The benchmark indices continued to trade near the flat line with tiny losses in mid-morning trade. The Nifty hovered below the 18,650 mark after hitting the day's high of 18,676.65 in early trade. Private bank shares rose after declining for the past trading session.
At 11:29 IST, the barometer index, the S&P BSE Sensex, was down 35.42 points or 0.06% to 62,813.22. The Nifty 50 index shed 9.25 points or 0.05% to 18,625.30.
The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index gained 0.25% while the S&P BSE Small-Cap index rose 0.27%.
The market breadth was positive. On the BSE, 1,825 shares rose and 1,499 shares fell. A total of 143 shares were unchanged.
Buzzing Index:
The Nifty Private Bank index rose 0.73% to 22,577.75. The index declined 0.76% in the past trading session.
RBL Bank (up 2.74%), IndusInd Bank (up 2.33%), Axis Bank (up 1.5%), IDFC First Bank (up 0.69%), ICICI Bank (up 0.52%), Bandhan Bank (up 0.44%), HDFC Bank (up 0.21%) edged higher.
On the other hand, Kotak Mahindra Bank (down 0.63%), Federal Bank (down 0.24%) and City Union Bank (down 0.16%) declined.
Stocks in Spotlight:
Greenlam Industries jumped 6.78% after the company announced the commencement of commercial production of plywood and allied products at its Tindivanam facility.
Zydus Lifesciences rose 0.38%. The drug maker announced that it has strarted of phase IV real world data registry trial 'Evidences- X'I for Saroglitazar Magnesium in non-alcoholic fatty liver disease (NAFLD) patients with comorbidities. The phase IV Evidences- XI trial will enrol approximately 1500 male and female NAFLD patients with comorbidities (either obesity, type 2 diabetes mellitus, dyslipidemia or metabolic syndrome- 200 patients each).
Global Markets:
Asian stocks advanced on Friday, tracking an overnight rise in US stocks. Investors digested China's consumer price index, which saw a 0.2% rise in May and its producer prices that fell 4.6% year on year, marking the steepest drop since June 2016.
US stocks closed higher on Thursday, regaining some of their momentum, thanks to a rebound by technology stocks. Investors were sitting on the sidelines ahead of inflation data and a Federal Reserve policy meeting next week.
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