Key indices hovered in positive zone in early afternoon trade. At 12:18 IST, the barometer index, the S&P BSE Sensex, was up 99.66 points or 0.27% at 37,635.32. The Nifty 50 index was up 14.40 points or 0.13% at 11,315.60. Metal and mining stocks declined.
A bout of volatility was seen in early trade as the key indices regained positive zone soon after erasing early gains. Key benchmark indices trimmed gains in morning trade. Stocks regained strength in mid-morning trade.
The S&P BSE Mid-Cap index was off 0.17%. The S&P BSE Small-Cap index was off 0.25%.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 984 shares rose and 1413 shares fell. A total of 141 shares were unchanged.
Metal and mining stocks declined. Vedanta (down 3.51%), JSW Steel (down 2.19%), Tata Steel (down 1.66%), Steel Authority of India (Sail) (down 5.08%), National Aluminium Company (down 2.66%), Jindal Steel & Power (down 2.63%), Hindalco Industries (down 0.79%) and Hindustan Copper (down 2.09%) edged lower. NMDC (up 1.79%) and Hindustan Zinc (up 0.55%) rose.
Jet Airways (India) fell 1.34%. Jet Airways (India) announced that an additional four aircraft have been grounded due to non-payment of amounts outstanding to lessors under their respective lease agreements. As mentioned earlier, the company is actively engaged with all its aircraft lessors and regularly provides them with updates on the efforts undertaken by the company to improve its liquidity. Aircraft lessors have been supportive of the company's efforts in this regard. The company is also making all efforts to minimize disruption to its network due to the above and is proactively informing and re-accommodating its affected guests. The company also continues to provide required and periodic updates to the Directorate General of Civil Aviation in this regard. The announcement was made after market hours yesterday, 12 March 2019.
On the macro front, industrial production and inflation data was released by the government after market hours yesterday, 12 March 2019. India's industrial production (base year 2011-12=100) rose at slower pace of 1.7% in January 2019, compared with 2.6% growth recorded in December 2018. The industrial production growth for December 2018 has been revised upwards from 2.4% increase reported provisionally.
The all-India general CPI inflation rose to 2.57% in February 2019 (new base 2012=100), compared with 1.97% in January 2019. The corresponding provisional inflation rate for rural area was 1.81% and urban area 3.43% in February 2019 as against 1.22% and 2.91% in January 2019. The core CPI inflation eased to 5.29% in February 2019 compared with 5.35% in January 2019.
Overseas, most Asian stocks were trading lower as investors awaited another make-or-break parliamentary vote on Brexit. US stocks closed mostly higher Tuesday, led by the health care and utilities sectors.
In US economic data, the consumer-price index rose 0.2% in February following three months of no change, the Labor Department said. Core prices, which strip out volatile changes in the cost of food an energy rose 0.1%. Year-over-year, overall inflation fell from growth of 1.6% in January to 1.5%, while annual core inflation fell from 2.2% to 2.1%.
In Europe, UK lawmakers once again rejected Prime Minister Theresa May's Brexit deal. Parliament will vote later Wednesday on whether to leave the EU with no deal and if that fails, another vote on Thursday to decide whether to extend the Brexit deadline.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)