Key indices reversed direction to sink in negative zone in morning trade. At 10:17 IST, the barometer index, the S&P BSE Sensex, was down 23.25 points or 0.06% at 36,371.78. The Nifty 50 index was down 9.55 points or 0.09% at 10,879.25.
Domestic stocks eked out small gains in early trade ahead of release of key domestic macro economic data.
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.
The market breadth, indicating the overall health of the market, turned negative from positive. On the BSE, 876 shares rose and 953 shares fell. A total of 103 shares were unchanged.
P I Industries rose 7.26% after net profit rose 33.1% to Rs 107.30 crore on 31.6% increase in net sales to Rs 707.50 crore in Q3 December 2018 over Q3 December 2017. The result was announced after market hours yesterday, 11 February 2019.
Earnings before interest, tax, depreciation and amortization (EBITDA) during Q3 came in at Rs 149 crore, higher by 42% YoY, with margins at 21%, contributed by better product mix and improved realization and operating leverage benefit.
P I Industries said Q3 revenue growth was supported by about 40% year-on-year (YoY) growth in exports on account of ramp up in demand of existing products. Domestic revenue grew by 9% YoY despite soft demand in the current quarter on account of poor pattern of rainfall in rabi and low agri produce prices.
JK Tyre & Industries rose 0.39%. JK Tyre & Industries announced that its board on 14 February 2019 will consider issuing equity shares to the promoter group on preferential basis at such price as may be determined in accordance with regulations. The announcement was made after market hours yesterday, 11 February 2019.
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.
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.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)