Stocks hovered in a small range in negative zone in morning trade. At 10:20 IST, the barometer index, the S&P BSE Sensex, was down 101.89 points or 0.28% at 36,139.11. The Nifty 50 index was down 19.65 points or 0.18% at 10,864.10. Most Asian stocks fell.
Key equity benchmarks drifted lower in early trade as profit booking emerged on the bourses after six straight days of gains.
Data showing that local funds were net sellers of Indian stocks also weighed on the sentiment. The trading activity on that day showed that the foreign portfolio investors (FPIs) bought shares worth a net Rs 293.12 crore yesterday, 3 December 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 806.45 crore yesterday, 3 December 2018, as per provisional data.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 981 shares rose and 796 shares fell. A total of 97 shares were unchanged.
Overseas, most Asian stocks were trading lower, signaling fading investor applause for the US-China trade truce. US stocks rallied yesterday, 3 December 2018 after the US and China declared a truce in their trade war.
Omax Autos gained 5%. Omax Autos announced that its board approved the proposal for setting up a new industrial unit for manufacture and supply of 'long member' at or around Raibarelli, Uttar Pradesh. The project will cost approximately Rs 165 crore and the proposed capacity addition will be 144 thousand Long Member. The announcement was made after market hours yesterday, 3 December 2018.
Welspun Enterprises rose 2.07% after the company announced that National Highways Authority of India and Welspun Sattanathapuram Nagapattinam Road (WSNRPL), a subsidiary of Welspun Enterprises, have executed the concession agreement on 3 December 2018 for four-laning of Sattanathapuram to Nagapattinam section of National Highway-45A (New NH -332) in Tamil Nadu under NHDP Phase-IV on hybrid annuity mode.
WSNRPL will develop the project at a bid project cost of Rs 2,004.51 crore and first year O&M cost of Rs 5 crore. The construction period is 2 years from the appointed date. WSNRPL has received a firm sanction letter from lenders for this project. The announcement was made after market hours yesterday, 3 December 2018.
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