Stocks traded with small losses in mid-morning trade after alternately swinging between positive and negative zone. At 11:25 IST, the barometer index, the S&P BSE Sensex, was down 31.34 points or 0.09% at 35,401.05. The Nifty 50 index was down 10.75 points or 0.1% at 10,730.35. Shares of index heavyweight Reliance Industries dropped. Shares of another index heavyweight ITC gained. Realty stocks declined. Negative Asian stocks weighed on the domestic bourses.
Stocks edged lower in early trade on negative Asian stocks. Volatility struck bourses in morning trade as the key benchmark once again dipped in negative zone after staging an intraday recovery.
The S&P BSE Mid-Cap index was down 0.3%. The S&P BSE Small-Cap index was down 0.32%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was weak. On the BSE, 814 shares rose and 1,309 shares fell. A total of 123 shares were unchanged.
Coal India (down 1.23%), Wipro (down 1.16%), IndusInd Bank (down 1.05%), Bajaj Auto (down 0.82%) and NTPC (down 0.62%) edged lower from the Sensex pack.
M&M (up 1.91%), Sun Pharmaceutical Industries (up 0.7%) and HDFC (up 0.66%) edged higher from the Sensex pack.
Index heavyweight Reliance Industries lost 1.79% to Rs 1,013.85.
Index heavyweight and cigarette major ITC gained 1.69% to Rs 265.20.
Realty stocks declined. Indiabulls Real Estate (down 1.1%), DLF (down 0.43%), D B Realty (down 0.87%), Unitech (down 0.23%), Sobha (down 0.98%), Godrej Properties (down 1.32%), Prestige Estates Projects (down 0.56%) and Oberoi Realty (down 0.94%) fell. Housing Development and Infrastructure (up 0.46%) rose.
Overseas, Asian stocks fell as trade tensions between the US and China remained high. US stocks fell yesterday, 21 June 2018 as fears of a potential global trade war continued to weigh on investor sentiment. Investors are worried the tensions and recent tariffs could develop into a headwind for the global economy.
In US economic data, the Philadelphia Fed's manufacturing index slowed sharply to a reading of 19.9 in June from 34.4 in May.
In Europe, the Bank of England (BOE) left its key interest rate at 0.5% in an announcement Thursday following a regular meeting, as British inflation holds at a 14-month low. BOE policymakers voted 6-3 to keep the rate on hold. The bank also voted unanimously to maintain its quantitative easing stimulus policy, under which it has pumped 445 billion ($586 billion, 506 billion euros) around the UK economy.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content