The key domestic benchmark indices were trading near the flat line in the late morning trading session as investors reacted to lower-than-expected macro data which showed that India’s export growth rate reduced in January to 9.07 per cent, from 12.03 per cent in December.
Adding to the woes, the trade deficit widened to a 56-month high of USD 16.3 billion in January, against the USD 14.9 billion deficit in December and USD 9.91 billion in the year ago period.
On the corporate front, Fortis Healthcare remained in focus after Supreme Court allowed the financial institutions to sell or transfer pledged shares. Shares of Punjab National Bank continued losing streak for and plunged nearly 3 per cent on the BSE amid persistent concerns over Rs 114 billion fraud detection.
Among others, shares of Gitanjali Gems also remained in limelight as the Enforcement Directorate (ED) conducted searches in properties linked to billionaire jewellery designer Nirav Modi and company’s offices across India in PNB fraud case and seized diamond, gold, and jewellery worth Rs 51 billion. Share price of Indoco Remedies added 6.4 percent in morning as it has received certification for its Goa plant.
At 11:15 a.m, the Bombay Stock Exchange bellwether Sensex was at 34270.64 down by 26.83 points or by 0.08 per cent, while the NSE Nifty was at 10541.5 down by 4 points or by 0.04 per cent.
The BSE Sensex touched an intraday high of 34508.24 and an intraday low of 34252.08 while the NSE Nifty touched an intraday high of 10612.9 and an intraday low of 10531.5.
The top gainers of the BSE Sensex pack were Tata Consultancy Services Ltd. (Rs. 2980.60,+1.87 per cent), Dr. Reddy's Laboratories Ltd. (Rs. 2230.00,+1.62 per cent), Infosys Ltd. (Rs. 1131.35,+1.54 per cent), Kotak Mahindra Bank Ltd. (Rs. 1055.70,+1.42 per cent), Wipro Ltd. (Rs. 293.55,+0.69 per cent), among others.
Meanwhile, YES Bank Ltd. (Rs. 313.75,-1.94 per cent), Sun Pharmaceutical Industries Ltd. (Rs. 569.55,-1.33 per cent), Maruti Suzuki India Ltd. (Rs. 8909.10,-1.24 per cent), State Bank of India (Rs. 275.40,-1.24 per cent), Tata Motors Ltd. (Rs. 372.45,-0.98 per cent), were among the top losers on BSE.
The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total 2589 shares traded, 866 shares advanced, 1637 shares declined while 86 were unchanged.
On the global front, Asian stocks were trading higher taking cues from the rally on Wall Street, while the Wall Street closed higher in the previous trading session as investors shrugged off recent inflation worries that sent the market into a sell-off at the start of the month.