Market breadth turns positive from negative

Stocks cut losses in morning trade after a gap-down opening triggered by weak Asian stocks. At 10:15 IST, the barometer index, the S&P BSE Sensex, was down 115.05 points or 0.33% at 34,834.19. The Nifty 50 index was down 44.15 points or 0.42% at 10,589.15. Shares from cement and telecom sectors saw mixed trend. Shares of private sector banking major ICICI Bank dropped.

Domestic stocks began trading for the day on a downbeat note on weak Asian stocks.

The S&P BSE Mid-Cap index was down 0.03%. The S&P BSE Small-Cap index was up 0.07%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, turned positive from negative. On the BSE, 970 shares rose and 903 shares fell. A total of 107 shares were unchanged.

Overseas, Asian stocks dropped as concerns about the repercussions of Italy's political turmoil and the renewal of trade tensions between the US and China gripped financial markets. The prospect that Italy might need a fresh election that could effectively become a referendum on the nation's inclusion in the euro zone rattled markets.

US stocks tumbled yesterday, 29 May 2018 joining a global equity selloff sparked by concern Italy's political woes will destabilise Europe.

Investors are also keeping an eye on the White House, with the Trump administration giving conflicting signals on talks with North Korea and plowing ahead with plans for tariffs on Chinese goods.

Back home, private sector banking major ICICI Bank lost 1.96% to Rs 284.95.

Telecom stocks saw mixed trend. Bharti Airtel (down 0.74%), Idea Cellular (down 0.24%) and MTNL (down 0.89%) fell. Tata Teleservices (Maharashtra) (up 1.45%) and Reliance Communications (up 2.82%) rose.

Shares of Bharti Infratel fell 1.69%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.

Cement stocks saw mixed trend. ACC (down 0.39%) and Shree Cement (down 0.39%) fell. UltraTech Cement (up 0.18%) and Ambuja Cements (up 0.46%) gained.

Grasim Industries was off 0.09%. Grasim has exposure to the cement sector through its holding in UltraTech Cement.

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