Key benchmark indices reversed losses to hit intraday high in afternoon trade as European stocks opened higher. At 13:25 IST, the barometer index, the S&P BSE Sensex, was up 143.77 points or 0.39% at 37,234.59. The Nifty 50 index was up 44.05 points or 0.4% at 11,192.25.
The domestic indices opened lower and briefly bounced into positive terrain in early trade. Recovery was short lived as indices once again dipped into the red in morning trade. Indices turned range bound in mid-morning trade. Volatility was witnessed in early afternoon trade as indices trimmed losses after hitting fresh intraday low.
The market breadth, indicating the overall health of the market, was negative. On BSE, 958 shares rose and 1331 shares fell. A total of 121 shares were unchanged.
Drug major Lupin rose 1.06%. The company announced during trading hours today, 14 May 2019, that it has received the Establishment Inspection Report (EIR) from the United States Food and Drug Administration (USFDA) for the Post-marketing Adverse Drug Experience (PADE) inspection, indicating successful closure of the inspection. The inspection was conducted at Lupin's global pharmacovigilance group DSRM (Drug Safety & Risk Management) based out of Mumbai between 14 January 2019 and 18 January 2019. The inspection included a comprehensive scrutiny of practices and procedures for reporting of adverse events of Lupin's marketed products worldwide. The inspection closed with four observations.
Godrej Industries was up 0.47%. The company's consolidated net profit surged 108.33% to Rs 297.41 crore on 40.32% rise in total income to Rs 3,444.36 crore in Q4 March 2019 over Q4 March 2018. The result was announced after market hours yesterday, 13 May 2019.
On the economic front, the annual rate of inflation, based on monthly Wholesale Price Index (WPI), stood at 3.07% (provisional) in April 2019 (over April 2018) as compared to 3.18% (provisional) in the previous month and 3.62% during the corresponding month of the previous year, the Ministry of Commerce & Industry said in a release during trading hours today, 14 May 2019.
The all-India general Consumer Price Index (CPI) inflation rose to 2.92% in April 2019, compared with 2.86% in March 2019. The inflation based on CPI was 4.58% in April 2018. The Central Statistics Office (CSO) released the data after market hours yesterday, 13 May 2019.
Overseas, European stocks climbed on Tuesday after a downbeat session in Asia, as investors awaited a resolution to the U.S.-China trade negotiations following the recent escalation in tensions. Asian shares declined Tuesday following a sharp fall in US stocks overnight as the trade war between China and the United States escalated.
China announced on Monday that it will raise tariffs on $60 billion worth of US goods, beginning on 1 June 2019. The goods targeted include a broad range of agricultural products. Last week, US President Donald Trump raised duties on $200 billion in Chinese goods to 25% from 10%.
US Trade Representative's office reportedly said it planned to hold a public hearing next month on the possibility of imposing duties of up to 25% on a further $300 billion worth of imports from China.
In US, stocks closed sharply lower Monday, as investors weighed an escalating tariff fight that could pose risks to the US, Chinese and global economies.
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