Indices traded with minor losses in the mid-morning trade. The Nifty struggled to gain momentum and remained range bound with immediate support at 10,950.
At 11:22 IST, the barometer index, the S&P BSE Sensex, was down 14.01 points or 0.04% at 37,090.327. The Nifty 50 index was down 9.75 points or 0.09% at 10,973.05.
Mid caps posted a slight recovery. The S&P BSE Mid-Cap index was down 0.39%. The S&P BSE Small-Cap index was up 0.18%.
The market breadth was positive. On the BSE, 1009 shares rose and 959 shares fell. A total of 118 shares were unchanged.
On domestic macro front, India's industrial production (base year 2011-12=100) improved 4.3% in July 2019, while showing acceleration in growth from four-month low of 1.2% in June 2019. However, the industrial production growth for June 2019 was revised downwards to 1.2% from 2% as reported provisionally.
The all-India general CPI inflation was nearly steady at 3.21% in August 2019 (new base 2012=100), compared with 3.15% in July 2019. The core CPI inflation eased to 4.20% in August 2019 compared with 4.25% in July 2019.
Virinchi surged 3.75% to Rs 49.80 after the company won an Aadhar enrollment kit project worth Rs 20 crores from Telangana state government.
J. Kumar Infraprojects rose 1.23% higher to Rs 132.15 after the company won an order from Mumbai Metropolitan Region Development Authority (MMRDA) for constructing and designing elevated viaducts and nine elevated stations for Mumbai Metro line 9. The order is worth Rs 1998 crore .
Infosys was up 0.5% after the company announced the launch of Live Enterprise Suite. According to company's press release, Live Enterprise Suite is a comprehensive set of platforms, solutions and digital services that help incumbent enterprises to accelerate their digital innovation journey.
Unichem Laboratories gained 3.13% after United States Food and Drug Administration (USFDA) successfully concluded inspection without any FDA form 483 issued. The inspection was conducted at company's Active Pharmaceutical Ingredients (APls) facility at Roha from 9 September 2019 to 12 September 2019.
Overseas, Asian stocks were trading higher on Friday as hints of progress in the US-China trade dispute and aggressive stimulus from the European Central Bank (ECB) helped to counter worries about a global economic slowdown.
US stocks rose on Thursday, buoyed by positive developments on the US-China trade front and a promise of continued stimulus from the European Central Bank.
The European Central Bank (ECB) approved a fresh stimulus package as expected on Thursday, cutting interest rates and approving a new round of bond purchases to prop up euro zone growth and halt a worrisome drop in inflation expectations. The ECB cut its deposit rate to a record low -0.5% from -0.4% and will restart bond purchases of 20 billion euros a month from November, it said in a statement.
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