Market breadth turns negative

Key equity indices bounced back from early lows and hit fresh intraday high in morning trade. At 10:30 IST, the barometer index, the S&P BSE Sensex, was up 77.31 points or 0.21% at 36,185.78. The Nifty 50 index was up 17.15 points or 0.16% at 10,848.65.

Broader market lagged. Among secondary barometers, the BSE Mid-Cap index was up 0.11%. The BSE Small-Cap index was down 0.04%.

The market breadth, indicating the overall health of the market, turned negative from positive. On BSE, 850 shares rose and 938 shares fell. A total of 117 shares were unchanged.

Metal shares declined. National Aluminium Company (down 1.21%), Hindustan Copper (down 1.15%), Jindal Steel & Power (down 1.15%), Tata Steel (down 0.85%), JSW Steel (down 0.73%), Steel Authority of India (down 0.41%), Hindustan Zinc (down 0.23%), Vedanta (down 0.03%) and Hindalco Industries (down 0.02%), edged lower.

Most FMCG shares advanced. Nestle India (up 0.8%), Britannia Industries (up 0.68%), Colgate Palmolive (India) (up 0.48%), Dabur India (up 0.13%), GlaxoSmithKline Consumer Healthcare (up 0.13%), Godrej Consumer Products (up 0.09%), Hindustan Unilever (up 0.07%) and Tata Global Beverages (up 0.02%), edged higher. Marico (down 0.04%), Jyothy Laboratories (down 0.16%), Procter & Gamble Hygiene & Health Care (down 0.29%) and Bajaj Corp (down 1.42%), edged lower.

Meanwhile, the President of India, as advised by the Prime Minister, hereby directed that during the period of indisposition of Arun Jaitley, minister; the portfolios of Minister of Finance and Minister of Corporate Affairs held by him, be temporarily assigned to Piyush Goyal, in addition to his existing portfolios. Further, as advised by the Prime Minister, Arun Jaitley be designated as minister without portfolio during the period of his indisposition or till such time he is able to resume his work as Minister of Finance and Minister of Corporate Affairs, President's Secretariat said in a press communiqu

Media reports suggested that Goyal, who already holds the charge of the Ministry of Railways, is now expected to present the last budget of his government's five-year tenure. The budget, likely to be presented on 1 February 2019, will be an interim one as elections are due later this year.

Overseas, Asia shares were trading higher on Thursday. US stocks closed higher on Wednesday as upbeat earnings from corporate heavyweights helped to assuage lingering worries over global growth and US-China trade tensions.

Meanwhile, the Senate was poised to vote Thursday on dueling proposals to reopen the government. A partial shutdown entered its 33rd day on Wednesday.

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