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Market hovers in small range
14-Mar-19   14:38 Hrs IST

Stocks hovered in a small range in mid-afternoon trade. At 14:29 IST, the barometer index, the S&P BSE Sensex, was up 19.66 points or 0.05% at 37,771.83. The Nifty 50 index was up 0.90 points or 0.01% at 11,342.60.

Domestic stocks drifted higher in early trade on buying demand in index pivotals. Stocks trimmed gains in morning trade. Key indices hovered in positive zone in mid-morning trade. Indices reversed trend in afternoon trade.

The S&P BSE Mid-Cap index was off 0.24%. The S&P BSE Small-Cap index was up 0.15%.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 1155 shares rose and 1468 shares fell. A total of 160 shares were unchanged.

Index heavyweight Reliance Industries (RIL) rose 0.26% at Rs 1,350.25. The stock hit a record high of Rs 1,361.45 in intraday today, 14 March 2019.

Sun Pharmaceutical Industries gained 2.23%. Sun Pharmaceutical Industries said that its wholly owned subsidiary has increased its shareholding in PJSC Biosintez, Russia, by purchasing 33,958 shares (30221 ordinary shares and 3737 preferred shares) equivalent to 11.86% of PJSC Biosintez under mandatory tender offer. Post completion of this purchase of shares, the total holding of wholly owned subsidiary company increased from 85.10% to 96.96% in PJSC Biosintez. The announcement was made after market hours yesterday, 13 March 2019.

Rajesh Exports rose 1.26% after the company said it procured export order worth Rs 1079 crore. Rajesh Exports said the order has been procured beating global competition from a leading wholesaler and stockist of Middle East for further distribution to the global markets. The order is to be completed by June 2019.

On the macro front, the annual rate of inflation, based on monthly WPI, stood at 2.93% (provisional) for the month of February 2019 (over February 2018) as compared to 2.76% (provisional) for the previous month and 2.74% during the corresponding month of the previous year. Build up inflation rate in the financial year so far was 2.75% compared to a build up rate of 2.56% in the corresponding period of the previous year. The data was released during market hours today, 14 March 2019.

Overseas, European shares rose Thursday after the British parliament voted to reject a disorderly Brexit. The UK Parliament on Wednesday voted against a no-deal Brexit, a day after lawmakers rejected Prime Minister Theresa May's revised Brexit deal in a 242-391 vote. On Thursday, they will decide on whether to request an extension to the March 29 deadline to reach a trade agreement with the European Union.

Most Asian stocks were trading higher after the European Commission agreed to changes in a Brexit deal ahead of a vote in the British parliament on a divorce agreement. U.S. stocks closed higher Wednesday, as investors parsed economic data that included stronger-than-expected durable goods orders and further signs that inflation remains subdued.

The Commerce Department report also showed core capital orders, a key measure of business investment, rising 0.8% in January after falling sharply the two months previous.

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