Key benchmark indices came off day's high in mid-morning trade. At 11:25 IST, the barometer index, the S&P BSE Sensex, was up 223.9 points or 0.57% at 39,269.73. The Nifty 50 index was up 56.10 points or 0.48% at 11,747.60. Trading sentiment improved following positive developments overnight on the US-China trade front. The S&P BSE Mid-Cap index was down 0.20%. The S&P BSE Small-Cap index was up 0.39%. Both these indices underperformed the Sensex. The market breadth turned negative from positive. On the BSE, 862 shares rose and 1215 shares fell. A total of 109 shares were unchanged. Bank shares were mixed. Among private sector banks, Kotak Mahindra Bank (up 2.10%), Axis Bank (up 1.19%), RBL Bank (up 0.93%), HDFC Bank (up 0.74%), ICICI Bank (up 0.69%), IndusInd Bank (up 0.65%) and State Bank of India (up 0.62%), advanced. While, Yes Bank (down 0.69%) and AU Small Finance Bank (down 0.29%), edged lower. State-run bank stocks were lower. Jammu and Kashmir Bank (down 7.93%), Oriental Bank of Commerce (down 0.48%), Syndicate Bank (down 0.45%), Bank of India (down 0.26%) and Allahabad Bank (down 0.12%), edged lower. While, Bank of Baroda (up 0.74%) and Union Bank of India (up 0.61%), edged higher Punjab National Bank (PNB) was down 0.2%. India rating downgraded Basel III Compliant Tier I Bonds ratings of PNB to IND A/Negative from IND A+/Negative. Realty stocks traded higher. Godrej Properties (up 3.23%), Oberoi Realty (up 2.09%), DLF (up 1.93%), Mahindra Lifespace Developers (up 1.86%), Brigade Enterprises (up 1.24%), Phoenix Mills (up 1.14%) and Prestige Estates Projects (up 0.7%), edged higher. While, Sunteck Realty (down 0.22%), Omaxe (down 0.22%) and Sobha (down 0.07%), declined. Jain Irrigation Systems crashed 22.08% to Rs 21.35. It hit a 52-week low of Rs 20.20 in intraday trade. India Ratings cut its long term issuer rating. India Ratings and Research downgraded Jain Irrigation Systems's (JISL) long-term issuer rating to 'IND BBB' from 'IND A-', while placing it on Rating Watch Negative (RWN). Overseas, Asian stocks were trading higher on Wednesday on growing investor confidence that the Fed will cut interest rates this year. The US Federal Reserve kicked off its two-day monetary policy meeting yesterday. The Fed is expected to leave borrowing costs unchanged this time but possibly lay the groundwork for a rate cut later this year. US stocks logged strong gains on Tuesday. US and China will resume trade talks ahead of a meeting between their leaders at a G20 summit next week, US President Donald Trump has said. Trump said on Twitter he had a very good call with Chinese President Xi Jinping and their teams would start talks before they met in Japan. The two countries are locked in a trade war over the past year. Powered by Capital Market - Live News |