Positive market breadth

Key benchmark indices hit fresh intraday low in morning trade. At 10:26 IST, the barometer index, the S&P BSE Sensex, was down 27.58 points or 0.08% at 33,657.98. The Nifty 50 index was down 13.15 points or 0.13% at 10,439.35.

Weakness in other Asian stocks spoiled investors' sentiment in India. Investors across Asian were cautious as President Donald Trump's tour of Asia got underway. Political unrest in Saudi Arabia also added to investor jitters in Asia.

The Sensex rose 24.59 points, or 0.07% at the day's high of 33,710.15 in early trade. The index fell 103.18 points, or 0.31% at the day's low of 33,582.38 in morning trade. The Nifty fell 3 points, or 0.03% at the day's high of 10,449.50 in early trade. The index fell 38.75 points, or 0.37% at the day's low of 10,413.75 in morning trade.

Among secondary barometers, the BSE Mid-Cap index was up 0.48%. The BSE Small-Cap index was up 0.46%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was positive. On BSE, 1,244 shares rose and 1,004 shares fell. A total of 112 shares were unchanged.

Metal shares were mixed. Hindalco Industries (down 1.92%), Jindal Steel & Power (down 1.88%), Steel Authority of India (down 1.79%), JSW Steel (down 1.24%), Vedanta (down 1.21%), Tata Steel (down 1.01%) and Hindustan Zinc (down 0.42%), edged lower. NMDC (up 0.47%), National Aluminium Company (up 1.28%), Bhushan Steel (up 2.97%) and Hindustan Copper (up 7.02%), edged higher.

Meanwhile, copper price edged higher in the global commodities markets. High Grade Copper for Decemeber 2017 delivery was currently up 0.77% at $3.1415 per pound on the COMEX.

FMCG shares were in demand. Tata Global Beverages (up 1.80%), Dabur India (up 1.47%), Britannia Industries (up 1%), Hindustan Unilever (up 0.88%), Bajaj Corp (up 0.78%), GlaxoSmithKline Consumer Healthcare (up 0.59%), Jyothy Laboratories (up 0.56%), Nestle India (up 0.53%), Godrej Consumer Products (up 0.37%), Colgate Palmolive (India) (up 0.10%) and Marico (up 0.05%), edged higher. Procter & Gamble Hygiene & Health Care was down 0.24%

Overseas, Asian stocks were trading lower as investors were cautious after a surprise shakeup over the weekend in Saudi Arabia and with President Donald Trump in Asia for more than a week of high-profile meetings.

Minutes from the Bank of Japan released Monday showed most policymakers thought the central bank should keep its current policy guidelines.

Traders are keeping an eye on President Donald Trump's first trip to Asia. After a few days in Tokyo and Seoul, Trump will arrive in China on Wednesday, 8 November 2017, with executives from some 40 companies seeking deals in sectors ranging from energy to aviation to financial services.

Investors were also cautious as Saudi Arabia's crown prince cemented his power through an anti-corruption crackdown. Oil prices firmed up as Mohammed bin Salman's purge led to arrests of royals, ministers and investors including prominent business billionaire Alwaleed bin Talal.

US stocks closed at records on Friday, 3 November 2017, with major indexes extending their lengthy upward moves on the back of strong results at Apple, which offset a mixed set of economic data, including a lackluster October jobs report. The Dow Jones Industrial Average rose 0.1%, the Nasdaq Composite Index climbed 0.7%, and the S&P 500 gained 0.3%.

US payrolls data provided a mixed picture of the strength of the labor market, though distortions from the hurricanes in August made it difficult to draw firm conclusions. The US economy added 261,000 jobs in October and the unemployment rate was 4.1% as labor conditions returned to normal following the storm-weakened September.

Meanwhile, Trump announced last week that US Fed Governor Jerome Powell will be nominated to replace Janet Yellen as the future chairman when her term expires in February 2018.

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