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The benchmark indices were trading in a narrow range with modest gains in morning trade. At 10:26 IST, the barometer index, the S&P BSE Sensex, was up 134.71 points or 0.35% % at 38,870.94 .The Nifty 50 index was up 23.95 points or 0.21% at 11,576.45 .

The broader market declined. The S&P BSE Mid-Cap index was down 0.59%. The S&P BSE Small-Cap index was down 0.19%.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 838 shares rose and 941 shares fell. A total of 115 shares were unchanged.

Most IT shares fell. Hexaware Technologies (down 1%), MindTree (down 0.83%), MphasiS (down 0.82%), Wipro (down 0.37%), Oracle Financial Services Software (down 0.28%), Persistent Systems (down 0.23%), HCL Technologies (down 0.11%) and TCS (down 0.08%) declined. Infosys (up 5.25%) and Tech Mahindra (up 0.16%) advanced.

 

The telecom shares were mixed. MTNL (down 4.04%) and Tata Teleservices (Maharashtra) (down 3.8%) declined. Vodafone Idea (up 0.85%) and Bharti Airtel (up 0.6%) advanced.

Reliance Communications (RCom) was up 3.17%. With reference to a news item titled, 'SBI probe flags Rs 5,500 crore deals among Anil Ambani cos', RCOm clarified that the media report refers to alleged findings of an audit conducted by lenders led by State Bank of India (SBI), through BDO India LLP (BDO). It added that BDO has not submitted any report nor raised any queries or discussed their findings with RCom's management. Hence, no disclosure has been made in this regard.

Karnataka Bank was up 0.99% to Rs 102.50. The company announced Q1 June 2019 result after market hours on Friday, 12 July 2019. The bank's net profit rose 7.5% to Rs 175.42 crore on a 13.2% rise in the total income to Rs 1829.16 crore in Q1 June 2019 over Q1 June 2018.

Hathway Cable & Datacom was down 1.84% to Rs 24. The company announced Q1 June 2019 result after market hours on Friday, 12 July 2019. On a consolidated basis, Hathway Cable & Datacom reported net loss of Rs 9.72 crore in Q1 June 2019 compared with net loss of Rs 51.69 crore in Q1 June 2018. Net sales rose 16.9% to Rs 449.78 crore in Q1 June 2019 over Q1 June 2018.

Adani Ports and Special Economic Zone was down 0.57% to Rs 412.80. The company announced on Friday, 12 July 2019, that the company will issue dollar denominated bonds issued in one or more tranches overseas, and that may be listed in any one or more stock exchanges in India or overseas. The total amount raised will not exceed $ 700 million. The proceeds of the Bonds will be used for the refinancing of existing notes due in 2020 and other permissible end uses in accordance with applicable laws including Reserve Bank of India guidelines.

On the macro front, India's industrial production (base year 2011-12=100) rose at slower pace of 3.1% in May 2019, while showing moderation in growth from a six-month high of 4.3% in April 2019. However, the industrial production growth for April 2019 has been revised sharply upwards to 4.3% from 3.4% as reported provisionally.

The all-India general CPI inflation rose to 3.18% in June 2019 (new base 2012=100), compared with 3.05% in May 2019. The corresponding provisional inflation rate for rural area was 2.21% and urban area 4.33% in June 2019, as against 1.86% and 4.51% in May 2019. The core CPI inflation eased to 4.09% in June 2019 compared with 4.23% in May 2019. Both the data were released by the government after market hours on Friday, 12 July 2019.

Overseas, most Asian stocks were trading higher after investors digested data showing Chinese economic growth slowed in the second quarter. Markets in Japan are closed on Monday for a holiday.

China released second-quarter figures showing that its economy slowed to 6.2%. From April to June, China's economy grew 6.2% from a year ago, the country's statistics bureau said on Monday.

US stocks posted record closing highs on Friday after Federal Reserve Chairman Jerome Powell in two days of congressional testimony bolstered investor expectations for an interest-rate cut at the end of the month. As per reports, the Fed will move at its July 30-31 meeting to cut its fed-funds rate by at least a quarter point and to potentially deliver further cuts before year-end.

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