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IT stocks decline

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Key indices hovered in a small range in mid-morning trade. At 11:15 IST, the barometer index, the S&P BSE Sensex, was down 19.04 points or 0.05% at 36,375.99. The Nifty 50 index was down 3.80 points or 0.03% at 10,885. IT stocks fell.

Domestic stocks eked out small gains in early trade ahead of release of key domestic macro economic data. Key indices reversed direction to sink in negative zone in morning trade.

The S&P BSE Mid-Cap index was up 0.22%. The S&P BSE Small-Cap index was down 0.35%.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 949 shares rose and 1107 shares fell. A total of 139 shares were unchanged.

L&T rose 0.35%. L&T Hydrocarbon Engineering (LTHE), a wholly owned subsidiary of L&T, has won a mega order from Sonatrach-Algeria. The Engineering, Procurement, Construction and Commissioning (EPCC) contract is to set up three Central Processing (CPF) facilities in Algeria. The announcement was made during market hours today, 12 February 2019.

IT stocks fell. TCS (down 1.82%), Infosys (down 2.28%), Wipro (down 0.82%), HCL Technologies (down 1.54%), Tech Mahindra (down 1.14%), MindTree (down 2.12%) and Hexaware Technologies (down 0.59%) declined. Oracle Financial Services Software (up 1.02%) and Mphasis (up 0.33%) rose.

On the macro front, data of Consumer Price Index (CPI) for January and Index of Industrial Production (IIP) for December 2018 is slated to be released later in the day. India's industrial production growth slowed sharply to 0.5% year-on-year in November 2018 from an upwardly revised 11-month high of 8.4% in the previous month.

Overseas, most Asian stocks rose with investors looking to a new round of Sino-US trade talks as the world's two largest economies try to resolve a tariff dispute that has put a dent on global growth and corporate earnings.

US stocks closed mostly higher Monday after a choppy session as a round of US-China tariff negotiations in Beijing commenced and as the threat of another partial government shutdown loomed.

The latest round of trade negotiations between the US and China began Monday with working-level talks in Beijing, while Treasury Secretary Steven Mnuchin and US Trade Representative Robert Lighthizer are reportedly due to arrive Thursday for more high-level discussions.

In Europe, the UK, meanwhile, is bracing to exit the European Union on March 29 with or without a trade agreement in hand.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, February 12 2019. 11:20 IST