Market breadth turns negative

Key equity indices came off day's high and were trading near flat line in mid-morning trade. At 11:20 IST, the barometer index, the S&P BSE Sensex, was down 4.34 points or 0.01% at 35,349.74. The Nifty 50 index was down 11.20 points or 0.11% at 10,617.40.

Among secondary barometers, the BSE Mid-Cap index was down 0.05%. The BSE Small-Cap index was up 0.21%.

The market breadth, indicating the overall health of the market, turned negative from positive. On BSE, 1053 shares rose and 1068 shares fell. A total of 119 shares were unchanged.

Pharmaceuticals shares were mixed. Cadila Healthcare (down 2%), Cipla (down 1.26%), Wockhardt (down 0.99%), Aurobindo Pharma (down 0.59%), GlaxoSmithKline Pharmaceuticals (down 0.54%), Piramal Enterprises (down 0.2%), Alkem Laboratories (down 0.14%) and Divi's Laboratories (down 0.03%), edged lower. Dr Reddy's Laboratories (up 0.03%), Lupin (up 0.2%), Strides Shasun (up 0.75%), IPCA Laboratories (up 1.12%) and Glenmark Pharmaceuticals (up 1.15%), edged higher.

Sun Pharmaceutical Industries was down 4.83%. The company announced that it has entered into a definitive agreement to acquire Pola Pharma Inc. (Pola Pharma), a Japanese pharmaceutical company engaged in research and development, manufacture, sale and distribution of branded and generic products in Japan. The portfolio of Pola Pharma primarily comprises dermatology products. The announcement was made after market hours yesterday, 26 November 2018.

IT shares were mixed. Infosys (up 2.25%), HCL Technologies (up 1.29%), Oracle Financial Services Software (up 1.08%), MphasiS (up 0.51%), Hexaware Technologies (up 0.10%) and TCS (up 0.03%), edged higher. Tech Mahindra (down 0.12%), Persistent Systems (down 0.24%), Wipro (down 0.33%) and MindTree (down 1.03%), edged lower.

Overseas, Asian shares were mixed on Tuesday after US President Donald Trump quashed hopes of a trade truce with China, dampening risk appetite across the region.

In a media interview, Trump said it is highly unlikely that he would delay an increase in tariffs from 10% to 25% on 1 January 2019. His comments came days before the G-20 summit in Buenos Aires, Argentina, where he is set to meet Xi for trade talks. Many investors and decision makers are hoping that the summit will diffuse trade tensions between the US and China after each country applied additional tariffs on billions of dollars' worth of each other's imports.

US stocks closed higher Monday as retail shares rallied on expectations of strong sales as shoppers went hunting for deals on Cyber Monday. Stable oil prices and global equities gains also soothed sentiment after a bruising week of losses.

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