Sensex, Nifty sink in negative zone

Volatility struck bourses in afternoon trade as the key benchmark indices erased intraday gains to sink in negative zone. At 13:25 IST, the barometer index, the S&P BSE Sensex, was down 45.66 points or 0.13% at 35,154.14. The Nifty 50 index was down 25.35 points or 0.24% at 10,574.70.

Stocks drifted higher in early trade as buying resumed in the market after a two-day slide. Key benchmark indices extended gains in morning trade. Indices trimmed gains in mid-morning trade. Indices hovered in a small range with positive bias in early afternoon trade.

Domestic stock markets will remain closed tomorrow, 23 November 2018 on account of Gurunanak Jayanti. US financial markets will be closed Thursday for the Thanksgiving Day holiday and see an early close Friday.

The S&P BSE Mid-Cap index was off 0.19%. The S&P BSE Small-Cap index was up 0.2%.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1234 shares rose and 1171 shares fell. A total of 154 shares were unchanged.

Adani Ports and Special Economic Zone (up 1.39%), TCS (up 1.3%), ONGC (up 0.69%), L&T (up 0.53%) and HDFC (up 0.5%) edged higher from the Sensex pack.

Power Grid Corporation of India (down 2.38%), M&M (down 2.24%), Tata Steel (down down 1.64%), Wipro (down 1.39%) and ICICI Bank (down 1.11%) edged lower from the Sensex pack.

Among mid-cap stocks, IDFC Bank (up 6.47%), Indian Hotels Company (up 4.09%) and Tata Chemicals (up 2.42%) gained.

Among small-cap stocks, Indoco Remedies (up 20%), Deepak Fertiliser and Petrochemicals Corporation (up 13.02%) and Cheviot Company (up 8.86%) gained.

Overseas, Asian stock markets were trading mixed ahead of the Thanksgiving holiday in the US. US stock indexes ended mostly higher Wednesday, with the S&P and Nasdaq recapturing a small share of the of the ugly losses accumulated Monday and Tuesday, led by the same growth technology stocks which had been a main driver of market's recent woes.

In US economic data, orders for US-manufactured durable goods fell by 4.4% in October, the largest decline in 15 months. Existing-home sales rose for the first time in six months, at a seasonally adjusted annual rate of 5.22 million in October, up 1.4% from September. The University of Michigan's consumer-sentiment index fell to 97.5 in November from 98.6 in October.

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