Key benchmark indices cut losses in early afternoon trade. At 12:28 IST, the barometer index, the S&P BSE Sensex, was down 55.68 points or 0.16% at 34,136.97. The Nifty 50 index was down 7.55 points or 0.07% at 10,473.05. FMCG stocks saw mixed trend. Realty stocks gained. Shares of index heavyweight and cigarette major ITC gained. Negative Asian stocks amid geopolitical tensions over Syria and trade war concerns weighed on the domestic bourses.
A bout of volatility was seen in early trade as the key benchmark indices cut losses after a gap-down opening triggered by negative Asian stocks. The Sensex regained the psychological 34,000 level soon after an initial slide pulled it below that level in opening trade. Stocks recovered further lost ground in morning trade. Indices extended losses in mid-morning trade on fresh selling in index pivotals.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 1,445 shares fell and 1,003 shares rose. A total of 163 shares were unchanged. Breadth was negative till morning trade. Breadth weakened in mid-morning trade.
FMCG stocks saw mixed trend. Britannia Industries (up 1.01%), GlaxoSmithkline Consumer Healthcare (up 0.58%), Dabur India (up 0.59%), Godrej Consumer Products (up 0.49%), Marico (up 0.7%), Nestle India (up 0.66%) and Procter & Gamble Hygiene and Health Care (up 0.4%) rose.
Realty stocks gained. Indiabulls Real Estate (up 2.02%), DLF (up 0.62%), Sobha (up 0.27%), Parsvnath Developers (up 1.09%), Omaxe (up 0.58%), Godrej Properties (up 0.36%), Prestige Estates Projects (up 1.56%) and Oberoi Realty (up 0.66%) rose.
Housing Development and Infrastructure (down 0.84%), D B Realty (down 2.66%) and Unitech (down 2.33%) fell.
UCO Bank lost 7.59% on reports CBI filed a case against former bank chairman Arun Kaul relating to an alleged Rs 621 crore bank loan fraud case. According to media reports, officials at UCO Bank had colluded with private infrastructure firm Era Engineering Infra, and investment banking firm Altius Finserve, to siphon two bank loans.
After filing the case, the Central Bureau of Investigation (CBI) reportedly conducted searches at over 10 places in Delhi and Mumbai, including Kaul's residence, the premises of chartered accountants and the two firms. Kaul was the CMD of the bank between 2010 and 2015. It is reportedly alleged that two loans worth Rs 200 crore and Rs 450 crore were given which were then diverted by these companies and not used for the purposes for which they were issued.
On the macro front, India's merchandise exports fell 0.7% to US$ 29.11 billion in March 2018 over a year ago. Meanwhile, merchandise imports moved up 7.1% to US$ 42.80 billion. The trade deficit jumped 28.6% to US$ 13.69 billion in March 2018 from US$ 10.65 billion in March 2017. The data was released by the Ministry of Commerce and Industry after market hours on Friday, 13 April 2018.
Merchandise exports in rupees declined 1.9% to Rs 189271 crore, while imports moved up 5.8% to Rs 278297 crore in March 2018 over March 2017. The trade deficit rose to Rs 89026 crore in March 2018 compared with Rs 70127 crore in March 2017.
India's merchandise exports increased 10% to US$ 302.84 billion, while merchandise imports surged 19.7% to US$ 459.67 billion in April-March 2018. An increase in imports was driven by a 25.7% jump in oil imports to US$ 109.11 billion. India's merchandise trade deficit galloped to US$ 156.83 billion in April-March 2018 from US$ 108.92 billion in April-March 2017.
Overseas, most Asian stocks were trading lower as investors assess airstrikes against Syria over the weekend and focus on the start of earnings season in the US as well as speeches by Federal Reserve officials. US stocks fell on Friday, 13 April 2018 as weakness in shares of banks and finance firms added to the political and trade tensions weighing on the market.
US President Donald Trump declared mission accomplished via Twitter on Saturday, a day after the US, France and the UK launched military strikes targeting three chemical weapons facilities in Syria in retaliation for a suspected poison gas attack in Douma on April 7. Meanwhile, Russian President Vladimir Putin reportedly warned on Sunday that further Western attacks on Syria would bring chaos to world affairs, as Washington prepared to increase pressure on Russia with new economic sanctions.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)