Trading for the day began on a subdued note as the key benchmark indices saw a gap-down opening on negative Asian stocks. At 9:28 IST, the barometer index, the S&P BSE Sensex, was down 275.92 points or 0.77% at 35,608.49. The Nifty 50 index was down 97 points or 0.9% at 10,685.90.
The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 357.82 crore yesterday, 5 December 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 791.59 crore yesterday, 5 December 2018, as per provisional data.
The market breadth, indicating the overall health of the market, was weak. On the BSE, 315 shares rose and 1030 shares fell. A total of 50 shares were unchanged.
Overseas, Asian stock prices fell Thursday amid growing uncertainty about the global economy and President Donald Trump's tariff policies on China. Sentiment was also impacted after Canada arrested a top executive of Chinese telecom giant Huawei Technologies at the request of the US, a move that is seen as exacerbating tensions between the US and China.
Meanwhile, Bank of Japan Governor Haruhiko Kuroda said economic risks from abroad could be severe. The US Federal Reserve's Beige Book report showed there were concerns about higher tariffs from a widening trade war, rising interest rates and tight labor markets. Trump's get-tough approach to trade was causing rising costs for manufacturers and weaker sales at companies, it said.
Power Grid Corporation of India rose 0.74% after the company has been declared as the successful bidder under tariff based competitive bidding to establish transmission system for evacuation of power from 2 x 660 MW Jawaharpur Thermal Power Project and construction of 400 kV substation at Firozabad along with associated transmission lines' on build, own operate and maintain (BOOM) basis. The announcement was made after market hours yesterday, 5 December 2018.
The project is an intra-state transmission system of Uttar Pradesh and comprises 765kV, 400kV, 220kV and 132kV lines apart from establishing a new 400/220/132 kV Substation at Firozabad, Uttar Pradesh. The Letter of Intent (LoI) has been received on 5 December 2018. This is the first intra state transmission system project won by Power Grid Corporation of India under tariff based competitive bidding.
On the political front, state assembly elections will be closely watched. Polling in Rajasthan and Telangana will be held tomorrow, 7 December 2018. Assembly elections in Madhya Pradesh and Mizoram were held on 28 November 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.
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