Stocks reversed initial gains to sink in negative zone in morning trade. At 10:25 IST, the barometer index, the S&P BSE Sensex, was down 67.96 points or 0.19% at 35,445.75. The Nifty 50 index was down 24.55 points or 0.23% at 10,647.70.
Domestic stocks nudged higher in early trade as buying demand resumed in index pivotals after a two-day slide.
On the macro front, the Nikkei Services PMI data for December 2018 will be announced today, 4 January 2019.
The market breadth, indicating the overall health of the market, turned negative from positive. On the BSE, 779 shares rose and 1075 shares fell. A total of 106 shares were unchanged.
Sun Pharmaceutical Industries (Sun Pharma) fell 0.54%. Sun Pharma said that its arm completed the acquisition of 100% stake in Japan-based Pola Pharma. The announcement was made after market hours yesterday, 3 January 2019.
On 26 November 2018, Sun Pharma announced that it entered into a definitive agreement to acquire Pola Pharma Inc., a Japanese pharmaceutical company engaged in research and development, manufacture, sale and distribution of branded and generic products in Japan. The portfolio of Pola Pharma primarily comprises dermatology products. The announcement was made after market hours yesterday, 3 January 2019.
Torrent Power rose 0.48%. Torrent Power said it has emerged as winner of the competitive bidding process conducted by Maharashtra State Electricity Distribution Company Limited (MSEDCL) for appointment of input based distribution franchisee for distribution of electricity in Shil, Mumbra & Kalwa sub-divisions under Thane Urban Circle, for a period of 20 years. The announcement was made after market hours yesterday, 3 January 2019.
Overseas, Asian stocks were mixed after a technology-led sell-off on Wall Street. US stocks declined yesterday, 3 January 2019 after a factory gauge dropped the most in a decade and Apple cut its sales outlook.
Apple slashed its quarterly revenue forecast for the first time in more than 15 years Wednesday evening, in a move that the iPhone maker's chief executive, Tim Cook, said was prompted by signs of weakness in the world's second-largest economy China.
On the data front, the Institute for Supply Management's manufacturing index fell to 54.1% in December, down from 59.3% the month before.
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