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Benchmarks sharply pare early losses

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Key benchmarks sharply pared losses and were trading near flat line in morning trade. At 10:21 IST, the barometer index, the Sensex, was almost flat at 34,376.36. The index was down 5.70 points or 0.06% at 10,310.75. The undertone of the market was still fragile due to negative global cues.

Among secondary barometers, the Mid-Cap index was down 0.80%. The Small-Cap index was down 0.75%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was negative. On BSE, 811 shares rose and 1232 shares fell. A total of 113 shares were unchanged.

tumbled. (down 6.13%), Vedanta (down 5.54%), (down 4.49%), (down 4.28%), (down 2.42%), (down 1.87%), NMDC (down 0.83%), Steel Authority of (down 0.68%), (down 0.53%) and (down 0.27%), edged lower.

Most FMCG shares declined. (down 1.88%), (down 1.13%), (down 0.94%), (down 0.91%), (down 0.75%), (down 0.33%), (down 0.11%) and Nestle (down 0.06%), edged lower. (up 0.15%), (up 0.37%), (up 0.52%) and (up 3.63%), edged higher.

On the political front, the (EC) on Saturday announced the dates for the Rajasthan, Madhya Pradesh, Chhattisgarh, polls. While will go to the polls in two phases on November 12 and 20, the Madhya elections will be held on November 28. Polling in and Telangana will be held on December 7. Counting of votes will be held across all the five states on December 11.

Overseas, Asian markets slipped further on Monday. Japan's markets are closed for a public holiday. China's markets tumbled following a week-long holiday and after its central cut banks' reserve requirements in a bid to support growth.

US stocks closed sharply lower Friday as worries about rising interest rates overshadowed the September jobs report, which pointed to strength in the labor market and the broader economy.

On the US data front, the September jobs report showed 134,000 jobs added in the month. The report showed the unemployment rate dropping to 3.7%. In addition, average hourly wage paid to American workers rose 0.3% an hour, while the 12-month rate of hourly wage gains came in at 2.8%. The wage data were of particular interest because of what it can communicate about inflation in the US economy.

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

First Published: Mon, October 08 2018. 10:23 IST