Stocks gyrated in a small range in mid-morning trade. At 11:25 IST, the barometer index, the S&P BSE Sensex, was up 70.10 points or 0.18% at 38,800.96. The Nifty 50 index was up 30.30 points or 0.26% at 11,672.10. Metal and mining stocks gained.
Local stocks were trading with modest gains in early trade on buying demand in index pivotals. Key indices hovered in positive zone in morning trade.
The S&P BSE Mid-Cap index was off 0.27%. The S&P BSE Small-Cap index was off 0.12%.
The market breadth, indicating the overall health of the market, turned negative from positive. On the BSE, 949 shares rose and 1058 shares fell. A total of 133 shares were unchanged.
Metal and mining stocks gained. JSW Steel (up 2.46%), Steel Authority of India (Sail) (up 2.4%), National Aluminium Company (up 0.95%), Vedanta (up 0.47%), Jindal Steel & Power (up 5.33%), Hindalco Industries (up 1.55%), NMDC (up 1.29%) edged higher. Hindustan Copper (down 0.42%) and Hindustan Zinc (down 0.15%) edged lower.
Tata Steel rose 6.33%. The company's consolidated net profit fell 84.37% to Rs 2,295.25 crore on 23.76% increase in net sales to Rs 41,186.44 crore in Q4 March 2019 over Q4 March 2018. Results for the periods relating to current year include Tata Steel BSL starting 18 May 2018, hence not comparable with previous periods. The result was announced after market hours yesterday, 25 April 2019.
Tata Steel had a one-time exceptional gain of Rs 11,376 crore in Q4 March 2018, which boosted profit in the year-earlier period.
Tata Steel said production rose 26% to 7.21 million tonnes in Q4 March 2019 over Q4 March 2018.
Cyient rose 1.51% after the company reported strong results after market hours yesterday, 25 April 2019. On a consolidated basis, Cyient's net profit rose 49.16% to Rs 176.60 crore on 9.52% rise in net sales to Rs 1162.90 crore in Q4 March 2019 over Q4 March 2018.
Overseas, Asian stocks fell back Friday after mixed messages from U.S. benchmarks and as earnings season continued.
U.S. stocks closed mostly lower Thursday as manufacturing-related sectors logged big losses, offsetting a rally in social-media shares.
In US economic data, orders for durable goods rose by 2.7% in March, the largest one-month increase since last summer, the Commerce Department said. A key measure of business investment, core durable orders, rose 1.3% in March, the third straight monthly increase.
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