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Sensex, Nifty turn range bound

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Key barometers were hovering in narrow range near flat line in early afternoon trade. At 12:17 IST, the barometer index, the Sensex, was down 8.25 points or 0.02% at 33,872. The was down 18.10 points or 0.17% at 10,384.15.

Traders were cautious ahead of the earnings season beginning Friday with Infosys, and as the will release minutes of its 20-21 March 2018 meeting on Wednesday.

A steep rise in overnight also worried investors. Brent crossed $70 a barrel mark. In the global commodities markets, Brent for June 2018 settlement was down 35 cents at $70.69 a barrel. The contract surged $2.39 a barrel or 3.48% to settle at $71.04 a barrel during the previous trading session. in raises India's import bill as the country imports majority of its crude requirements.

Overseas, most Asian shares rose as investors sentiment improved after China's helped ease fears over a US-trade row. China's factory inflation slowed for a fifth month while the consumer price retreated from a four-year high. The price rose 3.1% in March from a year earlier, compared with 3.7% in February. The consumer price index climbed 2.1%, the statistics bureau said Wednesday, versus 2.9% in February.

US stocks surged on Tuesday, 10 April 2018, thanks to a less-aggressive stance on trade taken by Chinese Xi's conciliatory comments on tariffs sent prices of risky assets such as global equities and commodities higher.

Chinese Xi said that plans to give foreign companies greater access to financial and sectors. He also talked about a cut in tariffs on and an improvement in protection of intellectual property, among other measures.

Back home, after opening with minor gains, key indices tumbled in morning trade. Indices pared losses and were trading with small losses since mid-morning trade.

Among secondary barometers, the Mid-Cap index was down 0.30%. underperforming the Sensex. The Small-Cap index was up 0.01%, outperforming the Sensex.

The market breadth, indicating the overall health of the market, was negative. On BSE, 1,394 shares fell and 1,010 shares rose. A total of 128 shares were unchanged.

Auto shares were mixed. (down 1.59%), (down 0.49%), (down 0.38%), (down 0.21%) and (down 0.13%), edged lower. (up 0.06%), Escorts (up 1.13%) and (up 1.96%), edged higher.

Auto (M&M) was up 0.41%. M&M announced during trading hours today, 11 April 2018, that Mahindra Defence signed a Memorandum of Understanding with ShinMaywa Industries, Japan, manufacturer of Amphibious Aircraft US-2, at Defexpo 2018, Chennai. The MoU offers both the companies to join forces in order to set up MRO services / and assembling of structural parts & components for US-2 amphibian aircraft. This MOU also envisages both the companies to build up a strategic partnership for future versions of US-2 amphibian aircraft.

Most realty shares declined. Unitech (down 2.07%), (down 1.56%), (down 1.55%), (HDIL) (down 1.41%), (down 1.22%), Sobha (down 0.92%), (down 0.72%), (down 0.65%), Estate (down 0.22%), (down 0.22%) and (down 0.18%), edged lower. DLF (up 0.16%), Omaxe (up 0.32%), (up 1.60%), (up 2.16%) and (up 2.72%), edged higher.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, April 11 2018. 12:18 IST