Key benchmarks sharply pared losses and were trading near flat line in morning trade. At 10:21 IST, the barometer index, the S&P BSE Sensex, was almost flat at 34,376.36. The Nifty 50 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.
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.
Metal shares tumbled. National Aluminium Company (down 6.13%), Vedanta (down 5.54%), Hindalco Industries (down 4.49%), Hindustan Zinc (down 4.28%), Tata Steel (down 2.42%), Jindal Steel & Power (down 1.87%), NMDC (down 0.83%), Steel Authority of India (down 0.68%), Hindustan Copper (down 0.53%) and JSW Steel (down 0.27%), edged lower.
Most FMCG shares declined. GlaxoSmithKline Consumer Healthcare (down 1.88%), Jyothy Laboratories (down 1.13%), Bajaj Corp (down 0.94%), Godrej Consumer Products (down 0.91%), Procter & Gamble Hygiene & Health Care (down 0.75%), Dabur India (down 0.33%), Britannia Industries (down 0.11%) and Nestle India (down 0.06%), edged lower. Colgate Palmolive (India) (up 0.15%), Marico (up 0.37%), Hindustan Unilever (up 0.52%) and Tata Global Beverages (up 3.63%), edged higher.
On the political front, the Election Commission (EC) on Saturday announced the dates for the Rajasthan, Madhya Pradesh, Chhattisgarh, Telangana and Mizoram Assembly polls. While Chhattisgarh will go to the polls in two phases on November 12 and 20, the Madhya Pradesh and Mizoram Assembly elections will be held on November 28. Polling in Rajasthan 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 bank 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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