Stocks hovered in a small range with positive bias in early afternoon trade. At 12:19 IST, the barometer index, the S&P BSE Sensex, was up 77.45 points or 0.22% at 35,277.25. The Nifty 50 index was up 15.65 points or 0.15% at 10,615.70. Metal and mining stocks declined. Capital goods stocks saw mixed trend.
Stocks drifted higher in early trade as buying resumed in the market after a two-day slide. Key benchmark indices extended gains in morning trade. Indices trimmed gains in mid-morning trade.
Domestic stock markets will remain closed tomorrow, 23 November 2018 on account of Gurunanak Jayanti. US financial markets will be closed Thursday for the Thanksgiving Day holiday and see an early close Friday.
The S&P BSE Mid-Cap index was up 0.19%. The S&P BSE Small-Cap index was up 0.45%.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1302 shares rose and 1013 shares fell. A total of 141 shares were unchanged.
Metal and mining stocks declined. JSW Steel (down 1.2%), Tata Steel (down 1%), Vedanta (down 0.07%), National Aluminium Company (down 0.45%), Hindustan Zinc (down 0.36%), Jindal Steel & Power (down 1.17%), Hindalco Industries (down 0.36%), NMDC (down 1.63%) edged lower. Steel Authority of India (Sail) (up 0.08%) and Hindustan Copper (up 0.1%) edged higher.
Capital goods stocks saw mixed trend. GE T&D India (up 2.28%), Bharat Heavy Electricals (Bhel) (up 0.23%), BEML (up 0.87%), L&T (up 0.78%) and Punj Lloyd (up 1.02%) rose.
ABB India (down 0.68%), Bharat Electronics (down 0.42%), Siemens (down 0.31%) and Thermax (down 0.29%) fell.
Overseas, Asian stock markets were trading mixed ahead of the Thanksgiving holiday in the US. US stock indexes ended mostly higher Wednesday, with the S&P and Nasdaq recapturing a small share of the of the ugly losses accumulated Monday and Tuesday, led by the same growth technology stocks which had been a main driver of market's recent woes.
In US economic data, orders for US-manufactured durable goods fell by 4.4% in October, the largest decline in 15 months. Existing-home sales rose for the first time in six months, at a seasonally adjusted annual rate of 5.22 million in October, up 1.4% from September. The University of Michigan's consumer-sentiment index fell to 97.5 in November from 98.6 in October.
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