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Barometers trade with modest losses; Nifty regains 11,000 mark

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The market was trading with modest losses in mid-afternoon trade. At 14:30 IST, the barometer index, the BSE Sensex, was down 242.48 points or 0.66% at 36,728.61. The index was down 64.65 points or 0.58% at 11,004.75. The Nifty regained 11,000 mark after slipping below that level in morning trade.

The market opened lower and declined further as the session progressed. Negative leads from Asian markets and overnight slide on the Wall Street spoiled investors sentiment. Indices turned range bound in early afternoon trade. Indices cut losses soon after hitting fresh intraday low in afternoon trade.

Selling was broad based. Among secondary barometers, the BSE Mid-Cap index was down 1%. The BSE Small-Cap index was down 0.59%.

The market breadth, indicating the overall health of the market, was weak. On BSE, 895 shares rose and 1492 shares fell. A total of 129 shares were unchanged.

Auto (M&M) was up 0.56%. The company's profit from ordinary activities after tax (after EI) rose 7% to Rs 1,396 crore on 14% increase in revenue and other income to Rs 13,235 crore in Q3 December 2018 over Q3 December 2017. The results include numbers of the company's commercial vehicle unitMahindra Vehicle Manufacturers (MVML).

Most FMCG shares declined. (down 2.92%), (down 2.45%), (down 1.84%), (down 1.33%), (down 0.77%), (down 0.72%), (down 0.49%), (down 0.43%) and (down 0.2%), edged lower. (up 0.28%), (up 0.71%) and (up 2.75%), edged higher.

Most realty shares advance. (up 9.89%), (up 3.82%), (up 2.67%), (up 2.59%), Anant Raj (up 2.25%), (up 2.11%), (HDIL) (up 1.60%), (up 1.07%), Estate (up 0.52%), (up 0.38%), (up 0.23%) and (up 0.13%), edged higher. Omaxe (down 0.05%), Sobha (down 1.26%), (down 1.72%) and Unitech (down 2.38%), edged lower.

Overseas, most stocks in decline on Friday as trade fears returned. Stocks in slipped on Friday amid growing concerns over the trade fight between the US and on Thursday suggested that is unlikely to meet Chinese leader before March. As a result, investors are considering whether they will reach an agreement over trade before a self-imposed deadline of March 2. Failing to reach a compromise would mean additional tariffs on Chinese goods straight away.

Meanwhile, a round of weak data from the underscored global growth concerns. German industrial production unexpectedly fell by 0.4% in December from the month before. Meanwhile, the cut its growth forecast for the shared currency bloc Thursday, predicting that the 19-member eurozone will collectively grow by just 1.3% this year, down from the 1.9% forecast in November.

US stock benchmarks on Thursday finished the session firmly lower as worries about sluggish growth outside of the US and diminishing expectations for a quick resolution to a US-trade spat, buffeted markets.

The number of Americans applying for jobless benefits fell in the week ended 2 February by 19,000 to 234,000.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, February 08 2019. 14:29 IST