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Market breadth turns weak

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Key barometers came off day's high in mid-afternoon trade as profit selling emerged at higher levels. At 14:16 IST, the barometer index, the S&P BSE Sensex, was up 196.79 points or 0.55% at 35,709.93. The Nifty 50 index was up 34.25 points or 0.32% at 10,719.85. Sentiment, however, was strong due to positive global cues.

Broader market succumbed to selling pressure. Among secondary barometers, the BSE Mid-Cap index was off 0.43%. The BSE Small-Cap index was off 0.33%.

The market breadth, indicating the overall health of the market, was weak. On BSE, 984 shares rose and 1482 shares fell. A total of 174 shares were unchanged.

Telecom shares fell across the board. Reliance Communications (down 1.75%), MTNL (down 1.74%), Vodafone Idea (down 1.55%) and Tata Teleservices (Maharashtra) (down 1.13%), edged lower.

Telecom major Bharti Airtel was down 1.57%. The company announced during trading hours today, 28 November 2018, that its subsidiary, Bharti Airtel International (Netherlands) B.V., settled its previously announced tender offer to purchase for cash any and all of its outstanding US$1,500,000,000, 5.125% Guaranteed Senior Notes due 2023 (the Notes). The tender offer was made pursuant to the Tender Offer Memorandum. Capitalized terms used in this announcement but not defined herein have the meanings given to them in the Tender Offer Memorandum. The company hereby announces that payment of the Consideration plus Accrued Interest for all Notes validly tendered (and not validly withdrawn) and accepted for purchase by the Company has been made on 27 November 2018.

Pursuant to the settlement of the tender offer, US$995,085,000 in principal amount of the notes were purchased and redeemed by the company on 27 November 2018 and cancelled pursuant to the terms and conditions of the Notes. US$504,915,000 in principal amount of the Notes remain outstanding.

Auto shares witnessed selling pressure. Tata Motors (down 2.06%), Eicher Motors (down 1.59%), Escorts (down 1.05%), TVS Motor Company (down 0.87%), Ashok Leyland (down 0.86%), Maruti Suzuki India (down 0.39%), Mahindra & Mahindra (down 0.35%) and Bajaj Auto (down 0.01%), edged lower. Hero MotoCorp was up 0.87%.

On the political front, state assembly elections will be closely watched. Assembly elections in Madhya Pradesh and Mizoram were underway today, 28 November 2018. Polling in Rajasthan and Telangana will be held on 7 December 2018. The election to the 90-member Chhattisgarh Assembly was held in two phases 12 and 20 November 2018. Counting of votes will be held across all the five states on 11 December 2018.

Overseas, European stocks were trading higher Wednesday, as investors looked ahead to an all-important G-20 summit later this week. US President Donald Trump and Chinese premier Xi Jinping are expected to have dinner together when they meet at the G-20 summit in Argentina this weekend.

Asian shares were trading higher on Wednesday as investors wait for an important meeting between US President Donald Trump and Chinese leader Xi Jinping later this week. The two leaders are expected to talk trade after Washington and Beijing applied additional tariffs on billions of dollars' worth of each other's imports. Those moves prompted concerns about slowing global economic growth.

US stocks bounced back from early losses to close higher Tuesday as gains in so-called defensive sectors helped to offset anxieties that a near-term resolution to trade tensions between the US and China remain elusive.

On the US data front, home prices across the country are rising at the slowest pace in nearly two years, according to the S&P/Case-Chiller 20-city Index.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, November 28 2018. 14:21 IST