher.
Auto shares fell. TVS Motor Company (down 1.66%), Escorts (down 1.62%), Ashok Leyland (down 1.46%), Mahindra & Mahindra (down 1.16%), Tata Motors (down 0.59%), Bajaj Auto (down 0.17%) and Maruti Suzuki India (down 0.03%), edged lower. Hero MotoCorp was up 0.58%.
Eicher Motors was down 6.51%. The company's consolidated net profit rose 18.05% to Rs 544.84 crore on 0.33% rise in total income to Rs 2718.25 crore in Q4 March 2019 over Q4 March 2018. The result was announced after market hours on Friday, 10 May 2019.
Among the economic data, India's industrial production (base year 2011-12=100) declined 0.1% in March 2019, while snapping growth for last 21 straight months. The industrial production growth for February 2019 has been retained unchanged at 0.1% as reported provisionally. The data was announced after market hours on Friday, 10 May 2019.
Overseas, US stock futures tumbled and Asian shares slipped on Monday on growing uncertainty over whether the United States and China will be able to end their escalating trade war. Markets in Hong Kong are closed on Monday for a holiday.
Trading in US index futures indicated that the Dow Jones Industrial Average could fall 243 points at the opening bell today, 13 May 2019.
Trade talks between US and Chinese negotiators broke up on Friday without a trade agreement. The US hiked tariffs on $200 billion worth of Chinese goods. China has vowed to retaliate, without giving details.
In US, stocks staged a massive reversal on Friday after President Donald Trump said conversations with China over trade will continue and his relationship with President Xi Jinping remains strong. The president also noted that the trade talks with China were "candid and constructive." Trump said the new tariffs on $200 billion worth of Chinese goods "may or may not be removed" in the future.
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