Key benchmark indices hovered in negative zone in mid-morning trade. At 11:23 IST, the barometer index, the S&P BSE Sensex, was down 48.13 points or 0.13% at 38,288.63. The Nifty 50 index was down 12.20 points or 0.11% at 11,565.45. Metal and mining stocks saw mixed trend.
Key benchmark indices 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.
The S&P BSE Mid-Cap index was off 0.12%. The S&P BSE Small-Cap index was off 0.1%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 1088 shares rose and 1225 shares fell. A total of 148 shares were unchanged.
Overseas, Asian stocks were mixed on little signs of progress in US-China trade negotiations. US stocks dropped yesterday, 23 August 2018 as the trade dispute with China showed no signs of easing.
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.
Back home, metal and mining stocks saw mixed trend. Vedanta (up 1.02%), JSW Steel (up 1.81%), Tata Steel (up 0.82%), Hindustan Zinc (up 1.73%), Jindal Steel & Power (up 0.62%) and NMDC (up 0.34%) rose.
Steel Authority of India (Sail) (down 0.2%), National Aluminium Company (down 1.28%), Hindalco Industries (down 1.11%) and Hindustan Copper (down 1.73%) edged lower.
Copper edged higher in the global commodities market. High Grade Copper for September 2018 delivery was currently up 0.4% at $2.6650 per pound on the COMEX.
SREI Infrastructure Finance surged 12.7%. SREI Infrastructure Finance said its wholly owned subsidiary, Quippo Oil & Gas Infrastructure (QOGIL), proposes to sell 2,600 equity shares, constituting 26% shareholding in Quippo Drilling International (QDIPL) to an overseas entity. The announcement was made after market hours yesterday, 23 August 2018.
Presently, SREI Infrastructure Finance holds 100% shares in QOGIL and accordingly, QOGIL is a wholly owned subsidiary of the company. QOGIL holds 100% shares in QDIPL and therefore QDIPL is the wholly owned subsidiary of QOGIL and wholly owned step down subsidiary of the company.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
