Stocks hovered in positive zone in mid-morning trade. At 11:24 IST, the barometer index, the S&P BSE Sensex, was up 112.35 points or 0.29% at 39,465.02. The Nifty 50 index was up 22.05 points or 0.19% at 11,850.30. Most auto stocks declined.
Key indices nudged higher in early trade on buying demand in index pivotals with the Sensex and the Nifty, both, scaling record high. A bout of volatility was seen in morning trade as stocks regained strength soon after trimming gains.
The S&P BSE Mid-Cap index was off 0.17%. The S&P BSE Small-Cap index was off 0.04%.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 944 shares rose and 1197 shares fell. A total of 133 shares were unchanged.
Most auto stocks declined. Maruti Suzuki India (down 0.91%), Mahindra & Mahindra (M&M) (down 0.7%), Eicher Motors (down 1.75%), Bajaj Auto (down 0.79%), Hero MotoCorp (down 0.26%) fell.
Escorts (up 2.37%), TVS Motor Company (up 1.09%) and Ashok Leyland (up 1.66%) gained.
Tata Motors lost 4.89% after consolidated net profit dropped 47.42% to Rs 1117.48 crore on 4.28% fall in total income to Rs 87718.69 crore in Q4 March 2019 over Q4 March 2018. The announcement was made after market hours yesterday, 20 May 2019.
N Chandrasekaran, Chairman, Tata Motors said the company's domestic business delivered a resilient performance in the face of challenging market conditions. The company has continued to step up pace of innovation, improved market shares as well as profitability. In JLR, the company is continuing to face challenges in China which are addressing on priority.
Panacea Biotec rose 4.79%. Panacea Biotec's Oncology Parenteral Formulation Facility at Baddi, Himachal Pradesh, received United States Food & Drug Administration (USFDA) approval for manufacture and supply of Azacitidine Injection, 100 mg/vial, for the US market. Azacitidine is a chemotherapy drug used to treat myelodysplastic syndromes (MDS) with annual sales of about $110 million in US markets as per IQVIA data as of December, 2018. The announcement was made after market hours yesterday, 20 May 2019.
Overseas, most Asian shares were trading higher after Washington temporarily eased trade restrictions imposed last week on China's Huawei, although fears of a further escalation in tensions kept investors on edge.
US stocks fell on Monday as the White House's restrictions on Chinese telecoms equipment maker Huawei Technologies Co weighed on the technology sector and raised concerns that the move would further inflame trade tensions between the United States and China.
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