Shares trade with modest losses; metal shares decline

Key equity indices trimmed losses in mid-morning trade. At 11:25 IST, the barometer index, the S&P BSE Sensex, was down 56.08 points or 0.15% at 36,669.34. The Nifty 50 index was down 28.95 points or 0.26% at 11,029.25.

The indices opened with small losses and declined further to hit fresh intraday low in morning trade. Weak global cues amid concern over sluggish global growth spoiled investors sentiment. Steep selling of stocks by domestic institutional investors (DIIs) also worried investors. DIIs sold shares worth a net Rs 925.46 crore on Thursday, 7 March 2019, as per provisional data.

Among secondary barometers, the BSE Mid-Cap index was down 0.14%. The BSE Small-Cap index was up 0.02%.

The market breadth, indicating the overall health of the market, was negative. On BSE, 994 shares rose and 1124 shares fell. A total of 110 shares were unchanged.

Tata Motors was down 3.33%. Jaguar Land Rover retail sales in February 2019 were 38,288 vehicles, down 4.1% compared to February last year. The announcement was made after market hours yesterday, 7 March 2019.

Metal shares declined. Hindalco Industries (down 3.02%), Jindal Steel & Power (down 2.54%), JSW Steel (down 1.57%), Steel Authority of India (down 1.56%), Vedanta (down 1.31%), Tata Steel (down 1.15%), Hindustan Zinc (down 0.93%) and Hindustan Copper (down 0.5%), edged lower. NMDC (up 0.05%) and National Aluminium Company (up 0.44%), edged higher.

Pharmaceuticals shares were mixed. IPCA Laboratories (up 0.66%), Aurobindo Pharma (up 0.55%), Sun Pharmaceutical Industries (up 0.31%), Alkem Laboratories (up 0.14%) and Cipla (up 0.11%), edged higher. Divi's Laboratories (down 0.22%), Cadila Healthcare (down 0.26%), Strides Shasun (down 0.27%), Piramal Enterprises (down 0.45%), Glenmark Pharmaceuticals (down 1.06%), Dr Reddy's Laboratories (down 1.16%), GlaxoSmithKline Pharmaceuticals (down 1.7%) and Wockhardt (down 1.71%), edged lower.

Drug major Lupin was up 0.19%. The company announced that it has received approval for its Atorvastatin Calcium Tablets USP, 10 mg, 20 mg, 40 mg, and 80 mg, from the United States Food and Drug Administration (FDA) to market a generic version of Pfizer Inc's Lipitor tablets, 10 mg, 20 mg, 40 mg and 80 mg. The announcement was made after market hours yesterday, 7 March 2019.

Overseas, Asian shares declined on the back of an overnight slide in the US market, as investors grappled with fresh concerns over the state of the global economy.

US stocks finished lower for a fourth straight session Thursday on mounting evidence of a slowing global economy. The European Central Bank (ECB) cut its growth forecast for 2019 and announced a fresh round of stimulus to aid banks in the region. ECB President Mario Draghi said the central bank cut its growth estimate to 1.1%, down from a 1.7% expansion forecast released in December. The ECB's announcements come amid lingering concerns over a possible economic slowdown across the globe.

On the US data front, first-time unemployment claims fell to 223,000 in the week ended March 2, from 226,000 the previous seven days. The productivity of the US workforce rose at an annual pace of 1.9% in the fourth quarter of 2018, the Labor Department reported.

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