Key indices erased intraday gains and sink in negative zone in mid-morning trade. At 11:23 IST, the barometer index, the S&P BSE Sensex, was down 6.37 points or 0.02% at 36,311.96. The Nifty 50 index was down 3.90 points or 0.04% at 10,882.90. Most FMCG stocks declined. Key benchmark indices drifted higher in early trade on positive Asian stocks. Stocks trimmed gains in morning trade. The S&P BSE Mid-Cap index was up 0.08%. The S&P BSE Small-Cap index was up 0.3%. Both these indices outperformed the Sensex. The market breadth, indicating the overall health of the market, was positive. On the BSE, 1120 shares rose and 942 shares fell. A total of 127 shares were unchanged. Index heavyweight and cigarette major ITC lost 1.15% to Rs 293.20. Most FMCG stocks declined. Nestle India (down 1.68%), Procter & Gamble Hygiene and Health Care (down 0.52%), Britannia Industries (down 0.95%), GlaxoSmithkline Consumer Healthcare (down 0.61%), Dabur India (down 0.82%), Godrej Consumer Products (down 0.33%), Hindustan Unilever (down 0.71%) and Marico (down 0.1%) edged lower. Tata Global Beverages (up 1.31%), Colgate-Palmolive (India) (up 0.67%), Jyothy Laboratories (up 0.15%) and Bajaj Consumer Care (up 0.48%) rose. KPIT Technologies fell 4.01% after consolidated net profit fell 21.36% to Rs 64.93 crore on 6.60% decline in net sales to Rs 563.70 crore in Q3 December 2018 over Q2 September 2018. The result was announced after market hours yesterday, 15 January 2019. On the macro front, trade deficit narrowed in December 2018, government data released after market hours yesterday, 15 January 2019 showed. India's merchandise exports rose 0.3% to US$ 27.93 billion in December 2018 over a year ago. Meanwhile, merchandise imports declined 2.4% to US$ 41.01 billion, leading to 7.9% dip in the trade deficit to 10-month low of US$ 13.08 billion in December 2018 from US$ 14.20 billion in December 2017. Merchandise exports in rupees increased 10.5% to Rs 197536 crore, while imports moved up 7.4% to Rs 290033 crore in December 2018 over December 2017. The trade deficit declined to Rs 92497 crore in December 2018 compared with Rs 95594 crore in December 2017. Overseas, most Asian stock markets were trading higher supported by positive sentiment to China signaling more stimulus measures to come, including larger tax cuts, amid concerns of a slowdown in the world's second-largest economy. US stocks snapped a two-session skid Tuesday, as a robust tech rally offset lackluster results from major US banks, including Dow-component JPMorgan Chase & Co. In the UK, Prime Minister Theresa May's plan to leave the European Union by a March 29 deadline was rejected overwhelmingly by the parliament, triggering more uncertainty as the country struggles to engineer an orderly exit from the trade bloc. In a crushing defeat, 432 members voted against May's proposal while 202 voted in favor. Powered by Capital Market - Live News |