Market turns range bound

Key equity indices were hovering in a narrow range with minor losses in early afternoon trade. At 12:16 IST, the barometer index, the S&P BSE Sensex, was down 23.02 points or 0.06% at 37,828.98. The Nifty 50 index was down 5.25 points or 0.05% at 11,429.85. Trading sentiment was fragile due to negative Asian stocks.

Among secondary barometers, the BSE Mid-Cap index was up 0.18%. The BSE Small-Cap index was up 0.33%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was positive. On BSE, 1245 shares rose and 1158 shares fell. A total of 129 shares were unchanged.

Most cement shares declined. UltraTech Cement (down 1.7%), ACC (down 0.93%) and Ambuja Cements (down 0.62%), edged lower.

Grasim Industries was up 1.38%. Grasim has exposure to cement sector through its holding in UltraTech Cement.

Most telecom shares declined. Tata Teleservices (Maharashtra) (down 2.16%), MTNL (down 1.94%) and Idea Cellular (down 1.44%), edged lower. Reliance Communications (up 0.77%) and Bharti Airtel (up 0.95%), edged higher.

Telecom tower infrastructure provider Bharti Infratel was down 0.56%.

Overseas, most Asian stocks declined, tracking overnight fall in the US market. Japan logged a bigger-than-expected trade deficit in July as the cost of energy imports surged, government data showed Thursday. The trade deficit came to 231.2 billion yen ($2.1 billion) following a revised 720.8 billion yen surplus in June, according to a preliminary report by the Finance Ministry. Exports grew 3.9% from a year earlier to 6.75 trillion yen amid an increase in demand for electronic components from the rest of Asia, but were overshadowed by a 14.6% rise in imports to 6.98 trillion yen.

In US, stocks came off intraday lows but still closed lower Wednesday as worries surrounding Turkey's currency crisis and continued trade tensions weighed on investors' confidence. A sharp fall in oil prices sent the energy sector skidding, making it the worst S&P 500 performer.

On the US data front, retail sales rose 0.5% in July. Excluding auto sales, they were up 0.6%. Separately, second-quarter productivity rose 2.9%, the highest rate in more than three years. Output in the second quarter was up 4.8%. The Empire State manufacturing index rose 3 points to 25.6 in August, the New York Fed said Wednesday, topping expectations for a reading of 20.

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