Key indices hovered with modest gains in mid-morning trade. At 11:24 IST, the barometer index, the S&P BSE Sensex, was up 101.95 points or 0.28% at 36,255.57. The Nifty 50 index was up 28.15 points or 0.26% at 10,859.55. Realty stocks rose.
Domestic stocks edged higher in early trade boosted by improved industrial production data for December. Stocks trimmed gains in morning trade.
On the macro front, India's industrial production (base year 2011-12=100) increased at improved pace of 2.4% in December 2018, compared with 0.3% growth recorded in November 2018. The industrial production growth for November 2018 has been revised downwards from 0.5% increase reported provisionally. The data was released by government after market hours yesterday, 12 February 2019.
The all-India general CPI inflation eased to 2.05% in January 2019 (new base 2012=100), compared with 2.11% in December 2018. The corresponding provisional inflation rate for rural area was 1.29% and urban area 2.91% in January 2019 as against 1.50% and 2.91% in December 2018. The core CPI inflation eased to 5.36% in January 2019 compared with 5.66% in December 2018. The data was released by government after market hours yesterday, 12 February 2019.
The S&P BSE Mid-Cap index was up 0.15%. The S&P BSE Small-Cap index was up 0.12%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1041 shares rose and 1027 shares fell. A total of 114 shares were unchanged.
Realty stocks rose. Indiabulls Real Estate (up 1.5%), DLF (up 0.22%), Housing Development and Infrastructure (up 1.99%), D B Realty (up 4.83%), Sobha (up 2.94%), Godrej Properties (up 3%), Prestige Estates Projects (down 0.75%) and Oberoi Realty (up 2.47%) gained.
Lakshmi Machine Works rose 0.53%. Lakshmi Machine Works announced after trading hours yesterday, 12 February 2019, that during the financial year 2019-20, it is expected to commence assembly of machine tools for DMG Mori Co., Japan and supply the same to DMG Mori India. Based on the orders placed by DMG Mori India, the assembly of machine tools will happen at the company's existing machine tool division facility located in Coimbatore. It is further informed that this activity will not involve any capital expenditure.
Overseas, Asian stocks nudged higher on Wednesday, lifted by optimism that the United States and China might be able to hammer out a deal to resolve their nearly year-long trade dispute. US stock indexes closed at their highest levels for 2019 on Tuesday after lawmakers reached a tentative deal to prevent a government shutdown and as optimism grew over a potential trade deal between the U.S. and China.
Democratic and Republican lawmakers reached a deal late Monday to avert another government closure after GOP negotiators agreed to a border-security deal that will involve far less money for an extension of the southern U.S. border wall than President Donald Trump has been demanding.
Bilateral trade negotiations entered a second day in Beijing, with Treasury Secretary Steven Mnuchin and U.S. Trade Representative Robert Lighthizer due to arrive Thursday for more high-level discussions.
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