Indices turn range bound

The market was hovering in a narrow range near day's low in mid-afternoon trade. At 14:25 IST, the barometer index, the S&P BSE Sensex, was down 88.11 points or 0.24% at 36,637.31. The Nifty 50 index was down 31.25 points or 0.28% at 11,026.95. The Nifty managed to hold above the psychological 11,000 mark.

The indices opened with small losses and declined further to hit fresh intraday low in morning trade. Benchmarks trimmed losses in mid-morning trade. Indices were trading near day's low in early afternoon trade. Benchmarks hit fresh intraday low in afternoon trade.

Weak global cues amid concern over sluggish global growth spoiled investors sentiment. Steep selling of stocks by domestic institutional investors (DIIs) also worried investors. DIIs sold shares worth a net Rs 925.46 crore on Thursday, 7 March 2019, as per provisional data.

Among secondary barometers, the BSE Mid-Cap index was down 0.23%. The BSE Small-Cap index was down 0.09%.

The market breadth, indicating the overall health of the market, was negative. On BSE, 1076 shares rose and 1436 shares fell. A total of 139 shares were unchanged.

Capital goods shares were mixed. Suzlon Energy (up 8.23%), Punj Lloyd (up 4.86%), BEML (up 1.45%), GE Power India (up 1.19%), Havells India (up 0.95%), AIA Engineering (up 0.89%), Lakshmi Machine Works (up 0.45%), Siemens (up 0.39%) and SKF India (up 0.27%), edged higher. ABB India (down 0.6%), Larsen & Toubro (down 0.76%), Crompton Greaves (down 0.82%), Reliance Defence and Engineering (down 0.85%), Praj Industries (down 1.38%), Bharat Electronics (down 1.62%), Jindal Saw (down 1.66%), Bharat Heavy Electricals (down 1.76%), GE T&D India (down 2.55%) and Thermax (down 2.9%), edged lower.

Realty shares were mixed. Peninsula Land (down 3.33%), Parsvnath Developers (down 1.68%), D B Realty (down 1.65%), Anant Raj (down 1.46%), Prestige Estates Projects (down 1.24%), Housing Development and Infrastructure (HDIL) (down 1.22%), DLF (down 0.57%) and Mahindra Lifespace Developers (down 0.09%), edged lower. Godrej Properties (up 0.11%), Sobha (up 0.23%), Oberoi Realty (up 0.25%), Indiabulls Real Estate (up 0.39%), Omaxe (up 0.73%), Phoenix Mills (up 1.36%), Sunteck Realty (up 1.71%) and Unitech (up 4.61%), edged higher.

Overseas, European shares fell as investors continue to digest news of further stimulus in the euro zone. Asian shares declined on the back of an overnight slide in the US market, as investors grappled with fresh concerns over the state of the global economy.

US stocks finished lower for a fourth straight session Thursday on mounting evidence of a slowing global economy. The European Central Bank (ECB) cut its growth forecast for 2019 and announced a fresh round of stimulus to aid banks in the region. ECB President Mario Draghi said the central bank cut its growth estimate to 1.1%, down from a 1.7% expansion forecast released in December. The ECB's announcements come amid lingering concerns over a possible economic slowdown across the globe.

On the US data front, first-time unemployment claims fell to 223,000 in the week ended March 2, from 226,000 the previous seven days. The productivity of the US workforce rose at an annual pace of 1.9% in the fourth quarter of 2018, the Labor Department reported.

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