Cement stocks decline

Key indices were trading with modest losses in mid-afternoon trade. At 14:23 IST, the barometer index, the S&P BSE Sensex, was down 89.33 points or 0.22% at 40,178.29. The Nifty 50 index was down 37.75 points or 0.31% at 12,050.80. Cement stocks dropped.

Key indices cut losses soon after opening with downward gap. A bout of volatility was witnessed in morning trade as the key indices once again sank in negative zone after briefly turning positive. Stocks hovered in negative zone in mid-morning trade. Weakness persisted on the bourses in early afternoon trade. Stocks sharply pared losses after hitting fresh intraday low in afternoon trade.

The S&P BSE Mid-Cap index was down 0.11%. The S&P BSE Small-Cap index was up 0.01%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 1088 shares rose and 1351 shares fell. A total of 173 shares were unchanged.

Maruti Suzuki India rose 0.11%. Maruti Suzuki India today flagged off one-of-its-kind mobile NEXA terminal, taking the NEXA experience to markets where it is currently not present. The NEXA terminal will reach out to prospective and existing customers throughout the country, giving them an opportunity to experience NEXA. The announcement was made during market hours today, 4 June 2019.

Cement stocks dropped. Ambuja Cements (down 4.22%), ACC (down 3.93%), UltraTech Cement (down 1.51%) and Shree Cement (down 2.78%) declined.

Grasim Industries was down 0.98%. Grasim has exposure to the cement sector through its holding in UltraTech Cement.

GE Power India advanced 3.21% after the company was awarded a contract worth Rs 738.3 crore by Aravali Power Company (a Joint venture company of NTPC, Haryana Power Generation Company and Indraprastha Power Generation Company) for Design, Engineering, Civil Work, Supply, Erection and Commissioning of Wet FGD systems along with auxiliaries like Limestone and Gypsum Handling System and Wet Stack on full turnkey basis.

Overseas, shares in Europe and Asia were under pressure as an intensifying US-China trade war inflamed concerns about global growth. Back in Europe, Trump and first lady Melania Trump will be continuing their state visit in Britain on Tuesday.

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