Market breadth turns positive

Key indices cut losses in morning trade after an initial slide triggered by negative Asian stocks. At 10:22 IST, the barometer index, the S&P BSE Sensex, was down 32.12 points or 0.09% at 36,222.45. The Nifty 50 index was down 21.15 points or 0.19% at 10,888.95

Trading for the day began on a subdued note as the key benchmark indices drifted lower in early trade on negative Asian stocks.

On the macro front, the Nikkei Manufacturing PMI (Purchasing Managers' Index) for December 2018 will be announced today, 2 January 2019.

The S&P BSE Mid-Cap index was up 0.06%. The S&P BSE Small-Cap index was up 0.14%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, turned positive from negative. On the BSE, 939 shares rose and 874 shares fell. A total of 129 shares were unchanged.

Overseas, Asian stocks kicked off 2019 on a muted note, with a holiday in Japan dampening volumes, as evidence of slowing Chinese growth weighed on investors.

Back home, M&M (down 3.23%), Vedanta (down 2.65%), Tata Steel (down 2.28%), Tata Motors (down 1.58%) and ONGC (down 0.97%) edged lower from the Sensex pack.

TCS (up 1.25%), Infosys (up 1.03%), Yes Bank (up 0.52%), ICICI Bank (up 0.51%) and State Bank of India (up 0.5%) edged higher from the Sensex pack.

NMDC rose 2.35%. NMDC announced that its board will meet on 8 January 2019, to consider buyback of the fully paid-up equity shares of the company. The announcement was made after market hours yesterday, 1 January 2019.

LIC Housing Finance fell 0.75%. LIC Housing Finance announced that V. K. Sharma has resigned as chairman of the company with effect from 31 December 2018 consequent to attainment of superannuation from the services of Life Insurance Corporation of India. The announcement was made after market hours yesterday, 1 January 2019.

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