Stocks trimmed gains in morning trade after an initial upmove. At 10:20 IST, the barometer index, the S&P BSE Sensex, was up 28.09 points or 0.07% at 37,587. The Nifty 50 index was up 4.40 points or 0.04% at 11,306.20.
Local stocks drifted higher in early trade on positive Asian stocks.
The S&P BSE Mid-Cap index was up 0.22%. The S&P BSE Small-Cap index was up 0.25%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 972 shares rose and 727 shares fell. A total of 100 shares were unchanged.
Tata Motors (up 1.29%), ICICI Bank (up 1.06%), Reliance Industries (up 1.04%), Bharti Airtel (up 0.78%) and HDFC (up 0.6%) edged higher from the Sensex pack.
Asian Paints (down 1.39%), Bajaj Finance (down 1.27%), IndusInd Bank (down 0.94%), ITC (down 0.68%) and Bajaj Auto (down 0.65%) edged lower from the Sensex pack.
HCL Technologies fell 3.96% after consolidated net income fell 1.7% to Rs 2,568 crore on 1.9% increase in revenue to Rs 15,990 crore in Q4 March 2019 over Q3 December 2018. The result was announced after market hours yesterday, 9 May 2019.
Consolidated EBITDA fell 1.4% to Rs 3,596 crore in Q4 March 2019 over Q3 December 2018. The company expects its 2019-20 revenues to grow between 14-16% in constant currency basis. Operating margin (EBIT) range is expected from 18.5% to 19.5%.
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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