Market breadth turns negative

Key indices hovered in a small range in mid-morning trade amid divergent trend in index pivotals. At 11:28 IST, the barometer index, the S&P BSE Sensex, was down 24.59 points or 0.06% at 38,560.76. The Nifty 50 index was down 3.80 points or 0.03% at 11,580.50. Telecom stocks fell.

Key indices were trading near flat line in early trade. Stocks were trading with small gains in morning trade.

The S&P BSE Mid-Cap index was off 0.22%. The S&P BSE Small-Cap index was off 0.08%.

The market breadth, indicating the overall health of the market, turned negative from positive. On the BSE, 942 shares rose and 1147 shares fell. A total of 144 shares were unchanged.

Reliance Industries (RIL) rose 0.4%. RIL clarified after market hours yesterday, 10 April 2019, that the company or any of its subsidiaries neither set up any gas pipeline in 2006, nor have contracts with any Netherland company for setting up of any gas pipeline and hence the report cannot relate to RIL. RIL has always complied with all rules, regulations and applicable laws and any suggestion of impropriety by RIL is emphatically denied.

Telecom stocks fell. Vodafone Idea (down 1.53%), MTNL (down 0.08%), Tata Teleservices (Maharashtra) (down 0.33%) and Reliance Communications (down 4.96%) fell.

Bharti Airtel rose 2.59%. Bharti Airtel said it has fixed 24 April 2019 as the record date for the purpose of determining the shareholders eligible to apply for the equity shares in the rights issue. The announcement was made after market hours yesterday, 10 April 2019.

Shares of Bharti Infratel fell 0.03%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.

Welspun Corp rose 2.68%. Welspun Corp said that it has received additional pipe orders of 180 KMT on a global basis. Out of these additional orders, 136 KMT will be serviced from India, with a major portion to be executed from the new facility in Madhya Pradesh and balance mainly from Americas. Accordingly, the company's order book at the start of financial year stands at 1,661 KMT valued at Rs 14,100 crore after considering the above additions and the execution up to March 2019. The announcement was made after market hours yesterday, 10 April 2019.

On the political front, voting for the first phase of the 2019 Lok Sabha elections is being held today. Voting will take place in 91 Lok Sabha seats in 20 states and Union territories today. Elections will be held in seven phases from 11 April 2019 to 19 May 2019 and counting will take place on 23 May 2019.

Overseas, Asian stocks were trading lower after a dovish turn by the European Central Bank and milder than expected US inflation.

In US, technology stocks led Wall Street slightly higher on Wednesday, as US inflation data proved to be benign and the minutes from the Federal Reserve's March meeting were unsurprising.

The Federal Reserve is likely to leave interest rates unchanged this year given risks to the US economy from a global slowdown and uncertainty over trade policies and financial conditions, according to the minutes from its March 19-20 policy meeting.

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