Volatility struck bourses in mid-morning trade as the key benchmark indices extended gains soon after sinking in negative zone. At 11:26 IST, the barometer index, the S&P BSE Sensex, was up 115.01 points or 0.31% at 37,673.92. The Nifty 50 index was up 27.90 points or 0.25% at 11,329.70. Realty stocks gained.
Local stocks drifted higher in early trade on positive Asian stocks. Stocks trimmed gains in morning trade.
The S&P BSE Mid-Cap index was up 0.48%. The S&P BSE Small-Cap index was up 0.34%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1125 shares rose and 849 shares fell. A total of 109 shares were unchanged.
Tata Motors rose 1.1%. Jaguar Land Rover (UK), the company's wholly owned subsidiary reported retail sales of 39,185 vehicles in April 2019, down 13.3% compared to April 2018. The introduction of the all-electric Jaguar I-PACE and the sales ramp up of the new Range Rover Evoque continue to be encouraging, however, retail sales of other models were lower primarily reflecting the continuing weaker market conditions in China. The announcement was made during market hours today, 10 May 2019.
Realty stocks gained. DLF (up 0.71%), Indiabulls Real Estate (up 1.52%), Housing Development and Infrastructure (up 1.86%), D B Realty (up 2.43%), Unitech (up 4.65%), Godrej Properties (up 1.42%), Prestige Estates Projects (up 0.13%), and Oberoi Realty (up 3.73%) rose. Sobha (down 0.72%) fell.
Mahanagar Gas dropped 4.66%. Mahanagar Gas' net profit rose 27.40% to Rs 133.46 crore on 23.09% increase in net sales to Rs 722.54 crore in Q4 March 2019 over Q4 March 2018. The result was announced after market hours yesterday, 9 May 2019.
Overseas, Asian stocks edged higher on Friday as investors looked to whether negotiators from USA-China can clinch a deal to avert the hike.
Wall Street's main indexes fell on Thursday ahead of critical trade negotiations between the United States and China, though they pared losses significantly after US President Donald Trump said reaching a deal this week was possible.
Top US and Chinese trade negotiators concluded the first of two days of talks on Thursday to rescue a trade deal that is close to collapsing as Washington prepares to go ahead with plans to hike tariffs on hundreds of billions of dollars of goods imported from China.
In US economic data, the U.S. trade deficit widened in March from February. In March, the trade deficit edged up 1.5% to $50 billion from a revised $49.3 billion in February, the government said Thursday.
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