Key equity benchmarks were trading in a narrow range near flat line in the afternoon trade. At 13:20 IST, the barometer index, the S&P BSE Sensex, fell 18.31 points or 0.05% at 37,085.97. The Nifty 50 index also declined 5.20 points or 0.05% at 10,977.60.
The S&P BSE Mid-Cap index was down 0.26%. The S&P BSE Small-Cap index rose 0.35%.
The market breadth, indicating the overall health of the market, was positive. On the BSE, shares 1,135 rose and 1,035 shares fell. A total of 120 shares were unchanged.
Titan Company (up 3%), Bharti Infratel (up 1.38%), Tata Motors (up 1.25%), Hero MotoCorp (up 1.18%) and Kotak Mahindra Bank (up 1.13%) advanced.
Indiabulls Housing Finance (down 2.01%), Bharti Airtel (down 1.45%), Coal India (down 1.34%), Grasim Industries (down 1.25%) and HDFC Bank (down 0.89%) declined.
Dr Reddy's Laboratories fell 1.55%. The company said it has received an EIR from the USFDA indicating closure of this audit of its formulations manufacturing plants at Duvvada, Visakhapatnam, which was completed on 21 June 2019. The announcement was made after market hours yesterday, 12 September 2019.
Yes Bank declined 2.21%. Altico Capital, a non-banking finance company backed by a set of global private equity investors, has defaulted on interest payment to Dubai-based Mashreqbank PSC. Yes Bank is likely to have an exposure to Altico Capital, media reports suggested.
Power Grid Corporation of India rose 0.73% to Rs 200.90 after it was declared a successful bidder in Rajasthan SEZ part-B project and in Bhind Guna transmission project.
Zee Entertainment Enterprises advanced 0.88% to Rs 349.50 after promoter Cyquator Media Services decreased its stake in the company from 20.399% to 12.143% as of 9 September 2019. While another promoter of the company, Essel Corporate LLP reduced its stake from 2.948% to 1.1818% as of 9 September 2019.
Infosys was up 0.87% 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.
Overseas, European stocks were trading higher. 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.
The ECB also confirmed that the interest rates would remain at present or lower levels until the inflation meets the bank's target inflation rate, wiz, near and just below 2%. The 10 bps rate cut aims to boost the long-term refinancing operations to stimulate the lending programs and introduce a tiered system that would ensure the exemption of a chunk of excess reserves parked by banks with the ECB from the negative interest rate.
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.
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