Stocks once again regained positive zone in mid-afternoon trade amid volatility. At 14:30 IST, the barometer index, the S&P BSE Sensex, was up 109.30 points or 0.28% at 39,639.02. The Nifty 50 index was up 37.90 points or 0.32% at 11,881.65. Gains were led by HDFC Bank, ICICI Bank and HDFC.
Domestic stocks drifted lower in early trade on selling pressure in index pivotals. Volatility struck bourses in morning trade as the key indices regained positive zone. Trading continued to be volatile in mid-morning trade as the key indices once again slipped in negative zone. Indices turned range bound with tiny losses in afternoon trade.
The S&P BSE Mid-Cap index was off 0.03%. The S&P BSE Small-Cap index was down 0.09%.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 971 shares rose and 1428 shares fell. A total of 128 shares were unchanged.
Shares of HDFC Bank (up 0.91%), ICICI Bank (up 1.19%) and HDFC (up 0.82%) gained.
IndusInd Bank rose 0.75%. The credit rating of the debt instruments issued by IndusInd Bank has been reaffirmed by IndiaRatings. The rating of infra bonds and the long term issuer rating have been reaffirmed at AA+, with stable outlook. The rating of additional tier I bonds was reaffirmed at AA with stable outlook and short term issuer rating has been reaffirmed at A1+.
Bharti Airtel rose 1.13%. Bharti Airtel said it partnered with OYO Hotels & Homes, to launch OYO Store on 'Airtel Thanks' application. Through OYO Store, Airtel customers can now seamlessly book quality and affordable accommodations directly out of the Airtel Thanks app. Additionally, customers can also make online payments seamlessly via Airtel Payments Bank.
Sagar Cements rose 0.22% after the company said its consolidated production rose 12.91% to 277,146 metric tonne in May 2019 as against May 2018. Consolidated sales rose 13.29% to 2,75,330 MTs in May 2019 as against May 2018.
Overseas, European stocks were trading higher on Friday, as investors digested the latest news surrounding trade and the global economy. The European Central Bank (ECB) decided that it would postpone its first post-crisis interest rate hike, while raising its inflation forecast.
Meanwhile, Theresa May is expected to officially step down as leader of the UK's Conservative Party, however she will maintain her position as Prime Minister until a political heir is found.
Most Asian stocks were trading higher as investors waited for concrete signs of progress in the US-Mexican trade standoff, while bracing for a US jobs report that could sway the course of interest rates there.
US stocks closed higher after a choppy session on Thursday as investors grew more optimistic on trade after reports that the United States is considering a delay in imposing tariffs on Mexican imports.
The International Monetary Fund (IMF) has raised economic growth forecasts for the US to 2.6% this year and 2% in 2020, compared to 2.3% and 1.9% in April respectively, despite the trade war with China and threats to Mexico.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)