Market breadth turns negative from positive

Volatility ruled the roost in afternoon trade as the key benchmark indices regained strength soon after trimming intraday gains. At 13:25 IST, the barometer index, the S&P BSE Sensex, was up 91.46 points or 0.27% at 34,542.23. The Nifty 50 index was up 5.55 points or 0.05% at 10,590.25. Index heavyweights Reliance Industries and HDFC gained while Infosys dropped.

Among secondary barometers, the BSE Mid-Cap index was up 0.05%. The BSE Small-Cap index was up 0.04%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, turned negative from positive in early afternoon trade. On BSE, 1,283 shares fell and 1,205 shares rose. A total of 150 shares were unchanged.

Yes Bank (up 3.59%), RIL (up 2.35%) and HDFC (up 1.67%) edged higher from the Sensex pack.

Wipro (down 2.16%), Tata Steel (down 2.06%), and Infosys (down 1.19%) edged lower from the Sensex pack.

Overseas, European stocks were little changed following a mixed set of corporate results. Asian shares were mixed with a decline in tech shares and rising US bond yields weighing on investor sentiment. Stocks ended on a mixed note as investors grappled with rising bond yields and a mixed bag of earnings reports.

The closely watched yield on the 10-year Treasury note climbed, settling just below the psychologically important 3% level.

The Chicago Fed national activity index for March declined to 0.10 from 0.98 in February. Preliminary readings of the manufacturing and services purchasing managers' indexes for April showed that IHS Markit flash manufacturing PMI rose to 56.5 in April from 55.6, while the flash reading for services showed a climb to 54.4 in April from 54.

Meanwhile, existing-home sales in the US increased 1.1% in March from the previous month to a seasonally annual rate of 5.60 million.

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