Key equity indices cut losses in early afternoon trade after an intraday slide. At 12:21 IST, the barometer index, the S&P BSE Sensex, was down 105.04 points or 0.29% at 36,135.96. The Nifty 50 index was down 18.70 points or 0.17% at 10,865.05. Most Asian stocks fell.
Stocks drifted lower in early trade as profit booking emerged on the bourses after six straight days of gains. Stocks hovered in a small range in negative zone in morning trade. Fresh selling in index pivotals pulled the key indices to day's low in mid-morning trade.
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 negative. On the BSE, 1081 shares rose and 1147 shares fell. A total of 138 shares were unchanged.
Index heavyweight and housing finance major HDFC dropped 2.29% to Rs 1,932
Most realty stocks rose. Indiabulls Real Estate (up 0.12%), Housing Development and Infrastructure (up 3.63%), D B Realty (up 3.37%), Unitech (up 4.69%), Sobha (up 0.16%), Godrej Properties (up 0.93%) rose. DLF (down 1.33%), Prestige Estates Projects (down 1.66%) and Oberoi Realty (down 1.9%) declined.
GAIL (India) shed 0.08%. GAIL (India) said that the CESTAT Delhi Vide order dated 30 November 2018 has allowed the appeal filed by the Department and held that the product manufactured by GAIL at its gas processing Plants is 'Natural Gasoline Liquid (NGL)' and not Naphtha, attracting additional excise duty of Rs 15 litre. Accordingly, the demand of differential central excise duty, penalty and interest totalling to approximately Rs 2822 crore (duty Rs 830 crore, penalty Rs 830 crore and interest Rs 1162 crore) has been upheld. The erstwhile jurisdictional Commissioner, Central Excise & Service Tax, Large Tax Payer Unit (LTU), Delhi had earlier passed a favourable order vide common order dated 24 July 2014 and the demand raised on GAIL on this account was dropped.
The company has made necessary disclosure in the Notes to Accounts under contingent liability for the aforesaid SCNS including penalty and interest during Financial Year 2017-2018. The company is of the view that the order passed by the CESTAT Delhi is not sustainable considering the merit of the case and well-reasoned order passed by the Commissioner while adjudicating the SCNS. The company is going to challenge the order at higher forum and is confident of favourable outcome in this matter. The announcement was made after market hours yesterday, 3 December 2018.
Overseas, most Asian stocks were trading lower following Monday's jumps across the region, signaling fading investor applause for the US-China trade truce. US stocks closed higher Monday, after the US and China over the weekend called a temporary truce to their trade war.
A trade standoff between the US and China saw a breakthrough at the G-20 meeting in Argentina, a gathering that included a highly-anticipated dinner between President Donald Trump and Chinese leader Xi Jinping. The two sides agreed to launch negotiations to reduce trade tensions and discuss forced technology transfer, intellectual-property protection, non-tariff barriers, and cyber and agriculture issues, among other concerns.
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