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Markets continues to trade lower on weak global cues

In the broader market, the S&P BSE Midcap was trading flat while the S&P BSE Smallcap added 0.2%

Pranati Deva  |  New Delhi 

markets, sensex, nifty
Photo: Shutterstock

Benchmark indices were trading lower tracking global stocks as investors stayed on edge after slumped to a seven-month low. US index provider MSCI’s move to add mainland to one of its key benchmarks dragged the sentiment further.
At 12:07 pm, the S&P BSE was trading at 31,241, down 57 points, while the broader Nifty50 was ruling at 9,622, down 31 points.

"Yesterday’s pull back has signalled that yet another flag pattern may be in motion. So, it might be too early to play the bear side. However, the bear signs are visible now, and a slippage past 9,640 could at first spark volatility, rather than a directional fall," said Geojit Financial Services in a note.
In the broader market, the S&P BSE Midcap was trading flat while the S&P BSE Smallcap added 0.3%.

Sectors and Stocks
Lupin, ONGC, and  Tata Motors lost the most on the index while Sun Pharma, Asian Painta, and RIL were the top gainers.

Monnet Ispat gained 7.10 % after reports that SAIL may take over the debt-ridden company. 

Automakers fell with Auto index down 0.5% on GST concernts. Eicher Motors, Tata Motors, Motherson Sumi and Bajaj Auto shed between 0.5%-1% in early morning trade.

Metal index was the top sectoral loser, down nearly 1%. Vedanta, JSPL, Hindalco, Hind Zinc, JSW Steel were the main laggards on the index.

at 7-month low
shed 2% on Tuesday as increased supply from several key producers overshadowed high compliance by OPEC and non-OPEC producers on a deal to cut global output. The drop took US crude down 20% from its recent high and thus into official bear territory, a red flag to investors who follow technical trends
to add mainland shares
US index provider MSCI, said on Tuesday that it will add mainland to one of its key benchmarks. The full inclusion of domestic in the widely tracked Emerging Index could pull more than $400 billion of funds from asset managers.
It also said it would consult on adding Saudi Arabia to the benchmark and that Nigeria will remain a frontier market, but it shocked many emerging market investors by failing to upgrade Argentina from the frontier market category.
Global Markets
A renewed slump in prices to seven-month lows put Asian investors on edge on Wednesday, overshadowing the decision by US index provider to add mainland to one of its popular benchmarks.
The slide in energy costs boosted bond prices and flattened yield curves as investors priced in lower inflation for longer, while safe-haven flows underpinned the US dollar.
MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.7%, with Australia's commodity-heavy market down 1.1%. Japan's Nikkei eased 0.2%
Among other Asian indices, Hang Seng was down 0.08% while Shanghai index gained 0.3% after the acceptance of some Chinese A shares into MSCI's Emerging Index.

First Published: Wed, June 21 2017. 12:07 IST