Key benchmarks bounced back from early lows and hit fresh intraday high in morning trade. At 10:35 IST, the barometer index, the S&P BSE Sensex, was up 73.22 points or 0.20% at 37,536.21. The Nifty 50 index was up 13.65 points or 0.12% at 11,292.55.
Among secondary barometers, the BSE Mid-Cap index was down 0.56%. The BSE Small-Cap index was down 0.62%.
The market breadth, indicating the overall health of the market, was weak. On BSE, 686 shares rose and 1165 shares fell. A total of 113 shares were unchanged.
FMCG shares were mixed. Procter & Gamble Hygiene & Health Care (up 2.12%), Tata Global Beverages (up 1.51%), GlaxoSmithKline Consumer Healthcare (up 1.47%), Nestle India (up 1.29%), Hindustan Unilever (up 1.2%), Bajaj Corp (up 0.68%), Britannia Industries (up 0.42%) and Dabur India (up 0.05%), edged higher. Godrej Consumer Products (down 0.29%), Colgate Palmolive (India) (down 0.31%), Jyothy Laboratories (down 1.22%) and Marico (down 1.41%), edged lower.
Most metal shares declined. Jindal Steel & Power (down 2.11%), Hindalco Industries (down 1.8%), Tata Steel (down 1.16%), National Aluminium Company (down 1.11%), Hindustan Copper (down 0.81%), JSW Steel (down 0.68%), Hindustan Zinc (down 0.12%) and Steel Authority of India (down 0.1%), edged lower. Vedanta (up 0.74%) and NMDC (up 1.23%), edged higher.
Larsen & Toubro (L&T) fell 2.19% after the company announced its Q4 result after market hours on Friday, 10 May 2019. It reported 7.92% rise in consolidated net profit to Rs 3,418.24 crore on 10.86% rise in total income to Rs 45,555.29 crore in Q4 March 2019 over Q4 March 2018.
The order intake for the quarter ended 31 March 2019 at Rs 56,538 crore grew by 14% y-o-y. International order inflow during the quarter at Rs 17,680 crore constituted 31% of the order inflow for the quarter. Consolidated order book of the group stood at Rs 293,427 crore as at 31 March 2019, with international order book constituting 22% of the total order book.
The company continues to focus on profitable execution of its robust order book, positioning well for emerging opportunities and is confident of pursuing its growth plans, with the aim of maximizing shareholder returns (RoE) on a sustainable basis. L&T said.
The board of directors has recommended for the approval of shareholders, a dividend of Rs 18 per equity share.
Among the economic data, India's industrial production (base year 2011-12=100) declined 0.1% in March 2019, while snapping growth for last 21 straight months. The industrial production growth for February 2019 has been retained unchanged at 0.1% as reported provisionally. The data was announced after market hours on Friday, 10 May 2019.
Overseas, US stock futures tumbled and Asian shares slipped on Monday on growing uncertainty over whether the United States and China will be able to end their escalating trade war. Markets in Hong Kong are closed on Monday for a holiday.
Trading in US index futures indicated that the Dow Jones Industrial Average could fall 246 points at the opening bell today, 13 May 2019.
Trade talks between US and Chinese negotiators broke up on Friday without a trade agreement. The US hiked tariffs on $200 billion worth of Chinese goods. China has vowed to retaliate, without giving details.
In US, stocks staged a massive reversal on Friday after President Donald Trump said conversations with China over trade will continue and his relationship with President Xi Jinping remains strong. The president also noted that the trade talks with China were "candid and constructive." Trump said the new tariffs on $200 billion worth of Chinese goods "may or may not be removed" in the future.
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