Key indices wiped off entire day's gains in the mid-morning session. Selling pressure was witnessed in auto stocks. At 11:18 IST, the barometer index, the S&P BSE Sensex, was up 34.8 points or 0.09% at 37,305.62. The Nifty 50 index was down 2.45 points or 0.02% at 11,033.25.
The S&P BSE Mid-Cap index was up 0.18%. The S&P BSE Small-Cap index was up 0.66%.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1354 shares rose and 731 shares fell. A total of 110 shares were unchanged.
Kridhan Infra surged 4.9% after the company reported an order win. The company reported that Vijay Nirman Company, Kridhan Infra's associate company has secured an order worth Rs 112 crore, for widening of trumpet from two lanes to four lanes from Bengaluru City to Airport and back along with other associated infrastructure work for Bengaluru International Airport.
Auto stocks tumbled. Tata Motors (down 2.42%), TVS Motors Company (down 2.17%), Eicher Motors (down1.97%), Maruti Suzuki India (down 1.69%), Bajaj Auto (down 0.97%), Hero MotoCorp (down 0.8%) and Ashok Leyland (down 0.24%) were top losers in auto segment.
The S&P BSE Auto was down 0.85% at 16,523.81.
Central Bank of India was trading 1.54% higher at Rs 19.8. It reported that Securities Exchange Board of India (Sebi) had imposed penalty of Rs 3 lakh for violating regulations pertaining to debenture trustee operations. Subsequently, the bank had filed an appeal against Sebi before Securities Appellate Tribunal (SAT) on 11 September 2018. The SAT set aside the order of Sebi imposing monetary penalty upon the bank and instead the bank is let off on censure for the violations.
Private sector bank stocks displayed strength. ICICI Bank (up 2.84%), IndusInd Bank (up 2.73%), DCB Bank (up 1.46%), Federal Bank (up 1.23%), AU Small Finance Bank (up 1.19%), HDFC Bank (up 0.99%) and Kotak Mahindra Bank (up 0.08%) rose.
PSU banks witnessed buying. Bank of Baroda (up 2.42%), Allahabad Bank (up 1.19%), Bank of India (up 0.95%), Syndicate Bank (up 0.78%), Oriental Bank of Commerce (up 0.75%), State Bank of India (up 0.42%), Union Bank of India (up 0.17%) and Punjab National Bank (up 0.08%) rose.
The S&P BSE Bankex was up 0.89% at 31,495.1. The Bank Nifty was up 0.73% at 27,978.85.
Overseas, Asian stocks are trading higher on Thursday on hopes for a thaw in US-China trade frictions and expectations that the European Central Bank will kick off another wave of monetary easing by global central banks.
US stocks moved higher on Wednesday, led by tariff-sensitive technology and industrial stocks after China extended an olive branch ahead of next month's trade negotiations with the United States
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