Weakness persisted on the bourses in mid-morning trade. At 11:27 IST, the barometer index, the S&P BSE Sensex, was down 108.68 points or 0.29% at 37,915.69. The Nifty 50 index was down 37.50 points or 0.33% at 11,433.20. Metal and mining stocks fell.
The Sensex was trading below the psychological 38,000 level after falling below that level in early trade. Stocks edged lower in early trade, with the Sensex falling below the psychological 38,000 level tracking mostly negative Asian stocks. Key benchmark indices continued to trade lower in morning trade.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 975 shares rose and 1307 shares fell. A total of 107 shares were unchanged.
Metal and mining stocks fell. Vedanta (down 1.21%), JSW Steel (down 0.89%), Tata Steel (down 0.79%), Steel Authority of India (Sail) (down 1.24%), National Aluminium Company (down 1.04%), Hindustan Zinc (down 1.03%) and Jindal Steel & Power (down 1.68%) edged lower. NMDC (up 0.42%) and Hindustan Copper (up 2.04%) rose.
Hindalco Industries fell 0.24% ahead of its April-June 2018 result today, 10 August 2018.
On the macro front, the government will declare industrial production (IIP) data for June at 17:30 IST today, 10 August 2018.
Overseas, most Asian stock markets dropped as trade and broader geopolitical concerns continue to weigh on over investor sentiment. Japan's economy expanded in the April-June period after a mild contraction in the previous three months. The world's third-largest economy expanded at an annualized pace of 1.9% in the second quarter of 2018 after a revised 0.9% contraction in the first quarter.
The US stock market ended mostly lower on Thursday, as investors weighed the continuing trade dispute between the US and China against the backdrop of strong corporate earnings and a healthy economic performance.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)