Sensex, Nifty sink in negative zone

Key indices dipped in negative zone in mid-afternoon trade, erasing intraday gains on selling pressure in index pivotals. At 14:28 IST, the barometer index, the S&P BSE Sensex, was down 31.62 points or 0.09% at 34,919.30. The Nifty 50 index was off 18.55 points or 0.18% at 10,505.45. FMCG stocks declined. Cement stocks fell.

The Sensex was currently trading below the psychological 35,000 level after moving above and below that level amid volatility in intraday trade. Domestic stocks saw a positive opening led by buying demand in index pivotals. Stocks trimmed gains in morning trade. Key indices hovered in positive zone in mid-morning trade. Stocks gyrated in a small range with positive bias in early afternoon trade. Indices firmed up in afternoon trade.

The S&P BSE Mid-Cap index was off 0.4%. The S&P BSE Small-Cap index was off 0.2%.

The market breadth, indicating the overall health of the market, was just abiut positive. On the BSE, 1219 shares rose and 1215 shares fell. A total of 160 shares were unchanged.

FMCG stocks declined. Godrej Consumer Products (down 2.67%), Hindustan Unilever (down 0.85%), Marico (down 1.35%), Nestle India (down 1.76%), Tata Global Beverages (down 1.64%), Procter & Gamble Hygiene and Health Care (down 1.86%), Britannia Industries (down 0.33%), GlaxoSmithkline Consumer Healthcare (down 0.32%), Colgate-Palmolive (India) (down 0.78%) and Dabur India (down 0.45%) fell. Jyothy Laboratories (up 1.5%) and Bajaj Corp (up 1.63%) rose.

Cement stocks fell. Ambuja Cements (down 0.34%), ACC (down 1.45%), UltraTech Cement (down 1.4%) and Shree Cement (down 0.16%) edged lower.

Grasim Industries was off 1.41%. Grasim has exposure to the cement sector through its holding in UltraTech Cement.

Meanwhile, domestic stock markets will remain closed tomorrow, 7 November 2018 on account of Diwali Laxmi Pujan and again on Thursday, 8 November 2018 on account of Diwali Balipratipada. However, markets will remain open for special Muhurat trading session between 17:15 IST and 18:30 IST on 7 November 2018.

Overseas, European stocks were trading lower in early trade while Asian stocks were mixed as investors looked to the US midterm elections set for later in the day. US stocks logged a mixed performance yesterday, 5 November 2018, ahead of an updated policy statement from the Federal Reserve and midterm elections that could alter the balance of power in Washington.

Midterm congressional elections, which are expected to see Democrats take control of the House and Republicans maintain a grip on the Senate, take place Tuesday. On Thursday, the Fed concludes a two-day policy meeting, which isn't expected to deliver a change in rates, but may offer fresh insights to investors about the pace of coming rate increases and the effects of trade clashes between the US and China on the domestic economy.

In US economic data, the ISM services index slipped to 60.3 in October, down from 61.6 in September.

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