Key benchmarks were hovering near flat line in mid-morning trade. At 11:20 IST, the barometer index, the S&P BSE Sensex, was down 4.64 points or 0.01% at 34,976.38. The Nifty 50 index was down 9.35 points or 0.09% at 10,517.40. Sharp decline in crude oil prices supported bourses at lower levels. The Sensex was trading a tad below the 35,000 mark.
Among secondary barometers, the BSE Mid-Cap index was down 0.30%. The BSE Small-Cap index was down 0.53%.
The market breadth, indicating the overall health of the market, was negative. On BSE, 897 shares rose and 1296 shares fell. A total of 137 shares were unchanged.
Metal shares declined. Jindal Steel & Power (down 3.73%), Steel Authority of India (down 1.82%), Vedanta (down 1.53%), Hindustan Copper (down 1.3%), Tata Steel (down 1.18%), JSW Steel (down 0.78%), National Aluminium Company (down 0.46%), Hindalco Industries (down 0.41%) and Hindustan Zinc (down 0.04%), edged lower. NMDC was up 1.15%.
Telecom shares were mixed. Idea Cellular (down 0.15%), Reliance Communications (down 0.73%) and Tata Teleservices (Maharashtra) (down 2.68%), edged lower. MTNL was up 0.75%. Telecom tower infrastructure provider Bharti Infratel was up 1.18%
Telecom major Bharti Airtel gained 2.30% after the company's subsidiary Airtel Africa appointed global banks for an intended IPO on an international stock exchange. The announcement was made before market hours today, 26 November 2018.
Airtel Africa, a subsidiary of Bharti Airtel, today announced the appointment of global banks for an intended IPO on an international stock exchange. This follows the recent subscription of shares in Airtel Africa by six leading global investors for an aggregate consideration of $1.25 billion.
Airtel Africa is a pan-African telecommunications company with operations in 14 countries across Africa. Its product offerings include 2G, 3G and 4G wireless voice and data services and mobile commerce through Airtel Money.
As reported in the October 2018 quarterly report, during the second quarter ending 30 September 2018, Airtel Africa's revenues grew in constant currency by 10.8% Y-o-Y, led by growth in data and Airtel money transactions. The company also witnessed an improvement of EBITDA margin by 3.9% Y-o-Y to 37.1%.
Crude oil prices slumped to 2018 lows on Friday, pulled down by an emerging crude supply overhang. In the global commodities markets, Brent for January 2019 settlement fell $4.68 a barrel or 7.37% to settle at $58.80 a barrel during the previous trading session.
India imports majority of its crude requirements and a decline in crude eases concerns on fiscal deficit, inflation and gives more room for the government to boost growth through spending on infrastructure.
Overseas, Asian indices were trading higher. Trading sentiment was cautious as plunging oil prices fanned worries about a dimming outlook for the global economy. Investors also braced for a crucial meeting between US and Chinese leaders at the end of week.
US stocks closed lower Friday, pressured again by falling oil prices, which drove the indices to the second straight week of declines.
Investors also keyed in on developments in European politics, after the UK and European Union both announced progress on Thursday in outlining their future relationship after Britain exits the EU.
On the US data front, the Markit flash reading on manufacturing PMI fell to 55.4 in November, a three-month low.
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