Benchmark indices bounced back and traded with minor gains in mid-morning trade. The Nifty held above 11,100 level. At 11:24 IST, the barometer index, the S&P BSE Sensex, was up 14.88 points or 0.04% at 37,546.86. The Nifty 50 index was up 5.8 points or 0.05% at 11,132.20.
In the broader markets, the S&P BSE Mid-Cap index was up 0.12%. The S&P BSE Small-Cap index was down 0.11%.
The market breadth was negative. On the BSE, 831 shares rose and 1174 shares fell. A total of 144 shares were unchanged. In Nifty 50 index, 31 stocks advanced and 19 stocks declined.
JBM Auto jumped 11.25% to Rs 208.65 after the company said it has received orders for supplying 300 buses. The company has confirmed that all orders would be executed before 31 March 2020.
Raymond surged 6.96% after a group company signed agreement to sell its 20-acre land parcel in Thane for Rs 700 crore.
Infosys was down 1.18%. The IT bellwether will announce its Q2 results on Friday, 11 October 2019.
TCS was down 1.04%. The company will declare its Q2 results tomorrow, 10 October 2019. TCS announced that it has expanded its strategic partnership with Legal & General, UK. The strategic partnership with TCS will help L&G build an intelligent and automated digital workspace aligned to its business vision. Additionally, a highly personalised, next-gen service desk will provide real time analytics for location-aware services and enterprise-wide social collaboration.
Overseas, Asian markets were trading lower as the United States and China's ever-expanding dispute over trade and foreign policy showed little sign of coming to an end.
US stocks ended down sharply on Tuesday as news that the United States has imposed visa restrictions on Chinese officials overshadowed comments by Federal Reserve Chairman Jerome Powell suggesting openness to further interest rate cuts.
Meanwhile, high-level US-China trade negotiations will resume this week in Washington, the White House announced on 7 October 2019, a hopeful sign after a summer of deteriorating relations. Beijing's top trade envoy Liu He will meet with US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin beginning on Thursday, the White House said in a statement.
Lower-level talks have been underway since last month. The talks will focus on key areas where the Americans have made far reaching demands since last year: intellectual property rights, the forced transfer of proprietary technologies, agriculture and enforcement, the statement said.
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