Weak market breadth

Key equity barometers were trading in a narrow range with modest losses in the mid-morning trade. The Nifty struggled to regain the 11,000 level.

At 11:25 IST, the barometer index, the S&P BSE Sensex, was down 265.53 points or 0.71% at 37,186.89. The Nifty 50 index was down 76.25 points or 0.569% at 10,969.10.

The S&P BSE Mid-Cap index was down 0.5%. The S&P BSE Small-Cap index was down 0.59%.

The market breadth, indicating the overall health of the market, was weak. On the BSE, 713 shares rose and 1195 shares fell. A total of 110 shares were unchanged.

Piramal Enterprises was down 2.06%. The firm said it deferred the issue of privately placed NCDs aggregating upto Rs 3000 crore to a future date. Previously, the company had decided to issue NCDs on 23 August 2019.

Pharmaceutical and biotechnology major Wockhardt declined 2.14% to Rs 247 after India Ratings downgraded the rating on company's bank facilities, citing refinancing risks, risk in R&D expenses and regulatory overhang. The stock hit a 52-week low of Rs 244 in intraday today.

Coal India rose 1.67% to Rs 188.3 after the Union Cabinet on Wednesday approved 100% foreign direct investment (FDI) under automatic route for sale of coal, for coal mining activities including associated processing infrastructure with an aim to attract international players to create an efficient and competitive coal market.

Hero MotoCorp fell 1.01%. The company announced that it has extended title sponsorship of Caribbean Premier League for three years. Combining broadcast and digital viewership over 200 million fans watched the 2018 season of Caribbean Premier League.

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