Key benchmark indices pared intraday losses in afternoon trade. At 13:19 IST, the barometer index, the S&P BSE Sensex, was down 48.05 points or 0.14% at 35,128.37. The Nifty 50 index was down 34.65 points or 0.32% at 10,683.40. The broader market depicted weakness. The market undertone was weak as negative global cues weighed on sentiment.
Domestic stocks were trading with small losses in early trade on negative Asian stocks. Key benchmark indices extended fall in morning trade. Sustained selling pressure in index pivotals kept the key benchmark indices subdued in mid-morning trade. Market pared losses in afternoon trade.
The S&P BSE Mid-Cap index was down 1.09%. The S&P BSE Small-Cap index was down 0.89%. Both these indices underperformed the Sensex.
The broad market depicted weakness. There were more than two losers against every gainer on BSE. 1,837 shares fell and 665 shares rose. A total of 113 shares were unchanged.
Most realty shares declined. Anant Raj (down 5.79%), Housing Development and Infrastructure (HDIL) (down 4.35%), Oberoi Realty (down 3.45%), Indiabulls Real Estate (down 2.78%), Unitech (down 2.77%), Peninsula Land (down 2.59%), Godrej Properties (down 1.48%), Sobha (down 1.32%), DLF (down 0.84%), Prestige Estates Projects (down 0.83%), Phoenix Mills (down 0.42%), Omaxe (down 0.18%) and Mahindra Lifespace Developers (down 0.02%), edged lower. Sunteck Realty (up 0.15%), Parsvnath Developers (up 0.99%) and D B Realty (up 1.81%), edged higher.
Most IT shares declined. HCL Technologies (down 6.9%), Tech Mahindra (down 2.18%), MindTree (down 1.77%), MphasiS (down 1.48%), Wipro (down 1.34%), Hexaware Technologies (down 0.68%) and Infosys (down 0.03%), edged lower. TCS (up 0.03%), Persistent Systems (up 0.60%) and Oracle Financial Services Software (up 1.25%), edged higher.
Overseas, European equities were trading lower as investors closely monitored trade talks between the US and China and digested new earnings reports.
Asian stocks fell after the Federal Reserve reiterated plans to continue raising rates gradually amid firming inflation. Japan markets are closed for a four-day holiday weekend. US stocks fell yesterday, 2 May 2018 as investors assessed the US Federal Reserve's signal that it's in no rush to raise rates even as inflation rises to its target.
The Federal Reserve on Wednesday kept a key US interest rate steady, saying that while inflation has moved higher, it's likely to run near the central bank's 2% target in the coming months. The central bank maintained its fed funds at a range of 1.5%-1.75%.
In its statement, the Fed noted the latest readings that show both overall and core inflation have moved close to the central bank's 2% goal. Fed officials were split between whether to raise rates three or four times this year.
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