Market breadth turns negative

Key benchmark indices hovered in negative zone in mid-afternoon trade. At 14:27 IST, the barometer index, the S&P BSE Sensex, was down 84.53 points or 0.24% at 35,115.27. The Nifty 50 index was down 28.90 points or 0.27% at 10,571.15.

Stocks drifted higher in early trade as buying resumed in the market after a two-day slide. Key benchmark indices extended gains in morning trade. Indices trimmed gains in mid-morning trade. Indices hovered in a small range with positive bias in early afternoon trade. Volatility struck bourses in afternoon trade as the key benchmark indices erased intraday gains to sink in negative zone.

Domestic stock markets will remain closed tomorrow, 23 November 2018 on account of Gurunanak Jayanti. US financial markets will be closed Thursday for the Thanksgiving Day holiday and see an early close Friday.

The S&P BSE Mid-Cap index was off 0.15%. The S&P BSE Small-Cap index was up 0.12%.

The market breadth, indicating the overall health of the market, turned negative from positive in mid-afternoon trade. On the BSE, 1191 shares rose and 1295 shares fell. A total of 155 shares were unchanged.

M&M (down 2.98%), Power Grid Corporation of India (down 2.05%), Wipro (down 1.81%), Tata Steel (down 1.66%) and Coal India (down 1.3%) edged lower from the Sensex pack.

Among mid-cap stocks, Tata Power Company (down 3.28%), Sun TV Network (down 2.96%) and Castrol India (down 2.72%) declined.

Among small-cap stocks, Hotel Leelaventure (down 10.19%), AXISCADES Engineering Technologies (down 8.59%) and Thangamayil Jewellery (down 7.37%) declined.

Overseas, Stocks in Europe opened lowered on Thursday, dragged down by declines in utility and banking stocks. Asian stock markets were trading mixed ahead of the Thanksgiving holiday in the US.

US stock indexes ended mostly higher Wednesday, with the S&P and Nasdaq recapturing a small share of the of the ugly losses accumulated Monday and Tuesday, led by the same growth technology stocks which had been a main driver of market's recent woes.

In US economic data, orders for US-manufactured durable goods fell by 4.4% in October, the largest decline in 15 months. Existing-home sales rose for the first time in six months, at a seasonally adjusted annual rate of 5.22 million in October, up 1.4% from September. The University of Michigan's consumer-sentiment index fell to 97.5 in November from 98.6 in October.

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