Key benchmark indices hovered in negative zone in afternoon trade. At 13:08 IST, the barometer index, the S&P BSE Sensex, was down 202.28 points or 0.51%at 39,748.18. The Nifty 50 index was down 63.10 points or 0.53% at 11,902.50. Power stocks saw mixed trend. Market sentiment was impacted by negative global stocks.
Among secondary barometers, the BSE Mid-Cap index was down 0.59%, underperforming the Sensex. The BSE Small-Cap index was down 0.39%, outperforming the Sensex.
The market breadth, indicating the overall health of the market, was negative. On BSE, 965 shares rose and 1300 shares fell. A total of 138 shares were unchanged.
NTPC was down by 0.59%. NTPC investment approval has been accorded for 100 MW Ramagundam Floating Solar PV Project, Phase-I in District Peddapelli, Telangana.
Alembic Pharmaceuticals was up 0.03%. Alembic Pharmaceuticals announced that the board of the company has approved the issue of Unsecured Listed Rated Redeemable Non Convertible Debentures (NCDs) of upto Rs 300 Crores on Private Placement Basis under a shelf disclosure document in one or more tranches.
Overseas, European stocks opened on a weaker note, retreating from the 3-week highs. Asian stocks declined on Wednesday. China's inflation data showed the producer price index in the country rising 0.6% year-on-year in May. The consumer price index also rose 2.7% year-on-year in the same period.
US stocks declined on Tuesday, snapping a six-day winning streak. President Donald Trump reportedly said he is personally holding up a trade deal with China and that he will not complete the agreement unless Beijing returns to terms negotiated earlier in the year.
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