Weak market breadth

Indices hovered in negative zone in early afternoon trade. At 12:25 IST, the barometer index, the S&P BSE Sensex, was down 76.29 points or 0.2% at 38,624.24. The Nifty 50 index was down 27.25 points or 0.23% at 11,577.25. Realty stocks saw mixed trend.

Stocks hovered with minor losses in early trade. Indices trimmed gains in morning trade after reversing early losses. Key indices gyrated in positive and negative zone near flat line in mid-morning trade.

The S&P BSE Mid-Cap index was down 0.72%. The S&P BSE Small-Cap index was down 0.53%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was weak. On the BSE, 856 shares rose and 1367 shares fell. A total of 131 shares were unchanged.

Realty stocks saw mixed trend. Indiabulls Real Estate (up 13.01%), Housing Development and Infrastructure (up 2.62%), Sobha (up 0.92%) rose. D B Realty (down 1.34%), Godrej Properties (down 3.64%), Prestige Estates Projects (down 0.31%) and Oberoi Realty (down 0.14%) fell.

DLF rose 1.98%. Government of Singapore (GIC) sold 6.79 crore shares, or 3.81% stake, in DLF at Rs 191.01 each. As on 31 December 2018, GIC held 7.32 crore shares, or 4.105% stake in DLF. Societe General acquired 2.08 crore shares, or 1.17% stake in DLF. Both the transactions took place via bulk deals on NSE yesterday, 8 April 2019.

Coffee Day Enterprises slipped 0.6%. Coffee Day Enterprises has approved to enter in to the share subscription and shareholders agreement between Coffee Day Enterprises (CDEL) along with its material subsidiary Coffee Day Global (CDGL) and Coffee Day Consultancy Services (CDCSPL) with Impact HD Inc., (IHD) for subscription to equity shares of the CDCSPL by IHD by investing Rupee equivalent to $15 million for 49% stake in the CDCSPL. Post subscription of equity shares by IHD, CDEL and CDGL will hold 51% of the paid-up-equity capital of CDCSPL. The CDCSPL will carry out the business of providing consultancy services in retail sector. Subsidiary of CDCSPL operates and manages Coffee Day Fresh & Ground business. The announcement was made after trading hours yesterday, 8 April 2019.

Majesco rose 2.09%. Majesco announced the appointment of Wayne Locke as Chief Financial Officer (CFO) effective 8 April 2019. The announcement was made after trading hours yesterday, 8 April 2019.

Overseas, Asian shares were mixed as investors braced for key events later in the week, including the kick-off of the US earnings season and a crucial Brexit summit. Investors are also awaiting concrete progress on U.S.-China trade negotiations which will be symbolically concluded with a meeting between President Donald Trump and his Chinese counterpart Xi Jinping.

In US, the Dow ended the session lower while the S&P 500 and the Nasdaq settled higher on Monday, as investors braced for the first quarter of contracting earnings since 2016.

U.S. factory orders fell 0.5% in February. The data show that growth in the manufacturing continues to expand but manufacturers are becoming more cautious.

In Europe, market participants are watching the latest development surrounding Britain's attempt to extricate itself from the European Union. Brussels was set to decide on an extension to the so-called Brexit deadline, possibly setting a date at the end of the year or even in 2020.

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