Stocks gyrated in a small range in mid-afternoon trade amid divergent trend in index pivotals. At 14:28 IST, the barometer index, the S&P BSE Sensex, was up 84.42 points or 0.25% at 34400.05. The Nifty 50 index was up 16.75 points or 0.16% at 10,320.30.
Domestic stocks trimmed gains after a firm start on steady buying demand in index pivotals. Volatility struck bourses in morning trade as the key benchmark indices once again regained strength soon after erasing almost entire gains posted in early trade. Stocks hovered in small range with positive bias in mid-morning trade. Key indices were trading with steady gains in early afternoon trade. Benchmarks turned range bound in afternoon trade.
The S&P BSE Mid-Cap index was off 0.1%. The S&P BSE Small-Cap index was off 1.34%.
The market breadth, indicating the overall health of the market, was weak. On the BSE, 896 shares rose and 1586 shares fell. A total of 162 shares were unchanged.
IndusInd Bank (down 8.2%), Yes Bank (down 3.45%), Asian Paints (down 2.66%), ONGC (down 2.08%), Reliance Industries (down 2.02%) and Tata Motors (down 1.89%) edged lower from the Sensex pack.
Hero MotoCorp rose 1.09%. In keeping with its strategic focus and commitment to introduce higher-engine capacity products, Hero MotoCorp today launched the new Destini 125 scooter. The Destini 125 aims to fortify the company's presence in the fast-growing 125cc scooter segment. The new Destini 125 will be available from tomorrow across Hero dealerships in the Delhi-NCR region, at Rs 54,650 (Ex-Showroom) for the Lx variant and Rs 57,500 (Ex-Showroom) for the Vx variant. The announcement was made during market hours today, 22 October 2018.
Unichem Laboratories rose 2.56%. Unichem Laboratories said its Active Pharmaceutical Ingredient (API) manufacturing facilities at Pithampur (Madhya Pradesh) and Roha (Maharashtra) have received Establishment Inspection Reports (EIR) from the US Food and Drug Administration (USFDA) indicating closure of inspections at both facilities. The announcement was made during trading hours today, 22 October 2018.
The inspection at Pithampur was conducted by the FDA from 23 July 2018 to 27 July 2018. The inspection at Roha was conducted by the FDA from 30 July 2018 to 3 August 2018.
Overseas, shares in Europe were trading higher as investors focus mostly on corporate earnings with several big firms announcing their latest results. However, investors will keep an eye on politics. Italy is reportedly expecting the European Commission to reject its draft budget on Tuesday and ask for a new plan, given the planned increase in public spending.
Most Asian stocks rose, led by Chinese stocks after Beijing's pledge to support the economy and tackle market volatility. Chinese stocks advanced after top officials continued to express support for the nation's struggling private sector.
Over the weekend, President Xi Jinping vowed unwavering support for non-state firms, while the country's stock exchanges committed to help manage share-pledge risks. China also released its widely-expected plan to cut personal income taxes after data showed the nation's economy grew at the slowest pace since 2009.
US stocks closed mostly lower on Friday, 19 October 2018 as weak housing data overshadowed solid corporate earnings. On the data front, existing-home sales fell 3.4% in August, according to the National Association of Realtors, the lowest level since November 2015.
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