Weakness persists amid negative global signals

The market continued to trade lower in mid-afternoon trade. At 14:25 IST, the S&P BSE Sensex, was down 142.46 points or 0.35% at 40,727.01. The Nifty 50 index was down 53.90 points or 0.45% at 11,999.05.

The sentiment was negative after Iran fired more than a dozen missiles at two US military targets inside Iraq in response to the United States' killing of senior Iranian military commander Qassem Soleimani last week.

In the broader market, the S&P BSE Mid-Cap index was down 0.22% while the S&P BSE Small-Cap index was up 0.04%.

The market breadth was negative. On the BSE, 838 shares rose and 1468 shares fell. A total of 175 shares were unchanged. In Nifty 50 index, 14 stocks advanced while 36 stocks declined.

Stocks in Spotlight:

Mastek rose 1.35% to Rs 428. Mastek (UK) (material wholly owned subsidiary of Mastek) sold partial holding of 8,24,500 shares in Majesco (USA) for $6.49 million in the open market on NASDAQ on 7 January 2020.

Future Retail rose 1.32% to Rs 349.50 after a foreign brokerage retained its overweight rating on the stock with a target price of Rs 540.

Numbers to Track:

MCX Gold futures for 5 February 2019 settlement advanced 0.90% to Rs 41030.

The yield on 10-year benchmark federal paper remained flat at 6.55% at 14:20 IST.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was trading at 71.93, compared with its previous closing low of 71.82.

In the commodities market, Brent crude for March 2020 settlement was up 61 cents a barrel, or 0.89%, at $68.88 per barrel. The contract fell 64 cents or 0.92% to settle at $68.27 a barrel on Tuesday, 7 January 2020.

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