Weak market breadth

Key indices extended losses in morning trade. At 10:25 IST, the barometer index, the S&P BSE Sensex, was down 119.11 points or 0.33% at 36,254.97. The Nifty 50 index was down 44.40 points or 0.41% at 10,860.80.

Volatility struck bourses in early trade as the key indices reversed initial gains and sink in negative zone.

The S&P BSE Mid-Cap index was down 0.42%. The S&P BSE Small-Cap index was down 0.41%.

The market breadth, indicating the overall health of the market, was weak. On the BSE, 690 shares rose and 1090 shares fell. A total of 103 shares were unchanged.

Overseas, Asian stocks were trading higher Friday amid optimism for progress in U.S.-China trade talks. US stocks advanced on Thursday as a published report that the United States was considering lifting tariffs on Chinese imports lifted investor sentiment. US Treasury Secretary Steven Mnuchin reportedly discussed lifting some or all tariffs imposed on Chinese imports and suggested offering a tariff rollback during trade discussions scheduled for January 30.

Back home, ONGC (up 1.07%), Reliance Industries (up 0.99%), Vedanta (up 0.71%), Power Grid Corporation of India (up 0.67%) and Tata Steel (up 0.49%) edged higher from the Sensex pack.

Sun Pharmaceutical Industries (down 10.15%), Bharti Airtel (down 2.53%), Yes Bank (down 1.66%), Bajaj Auto (down 1%) and Axis Bank (down 0.87%) edged lower from the Sensex pack.

Sundram Fasteners fell 1.13%. Sundram Fasteners said that its plant situated at SEZ Unit, Mahindra World City, Kancheepuram District (Unit III) has commenced commercial production with effect from 16 January 2019. The announcement was made after market hours yesterday, 17 January 2018.

UCO Bank declined 0.48%. UCO Bank announced that its board approved issuing equity shares on preferential basis to Government of India against capital infusion of Rs 3076 crore. The board also approved raising of equity capital fund upto Rs 1000 crore through qualified institutions placement. Further, the board approved raising of Tier- II capital upto Rs 500 crore. The announcement was made after market hours yesterday, 17 January 2018.

Powered by Capital Market - Live News