Market breadth turns negative

The market extended early losses and hit fresh intraday low in morning trade. Metal shares were under pressure. Firmness in IT shares supported benchmarks.

At 10:35 IST, the barometer index, the S&P BSE Sensex, was down 54.74 points or 0.14% at 39,694.99. The Nifty 50 index was down 15.70 points or 0.13% at 11,913.05.

Among secondary barometers, the BSE Mid-Cap index was down 0.40%. The BSE Small-Cap index was down 0.24%.

The market breadth, indicating the overall health of the market, turned negative from positive. On BSE, 889 shares rose and 1088 shares fell. A total of 112 shares were unchanged.

Most metal shares declined. Vedanta (down 2.42%), Jindal Steel & Power (down 1.99%), Hindalco Industries (down 1.78%), JSW Steel (down 1.41%), National Aluminium Company (down 1.28%), Steel Authority of India (down 1.13%), Hindustan Zinc (down 0.68%) and Tata Steel (down 0.24%), edged lower. NMDC was up 1.91%.

Hindustan Copper was up 1.99%. Net profit rose 84.6% to Rs 40.46 crore on 19.2% increase in net sales to Rs 454.77 crore in Q4 March 2019 over Q4 March 2018. The result was announced during trading hours yesterday, 28 May 2019.

Most IT shares advanced. Hexaware Technologies (up 2.16%), TCS (up 1.92%), HCL Technologies (up 1.64%), Wipro (up 1.02%), Infosys (up 0.57%), Tech Mahindra (up 0.56%) and MindTree (up 0.24%), edged higher. Persistent Systems (down 0.05%), Oracle Financial Services Software (down 0.13%) and MphasiS (down 0.3%), edged lower.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 69.7475, compared with its close of 69.69 during the previous trading session.

A weak rupee boosts revenue of IT firms in rupee terms as the sector derives a lion's share of revenue from exports.

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