Market sinks in negative zone

Key indices dipped in negative zone in early afternoon trade. At 12:17 IST, the barometer index, the S&P BSE Sensex, was down 26.81 points or 0.07% at 38,580.20. The Nifty 50 index was down 10 points or 0.09% at 11,586.70. Realty stocks saw mixed trend.

Domestic stocks edged higher in early trade on buying demand in index pivotals. Stocks trimmed gains in morning trade after an initial upmove. Key indices hovered in positive zone in mid-morning trade.

The S&P BSE Mid-Cap index was up 0.03%. The S&P BSE Small-Cap index was up 0.13%.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1153 shares rose and 1027 shares fell. A total of 157 shares were unchanged.

Realty stocks saw mixed trend. DLF (up 2.82%), Peninsula Land (up 0.9%), Prestige Estates Projects (up 1.47%) and Oberoi Realty (up 2.54%) rose. Indiabulls Real Estate (down 4.59%), Housing Development and Infrastructure (down 0.19%), D B Realty (down 0.57%), Sobha (down 0.16%) and Godrej Properties (down 1.11%) fell.

Prabhat Dairy hit an upper circuit limit of 5% at Rs 82.05. Prabhat Dairy said sale of its shareholding in its wholly-owned step down subsidiary, Sunfresh Agro Industries (SAIPL), to Tirumala Milk Products and the sale and transfer of company's dairy products business by way of slump sale on a going concern basis to SAIPL post completion of transfer of SAIPL shares is successfully completed and closed on 10 April 2019. The announcement was made after market hours yesterday, 11 April 2019.

On the macro front, industrial production data for February 2019 will be unveiled after market hours today, 12 April 2019. The inflation rate for March 2019 will also be announced today.

Overseas, Asian stocks were trading mixed as investor caution prevailed ahead of the release of first-quarter corporate earnings.

US stocks were little changed on Thursday as growing anxiety over a global economic slowdown offset upbeat data and investors waited for earnings season to kick into high gear.

In US economic data, new applications for jobless benefits fell to 196,000 in the week ended April 6, the lowest number in 50 years, the Labor Department said.

Meanwhile, European Union leaders agreed to postpone Brexit until Oct. 31 to allow British Prime Minister Theresa May more time to try to get the U.K.'s Parliament to approve the country's divorce deal.

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