Shares extend losses; breadth negative

Key indices extended losses and hit fresh intraday low in afternoon trade. At 13:20 IST, the barometer index, the S&P BSE Sensex, was down 180.36 points or 0.50% at 35,711.16. The Nifty 50 index was down 60 points or 0.56% at 10,732.50. Selling was triggered by weak global cues. The Sensex was trading below 36,000 mark, while the Nifty was trading below 10,800 mark.

Sentiment was impacted after provisional data showed that domestic and foreign funds, both, were net sellers of Indian equities yesterday, 2 January 2019. The trading activity showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 621.06 crore. Domestic institutional investors (DIIs) sold shares worth a net Rs 226.18 crore.

Intraday volatility was high. Key benchmark indices edged lower in early trade. Indices cut early losses to regain positive zone in morning trade. Fresh selling in index pivotals derailed a brief intraday pullback in mid-morning trade. Indices hit fresh intraday low in afternoon trade.

The S&P BSE Mid-Cap index was off 0.36%. The S&P BSE Small-Cap index was off 0.06%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 982 shares rose and 1355 shares fell. A total of 146 shares were unchanged.

ONGC (down 2.78%), Mahindra & Mahindra (down 1.89%), HDFC (down 1.72%), Larsen & Toubro (down 1.54%), Axis Bank (down 1.45%), Tata Steel (down 1.29%) and Power Grid Corporation of India (down 0.95%), were the major Sensex losers.

Bajaj Auto (up 0.73%), ICICI Bank (up 0.69%), Maruti Suzuki India (up 0.62%), Asian Paints (up 0.50%), Wipro (up 0.40%) and Adani Ports & Special Economic Zone (up 0.28%), were the major Sensex gainers.

Overseas, trading in US index futures indicated that the Dow Jones Industrial Average could fall 314 points at the opening bell today, 3 January 2019.

Asian stocks fell after Apple Inc. added to global growth concerns by cutting its guidance. Apple downgraded its sales projections, citing slowing Chinese growth. US stocks closed the first session of the year on a positive note after volatile trading Wednesday, as crude oil prices rebounded.

Market participants are watching a partial US government shutdown that is nearing its second week as President Donald Trump mets with top lawmakers to discuss reopening the government by resolving a dispute over funding for the expansion of the US-Mexico border wall.

On the data front, a survey of American manufacturers showed the slowest growth in December in 15 months. IHS Markit said its manufacturing PMI slipped to 53.8 in December from an initial reading of 53.9, and it was down from 55.3 in the prior month.

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