A divergent trend was witnessed in early afternoon trade as the barometer index, the S&P BSE Sensex, was trading with small gains while the Nifty 50 index was trading with small losses. At 12:28 IST, the barometer index, the S&P BSE Sensex, was up 6.56 points or 0.02% at 37,758.73. The Nifty 50 index was down 10.05 points or 0.09% at 11,331.65. Realty stocks rose.
Domestic stocks drifted higher in early trade on buying demand in index pivotals. Stocks trimmed gains in morning trade. Key indices hovered in positive zone in mid-morning trade.
The S&P BSE Mid-Cap index was off 0.29%. The S&P BSE Small-Cap index was off 0.03%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 1003 shares rose and 1422 shares fell. A total of 152 shares were unchanged.
Realty stocks rose. DLF (up 2.24%), Indiabulls Real Estate (up 5.07%), Housing Development and Infrastructure (up 0.58%), D B Realty (up 2.64%), Prestige Estates Projects (up 1.35%) and Oberoi Realty (up 0.65%) declined. Sobha (down 2.37%) and Godrej Properties (down 0.19%) fell.
Bajaj Consumer Care rose 0.7% after the company said it has appointed Bain & Company as management consultant to formulate front end strategy for growth. The announcement was made after market hours yesterday, 13 March 2019.
On the macro front, the annual rate of inflation, based on monthly WPI, stood at 2.93% (provisional) for the month of February 2019 (over February 2018) as compared to 2.76% (provisional) for the previous month and 2.74% during the corresponding month of the previous year. Build up inflation rate in the financial year so far was 2.75% compared to a build up rate of 2.56% in the corresponding period of the previous year. The data was released during market hours today, 14 March 2019.
Overseas, most Asian stocks were trading higher after the European Commission agreed to changes in a Brexit deal ahead of a vote in the British parliament on a divorce agreement. U.S. stocks closed higher Wednesday, as investors parsed economic data that included stronger-than-expected durable goods orders and further signs that inflation remains subdued.
The Commerce Department report also showed core capital orders, a key measure of business investment, rising 0.8% in January after falling sharply the two months previous.
In Europe, the U.K. Parliament on Wednesday voted against a no-deal Brexit, a day after lawmakers rejected Prime Minister Theresa May's revised Brexit deal in a 242-391 vote. On Thursday, they will decide on whether to request an extension to the March 29 deadline to reach a trade agreement with the European Union.
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