Key equity indices logged small losses after swinging either ways in a small range. The barometer index, the S&P BSE Sensex, fell 84.96 points or 0.22% at 38,251.80, as per the provisional closing data. The Nifty 50 index fell 25.65 points or 0.22% at 11,557.10, as per the provisional closing data.
Stocks nudged lower in early trade. A bout of volatility was seen in morning trade as the key benchmark indices once again sink in negative zone after after briefly turning positive. Key benchmark indices hovered in negative zone in mid-morning and early afternoon trade. Indices extended losses and hit fresh intraday low in afternoon trade. Key equity indices cut losses in mid-afternoon trade. Stocks gyrated in a small range in late trade.
The S&P BSE Mid-Cap index fell 0.26%. The S&P BSE Small-Cap index fell 0.34%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 1,179 shares rose and 1,521 shares fell. A total of 179 shares were unchanged.
Hero MotoCorp (down 2.08%), Adani Ports & Special Economic Zone (down 2.01%), Sun Pharmaceutical Industries (down 1.48%), Infosys (down 1.38%) and L&T (down 0.72%) were the major Sensex losers.
Maruti Suzuki India shed 0.76%. Maruti Suzuki India today flagged off a unique 'Quick Response Team on Bikes' to offer faster on-road assistance for customers' cars. A first-of-its-kind integrated initiative in India, the Quick Response Team (QRT) on Bikes has been rolled with a fleet of 350 bikes in over 251 cities in the first phase. The initiative will be progressively expanded to reach 500 cities by the end of 2020. The announcement was made during market hours today, 24 August 2018.
Britannia Industries fell 1.54%. The company announced that its board approved sub-division of equity shares of the company from the existing face value of Rs 2 per equity share to face value of Re 1 per equity share. The announcement was made after market hours yesterday, 23 August 2018.
Overseas, European stocks edged higher Friday following US-China trade talks and ahead of a key speech by Jerome Powell, the chair of the US Federal Reserve. Germany's economic growth accelerated in the second quarter thanks to solid domestic demand. The Federal Statistical Office said Friday that Germany's gross domestic product--the broadest measure of goods and services produced in an economy--grew at a quarterly clip of 0.5% or an annualized rate of 1.8% in the second quarter.
Asian stocks were mixed on little signs of progress in US-China trade negotiations. Meanwhile, investor are keeping an eye on a gathering of central bankers in Jackson Hole, Wyo., where Federal Reserve Chairman Jerome Powell will be the featured speaker on Friday.
Closely watched trade talks between the US and China wrapped up on Thursday with no major progress. The conclusion of the talks came just hours after Beijing and Washington rolled out their latest round of tit-for-tat tariffs on Thursday. The $16 billion in imports hit by each side took the total value of goods covered as a result of President Donald Trump's trade war with China to $100 billion.
US stocks dropped yesterday, 23 August 2018, as the trade dispute with China showed no signs of easing. On the data front, IHS Markit US manufacturing PMI hit the lowest level in 9 months, with a reading of 54.3 in August from 55.3 in the prior month, while IHS US flash services PMI dropped to 55.2 in August from 56.
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