Sensex slips into negative terrain

Key benchmark indices slipped into the negative terrain in mid-afternoon trade. At 14:17 IST, the barometer index, the S&P BSE Sensex was down 48.36 points or 0.14% at 33,698.42. The Nifty 50 index was up 1.85 points or 0.02% at 10,360.70. The Sensex was hovering below the 34,000 level. Capital goods and pharma stocks witnessed a mixed trend.

Key indices opened the session on a stronger footing on firm global cues. Later, indices trimmed gains and traded with small gains till afternoon trade. Indices slipped into negative terrain in mid-afternoon trade.

Global stocks gained as worries about a potential trade war waned in the aftermath of US President Donald Trump's tariff announcement on steel and aluminum.

Among secondary indices, the S&P BSE Mid-Cap index advanced 0.37%. The S&P BSE Small-Cap index fell 0.12%. Both these indices outperformed the Sensex.

The breadth, indicating the overall health of the market, turned negative from positive. On the BSE, 1,405 shares declined and 1,160 shares advanced. A total of 166 shares were unchanged.

Capital goods stocks were mixed. BEML (down 5.28%), ABB India (down 1%), Bharat Electronics (down 0.42%) and Bhel (down 0.22%) declined. Thermax (up 1.23%), Siemens (up 0.68%), Havells India (up 0.15%) and L&T (up 0.27%) gained.

Pharma stocks also witnessed a mixed trend. Aurobindo Pharma (up 2.36%), Cipla (up 1.32%), Dr Reddy's Laboratories (up 1.29%) and Divis Laboratories (up 0.48%) edged higher. GlaxoSmithkline Pharmaceuticals (down 1.23%), Sun Pharmaceutical Industries (down 1.07%), Lupin (down 1.04%) and Cadila Healthcare (down 0.03%) declined.

Meanwhile, the second day of the second half of the Budget session of Parliament was also washed out today, 6 March 2018 as opposition parties stormed the Well to protest for different demands. While the Congress and the Trinamool Congress want debate on the Punjab National Bank (PNB) scam, the AIADMK is protesting over the Cauvery issue. The Telangana Rashtra Samithi (TRS) wants the Constitution amended to skirt the 50% ceiling for reservation in jobs and education, while the Telugu Desam Party (TDP) wants special status for Andhra Pradesh.

Overseas, European and Asian stocks advanced, tracking gains in the US in the last session as concerns over a potential trade war faded.

US stocks rose yesterday, 5 March 2018, erasing earlier losses, as worries about a potential trade war waned. Last weekend, US President Donald Trump had announced tariffs on steel and aluminum that sparked fears of a trade war.

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