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Negative market breadth

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Key benchmark indices extended fall and hit fresh intraday low in mid-morning trade. At 11:24 IST, the barometer index, the Sensex, was down 179.51 points or 0.53% at 33,677.27. The index was down 59.10 points or 0.57% at 10,367.75. The market sentiment was impacted after the Reserve of (RBI) banned letters of undertaking (LoUs) for seeking overseas loans. Negative Asian stocks also weighed on the sentiment.

Metal & and realty stocks saw mixed trend. Index heavyweight and housing major HDFC dropped.

Domestic stocks began trading on a subdued note on negative Asian stocks. Key benchmark indices hovered in negative zone in morning trade.

The Mid-Cap index was up 0.01%. The Small-Cap index was off 0.07%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 1,260 shares fell and 1,040 shares rose. A total of 118 shares were unchanged. Breadth was weak in early trade.

Index heavyweight and housing major HDFC lost 1.07% to Rs 1,843.30.

Metal and stocks saw mixed trend. (up 1.41%), (up 0.37%), Vedanta (up 0.05%), (Sail) (up 0.83%) and (up 0.63%) edged higher.

(down 0.13%), (down 0.19%), (down 0.71%), NMDC (down 0.88%), (down 0.23%) edged lower.

Copper edged higher in the global commodities market. High Grade Copper for May 2018 delivery was currently up 0.8% at $3.1630 per pound on the COMEX.

Realty stocks saw mixed trend. (up 1.95%), Estate (up 0.75%), Housing Development and Infrastructure (up 0.45%) and (up 0.06%) rose.

Sobha (down 2.44%), (down 0.7%), (down 0.61%), Unitech (down 0.66%) and (down 2.14%) declined.

Meanwhile, the Reserve of (RBI) in a press release issued yesterday, 13 March 2018 said that on a review of the extant guidelines, it has been decided to discontinue the practice of issuance of Letters of Undertaking (LoUs) / Letters of Comfort (LoCs) for Trade Credits for imports into India by Authorised Dealer Category - I banks with immediate effect. Letters of Credit and Guarantees for Trade Credits for imports into India may continue to be issued.

Overseas, Asian stocks declined following an overnight slide in US equities after a fresh personnel shakeup in the spurred concerns about a unilateral approach to trade, national security and foreign affairs.

Chinese industrial-production, fixed-asset investment and data showed the economy grew much faster than expected in the first two months of 2018. releases combined data for January and February to limit distortions caused by the Lunar New Year holiday, which was in January last year but February this year.

Value-added industrial output, a rough proxy for economic growth, expanded by 7.2% in January and February from a year earlier, compared with a 6.2% on-year increase in December, the said today, 14 March 2018. Industrial production rose 0.57% on-month in February, compared with December's 0.52% growth.

Fixed-asset investment outside rural households climbed 7.9% in the first two months of 2018 from a year earlier, quickening from a 7.2% increase in 2017. grew 9.7% on-year in January and February, accelerating from a 9.4% rise in December.

Minutes from the Bank of Japan's January meeting, released today, 14 March 2018 showed that some board members warned the central bank should keep a close eye on unexpected side effects from the current monetary policy.

US equities fell in choppy trade yesterday, 13 March 2018 after tech shares pulled back amid concerns trade tensions between the US and could increase. The sudden firing of US took some by surprise less than a week after top resigned from the US has nominated CIA Mike Pompeo, an ex-congressman, to replace Tillerson.

The consumer-price index rose a mild 0.2% in February after a 0.5% increase in January. The year-over-year rate for CPI edged up to 2.2% in February from 2.1% in January.

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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, March 14 2018. 11:28 IST