Weak market breadth

Volatility ruled the roost in afternoon trade as the key indices cut losses soon after reversing intraday gains. At 13:15 IST, the barometer index, the S&P BSE Sensex, was down 88.29 points or 0.22% at 39,743.68. The Nifty 50 index was down 17.25 points or 0.14% at 11,928.65. Sentiment was impacted by negative global cues.

Indices opened higher and advanced further to hit fresh intraday high in morning trade. After hovering near day's high in mid-morning trade, benchmarks reversed trend in early afternoon trade.

The BSE Mid-Cap index was up 0.07%. The BSE Small-Cap index was down 0.53%.

The market breadth was weak. On BSE, 879 shares rose and 1500 shares fell. A total of 145 shares were unchanged.

Vedanta (down 2.53%), Yes Bank (down 2.2%), NTPC (down 1.74%), Tata Motors (down 1.74%) and ITC (down 1.66%) edged lower from the Sensex pack.

Asian Paints (up 2.57%), TCS (up 1.66%), IndusInd Bank (up 0.81%), HCL Technologies (up 0.64%) and Coal India (up 0.59%) edged higher from the Sensex pack.

Coal India was up 0.51%. The company's consolidated net profit jumped 362.47% to Rs 6024.23 crore on 6.32% rise in total income to Rs 30365.84 crore in Q4 March 2019 over Q4 March 2018. The result was announced after market hours yesterday, 30 May 2019.

ONGC was down 0.47%. The company's net profit dropped 31.62% to Rs 4044.60 crore on 4.71% rise in total income to Rs 29008.74 crore in Q4 March 2019 over Q4 March 2018. The result was announced after market hours yesterday, 30 May 2019.

Trading in US index futures indicated that the Dow Jones Industrial Average could fall 254 points at the opening bell today, 31 May 2019. The move came after US President Donald Trump announced that fresh tariffs would be slapped on all Mexican goods starting from 10 June.

European stocks were trading lower as risk assets slipped after the Trump administration sparked new fears over global trade. Asian shares were mixed Friday, as the ongoing trade fight between the US and China also continues to weigh on markets, following a recent escalation in rhetoric.

China's official manufacturing Purchasing Managers' Index (PMI) for May came in at 49.4. PMI readings above 50 indicate expansion, while those below that signal contraction.

US stocks ended higher on Thursday, but gains were capped as worries over the global economy and trade lingered. In economic news, the second read on first-quarter US GDP showed the economy expanded by 3.1% on an annualized basis.

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